Your Accounting System

31 Aug

The impact this change will have on your business may depend on what accounting system you are running. Being ahead of the game and knowing what to do will be the key as billing systems, purchasing systems, expense systems and accounting systems will be affected.

Some of the main issues may be:

  • Will your accounting system cope with 2 different GST rates at the same time?
  • Does your accounting software need to be updated?
  • Maybe it’s time for a complete health check of your GST systems?
  • Can your accounting software issue tax invoices, debit and credit rates at both old and new rates?
  • What changes will be required to POS and till technology?
  • When will GST rate compliant software updates be sent to you from your suppliers and how will you test those updates to make sure the new rates calculate correctly?
  • Do you have any internal excel spreadsheets or other templates where the GST rate is ‘hard wired’ in?  If so, each of these will need a careful review.

We think Xero is the answer, check them out www.xero.com

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