Haylee Wrenn from Accountabill found she was getting consistent messages from small business owners:
- Working all hours in their business, but never feeling like they were making any progress
- Their prices looked alright they were working hard but there was never any money left in their bank accounts.
Examples like James below set Haylee on a mission to help business owners address this issue. “James came to us in a bit of a crisis. With $110k of unpaid GST and Income Tax hanging over his head, the IRD was threatening legal action” said Haylee.” ”he’d been referred to us by another accountant who did not have the time to undergo the lengthy process of communicating with the IRD. So we stepped in on James’ behalf”. James tells the story, “When I came to Haylee, things weren’t looking good. With a massive IRD debt hanging over me, I was struggling with my physical and mental health and the tension was being felt at home. The thing is, I always have heaps of work on and charge enough to cover my costs.” Haylee and Accountabill’s in depth knowledge of the IRD’s processes enabled them to prepare the information that IRD needed in order to make a decision on James’ case. “We worked alongside James’ accountant to analyse the situation and the current financial position. Armed with that information, some suggestions on how to streamline the business and a comprehensive budget, we were able to approach the IRD with a proposal” A very grateful James says “Haylee created a plan where we would make 36 monthly payments of $1200 to the IRD and the remainder of the debt would be written off. And the IRD agreed! We knew this plan would be viable due to the work Haylee had done analysing the business finances.” Accountabill didn’t stop there they also secured a working for family’s payment for James and his family which gave them some financial breathing room and delved into understanding the cause of the cashflow issues so they could resolve them. It turned out, the problem lay with their personal spending, largely around groceries. With a few simple changes, the family were back on track. James went on with the story, “Haylee challenged us to plan a holiday, and it had to be an overseas one. This gave us a goal to save for. She also helped us plan our personal finances better with new tactics for saving money on groceries and in other areas. We are super pleased to announce that we have saved enough money for a Christmas beach holiday and a family trip to Australia in October next year. Better yet, our bank accounts have plenty of money in them. All our bills are paid on time, including the IRD bills! We are fully up to date with our GST and make regular income tax payments through Tax Management. All of this has happened within just 6 months of working with Haylee and the team at Accountabill.” James recommends if this sounds like a familiar story for you or some of your clients that you get in touch with Accountabill as they can provide an analysis on individual situations and provide you with recommendations on how to solve the problem. If you would like to know more, please contact Haylee@accountabill.co.nz 06 651 1503 027 558 3518 *Please note, names have been changed to protect the identity of the client