To get the most value from your accountant, it’s important to ask the right questions. Here are seven key questions every New Zealander should consider.

1. What tax changes should I be aware of?

Tax rules and Inland Revenue guidance evolve regularly. Staying informed ensures you remain compliant while taking advantage of any new opportunities.

Ask your accountant:

• Whether there have been changes to allowable deductions
• If there are updates affecting your industry
• How new rules may impact your obligations or returns

Proactive advice can help you avoid surprises at year-end.

2. How can I reduce my tax liability?

No one wants to pay more tax than necessary. A good accountant can identify legitimate ways to minimise your tax position.

This may include:

• Claiming all eligible deductions
• Structuring your business effectively
• Timing income and expenses strategically

The key is ensuring everything is done within Inland Revenue guidelines.

3. How can I set realistic profit targets?

Your accountant is a valuable partner in business planning. They can help you move beyond historical numbers and focus on future growth.

Ask for support with:

• Setting achievable profit targets
• Benchmarking your performance
• Identifying areas to improve margins

Clear financial goals provide direction and accountability.

4. What compliance or regulatory changes affect my business?

In New Zealand, compliance goes beyond income tax. Depending on your situation, this may include:

• GST obligations
• Provisional tax requirements
• ACC levies
• Payroll and KiwiSaver contributions

Understanding upcoming changes ensures your business remains compliant and avoids penalties.

5. Should I review my pricing?

With ongoing cost pressures, regularly reviewing your pricing is essential.

Your accountant can help you:

• Analyse margins by product or service
• Identify underperforming areas
• Adjust pricing to protect profitability

In some cases, small pricing changes can significantly improve your bottom line.

6. How can I better manage my cashflow?

Cashflow is critical to business sustainability. Even profitable businesses can struggle without strong cashflow management.

Ask your accountant for advice on:

• Forecasting cashflow
• Managing debtors and creditors
• Structuring drawings or salary effectively

Regular reporting and monitoring can help you stay in control.

7. How can I streamline my bookkeeping?

Efficient systems save time and reduce stress. If your processes are manual or inconsistent, it may be time for an upgrade.

Your accountant may suggest:

• Cloud based tools such as Xero
• Automating invoice and expense tracking
• Outsourcing bookkeeping

A streamlined system provides better visibility and more accurate reporting.

Final Thoughts

Your accountant should be more than just a compliance provider — they should be a strategic partner in your financial success. By asking the right questions, you can unlock greater value and ensure you are making informed decisions throughout the year.

If you’d like tailored advice for your situation, the PKF team is here to help.