A 12-month plan designed for new business owners starting out, who may want some extra guidance around business structure, accounting software setup and training, and more.

We will provide you with guidance and support on what you'll need to do to establish and commence running your new business

We can provide advice on the best business structure for your needs and take care of establishment and registrations

Set up your Xero file so it's optimised for you and give you initial training so you start off in the right way

Preparation of a budget tailored to your business and input into Xero so you can track how you're going

Starter pack

We prepare your GST returns ready for you to review and pay. We also remind you of when and how much to pay, and even send an alert if you forget! Requires Xero.

Prepare GST

If you would rather be doing something else, let us do your bookkeeping for you. We love coding and checking and you can relax knowing it's all done right, and on time. Requires Xero.

Bank reconciliation

We'll set up your Xero file from scratch, then give you the training you need to use it to its full potential.

Xero setup & training

We set you up with the right Xero subscription and manage your payments.

Xero monthly subscription

We set up your Xero file so it is optimised for you and your business.

Xero setup

An hour of training on how to use Xero to it's full potential.

Xero training

Beany is thrilled to be named a winner at the SME London Business Awards 2025.

BEANY NEWS  •  3 MARCH 2025  •  1 MIN READ

Last Thursday night, Charlotte and Kate attended the 2025 London Chamber of Commerce and Industry SME London Business Awards.

We're delighted to share that Beany took home two awards - Gold for Website of the Year 
and Silver for Online Business of the Year 🎉

This adds to the Silver award we won for Best New Business in 2024.

Winning gold for Website of the Year also makes us a finalist for the 2025 SME National Business Awards that will be held later this year.

This is a fantastic achievement for our UK team and the clients who help make everything we do possible.

Beany wins double at the SME London Business Awards 2025

Beany news

Get ready for your 2024/25 tax return with expert tips from Beany’s lead accountant.

FINANCIAL LITERACY  •  28 FEBRUARY 2025  •  3 MIN READ

Get ready for your 2024/25 tax return with expert tips from Beany's lead accountant. Learn how early preparation can help your navigate through the tax season easily.

Get Ready for Tax Return 2025 - Tips from Beany's Lead Accountant

With the end of the financial year just around the corner, getting ahead now can save you time, stress, and potentially even money. We caught up with Alaina, Beany's lead accountant, to get her top tips on prepping for your 2024/25 tax return. Here’s what you need to know to make the whole process as smooth as possible.

The standard balance date is 31st of March 2025

The standard balance date for the 2024/25 financial year in New Zealand is 31st of March 2025. For forward-thinking clients, this deadline is more than just a compliance requirement. It’s about leveraging this moment to gain clarity of your business and plan strategically for the year ahead. 

If you’re working with an accountant or tax agent, you may be eligible for Extension of Time (EOT) - with an EOT your deadline for filing your tax return is 31st of March 2026. Without EOT or a tax agent, your tax return is due on the 7th of July 2025. 

At Beany, we provide accounting services to business owners with ambitions. If you’d like to know about how we can help, book a call with us.

Read more: 6 questions to ask when finding a tax agent

Start preparing for your 2024/25 tax return in early April

From early April you can begin gathering the information required for your tax return, and the sooner you start, the better. Early preparation isn't just about getting ahead of the game, it's about gaining valuable insights into your business's financial position. By getting your tax return completed as early as possible, you'll know exactly what your tax obligations are, whether you're facing a bill or expecting a refund. This is invaluable for cash flow planning. For example, if you owe tax, you'll have time to set aside funds and avoid any last-minute financial strain. If you're due a refund, you can plan how to reinvest that money into your business.

Please note: while accountants can begin preparing returns from early-Mid April, they cannot finalise them until all third-party information is made available e.g. final RWT and PIE tax information from your bank and Kiwisaver/investment providers.

If you're looking to get a mortgage or business loan, the bank will likely want to see your 2025 reports so beat the rush and plan ahead.

Having your 2024/25 tax return in order early means you're ready to seize opportunities as they arise. For example, if you're planning to apply for a mortgage or a business loan, having your 2025 financial reports available ahead of time can make the application process easier. Plus, it may demonstrate your financial responsibility to lenders.

Do you have strict bank covenants - we can work with you to get your reports prepared on time.

If you’re navigating strict bank covenants or reporting requirements, we ensure your reports are accurate, timely, and fully compliant. Missing deadlines or falling out of compliance can lead to penalties, restrictions, or even loan defaults. We can work closely with you to stay ahead of deadlines and avoid last-minute rushes.

Get up-to-date information for better decision-making and reporting to investors and/or Directors.

Accurate financial data is essential for making informed decisions, whether you're reporting to investors, directors, or planning your business’s growth strategy. When your numbers are up-to-date, you can confidently allocate resources, identify cost-saving opportunities, and prioritise investments while ensuring compliance with tax regulations. Clear, reliable financials also build trust with stakeholders and help you navigate through the tax season easily. 

Other things to consider for your 2024/25 tax return

Alongside gathering together all your financial info, there are also a few things to review to ensure your business is in the best possible position before the 31st of March 2025.

Dividends to Shareholders – if you plan to pay dividends, ensure they are recorded correctly and accounted for before year-end. Talk to your accountant for more details. 

Stocktake – if your business holds stock, make sure you complete a proper stocktake. This impacts your taxable profit and financial reporting.

Staff bonus and profit sharing – any bonuses or profit-sharing payments should be accounted for before the end of the financial year to be included in the correct period.

Aged receivables review – go through your outstanding invoices. Chase up overdue payments and consider writing off any bad debts to ensure they are accurately reflected in your accounts.

Review your fixed asset schedule - look for old assets that may need to be written off

Beany is an online business accounting firm in New Zealand with a team of highly experienced accountants and client support.

Our accounting package covers year-end compliance, with one fixed cost split over 12 months. This includes end-of-year financial statements and tax returns, tax minimisation, filing and payment reminders, and unlimited support for day-to-day queries.

We also provide additional services tailored to your business' needs - bookkeeping, GST returns, payroll, budgets, cash flow forecasts, and more.

Beany also services businesses in Australia and the UK with local teams in each region.

Let's get prepared for your 2024/25 filing. Book a call to discuss your accounting requirements today.

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Get ready for tax return 2025 - tips from Beany’s lead accountant

Business advice

Discover how tax pooling in New Zealand can help businesses manage provisional tax. Read our comprehensive guide now.

TAX  •  27 FEBRUARY 2025  •  4 MIN READ

A Clear and Comprehensive Guide on Tax Pooling

Managing business taxes can feel like navigating a maze, especially when you're dealing with provisional tax. Tax pooling is a tool that can make things much easier. It's becoming a go-to solution for New Zealand businesses looking for more flexibility and control over their finances.

In this guide, we’ll explain what tax pooling is, why businesses should use it, and how it can help you manage your taxes like a pro.

Before we jump into tax pooling, let's quickly recap provisional tax. Think of it as a way to spread out your income tax payments throughout the year, rather than facing one big bill at the end.

In New Zealand, provisional tax applies to:

Anyone with residual income tax* above a certain threshold

Provisional tax payments are usually made in three instalments based on the taxpayer's estimated income tax. Keeping track of these deadlines is key. You can find your due dates on the IRD website or if you're a Beany client we let you know when they're due (and send reminders so you don't forget).

*Residual income tax (RIT) is the tax you owe after all tax credits have been applied, but before any provisional tax prepayments have been considered.

Tax pooling is a system that adds a layer of flexibility to your provisional tax. It involves a third-party intermediary (e.g. Tax Traders, TMNZ) that acts as a connector between businesses. They bring together businesses that have overpaid their tax with those who need a little extra time or flexibility.

Tax pool intermediaries: they collect tax credits from businesses that have overpaid their provisional tax, creating a "pool" of available credits.

Buy tax credits: if your business hasn't paid enough provisional tax, you can buy tax credits from the pool. This helps you meet your tax obligations and avoid pesky penalties and interest charges

Selling tax credits: if your business has overpaid provisional tax, you can sell your extra tax credits to the pool and receive a payment for the overpaid amount. It's a win-win.

GreenTech, a renewable energy company couldn't pay its $100,000 provisional tax instalment. Instead of panicking, they use tax pooling. GreenTech buys $100,000 in tax credits from the pool who sourced those credits from another business that had overpaid. This allowed GreenTech to meet their tax obligation without penalties from the IRD. Later when their cash flow improves they repay the intermediary along with a small fee.

Tax pooling can be a real lifesaver in a few common situations:

You're tight on cash and struggling to pay your tax bill

Your tax bill is over $60,000 and you no longer qualify for the safe harbour rules

You've missed a payment and are now facing penalties and interest - it can help you avoid those extra costs, plus give you the flexibility to delay tax payment to a time that works better for you (great if your income is seasonal)

Your income has changed a lot compared to last year

You need the money to grow your business, cover day-to-day costs, buy new equipment or pay off high-interest debt

In these situations, tax pooling is a smart, practical way to stay on top of your taxes without putting a strain on your finances.

Deposit provisional tax into the tax pool to enjoy greater control and flexibility.

Access faster refunds, without having to file a return with IRD

Move payments between dates for optimal tax savings

Manage cashflow by paying provisional tax as you go in instalments

Pay weekly, fortnightly, monthly or whenever it suits you

Delay payment of provisional tax to a date in the future.

Two payment options - interest up front and tax later, or a single payment

Top up if you have missed or underpaid income tax for the year or owe additional tax following a re-assessment from the IRD.

Once your final tax liability is confirmed, the tax pool will transfer the necessary amount to your IRD account. Your accountant will confirm how much you need and when, ensuring everything is handled smoothly. The IRD will treat these payments as if you've paid them on time, wiping out any interest or late payment penalties on your account.

If you'd like to know more about how tax pooling works and how it can benefit your business, talk to your accountant. If you're not working with one, Beany is here to help.

The end of the financial year in New Zealand is on the 31st of March. Stay on top of your finances and start the next financial year in the best possible shape with this guide.

BUSINESS ADVICE  •  14 FEBRUARY 2025  •  7 MIN READ

Prepare for the end of the financial year in New Zealand with our guide - discover key dates, tips for preparation, and strategies to stay organised.

A guide for the end of the financial year in New Zealand

As the end of the financial year approaches, business owners in New Zealand prepare to close the books. In this guide, we break down everything you need to know on navigating EOFY, including key dates, preparation tips, and strategies to stay organised.

The end of the financial year in New Zealand is on March 31st. It’s an important time for many of us, with many responsibilities to keep in mind as 12 months of financial activity comes to a close. It is also a good time to reflect on our financial situation, review our expenses and revenue, and plan for the year ahead.

There are many deadlines for various tax-related activities, such as the filing and payment of tax returns. As these deadlines draw near, it’s important to stay on top of your finances to ensure a smooth transition into the new financial year.

The financial year in New Zealand is different from the calendar year, running from 1st of April to 31st of March the following year. If you are a business owner, this provides an opportunity to review your financial performance, plan for the future, and ensure compliance with your tax obligations.

Tax compliance is a crucial aspect of EOFY, as you must file your annual income tax returns and pay any outstanding income taxes before the deadline. Financial reports are necessary for maintaining a clear and accurate understanding of your past year (both of which are made easier by efficient business management). It’s also a good time to review and update your insurance coverage, so your business is properly protected from any unforeseen events.

It’s important to note the end of the financial year is not the only deadline for businesses. For business owners who file income tax returns themselves, the deadline is the 7th of July. However, if you are working with an accountant (such as Beany), you may be eligible for an extension of time (EOT). The deadline for filing with an EOT is the 31st of March the following year.

It's important to check with the IRD to confirm the eligibility for the EOT, as not all businesses will qualify. There are many things to be aware of throughout the financial year - our key tax year dates calendar provides a comprehensive list of key dates, so you can keep on top of your compliance and reporting responsibilities. The IRD has more information on filing your tax return if you're interested in knowing more.

What do I need to prepare for the end of the financial year?

There’s a lot to keep in mind during the end of the financial year. To make things easier, we have created a checklist to make sure your EOFY process goes smoothly. Using this as a reference will also help you prepare for the next financial year.

Get a good accountant – it’s not too late!

Accountants help make sense of your finances and prepare your accounts and tax returns at the end of the financial year. You’ll want to ensure you are paying the right amount of tax, have an idea of the size of your bill and when you need to pay it, as early as possible.​

If you’re concerned about fees for accounting services, here are two tips:​

The easier it is to find and interpret your financial information, the cheaper your accounting bill will be. This is another reason to get a good system (e.g. Xero) in place

Ask your prospective accountant for a fixed price quote so there are no nasty surprises (we only work on fixed fees)

Don’t underestimate the difference to your overall tax position that an accountant can deliver!​ 

Read more: How to find the right small business accountants

Go through your debtors (people who owe you money) before the end of the financial year. If you’re sure they are a bad debt and will never pay you, write them off now. You don’t want to pay tax on income you’re unlikely to receive.​

Go through your list of assets (fixed asset register) and make sure that you have, and are using, every asset listed. Pay particular attention to electronic devices that you may have since upgraded.​​

You’ll probably find items that are no longer used, have been thrown away, stolen, or sold, or traded in for an upgrade.​​

Write them off now and take the tax deduction. 

Read more: 7 top tips business owners should know to reduce your tax bill.​

Is your vehicle logbook up to date – recording all business and personal kilometres for at least 90 days? Without a logbook determining your business/private use, you are restricted to 25% claim for expenses, which can make a big difference at year-end.​​

The information from the logbook can be used for up to three years provided there are no significant changes in the vehicle’s use. 

If you’re interested in this topic, we have an in-depth blog on business vehicles.

Make sure that you are carefully recording all your creditors (people the business owes money to).​ Recording all liabilities accurately can reduce your tax bill.​

Review your financial records for the year to ensure that they are accurate and complete - this includes your income, expenses, assets and liabilities

Assess whether you have any money owing (and if you’re owed anything)

Organise any receipts or documentation that you (or your accountant) will need to complete your accounts and tax return

Review your fixed assets to check they are all still in use and make a note of any that need removing (if they have been sold or are obsolete, etc).

Perform and record a stock take - make note of any obsolete stock!

Consider consulting with a tax professional (such as Beany) to ensure you are taking advantage of all possible tax deductions, and whether an accountant can prepare your financial statements

Make sure you are aware of any upcoming deadlines

Reflect on the past year and produce a budget or forecast for the next financial year.

Think seriously about using a bookkeeper in the new financial year. If you’re not confident about what goes where, or are as time-poor as most business people, then a bookkeeper can help input information into your system correctly. You may be surprised how little it can cost – what takes you four hours may take a bookkeeper only two. It will certainly free up your time to do something more enjoyable. Do some research online or ask your colleagues/mates – there is no shortage of good people out there.​

Beany offers bookkeeping services so you can focus on running and growing your business.​

Read more: How to make bookkeeping as stress-free as possible

Using an accounting software package that does what you need is vital to businesses. If you haven’t updated for a while, or are new to business, you’ll be astonished at what’s available these days. The start of a new financial year is the perfect time to switch to an accounting software, such as Xero.

Read more: 7 ways to enrich your business with Xero accounting software

Do you need all those entities and tax structures? Maybe you need two companies and three trusts – maybe you don’t, or maybe you need to restructure from a sole trader to a company.

Although there are short–term costs to close these down, it is well worth it to stop ongoing compliance costs. Talk to your accountant to discuss your situation.

Read more: Business structures - what is best for you?​

New or upgraded business software seems to be available every day – is there anything you can automate to save time and money? Can your apps be integrated into your accounting system, or with each other?​

Colleagues and friends may provide useful nuggets of information.​

Business can get complicated and when it does, accounting records and systems often follow suit.​

Avoid burdening yourself with multiple companies, trusts, and structures. They are rarely worth the hassle.

Only use multiple codes for different items if the different codes genuinely help you run your business. Sometimes more information leads to poorer decision-making or less business agility.

Set up a system for recording your business income and expenses directly, in one place.  Some businesses keep paper invoices, which they then enter into a spreadsheet, which then gets sent to an accountant, who inputs it into their accounting software. If this works for you and your accountant, that’s fine, but there are more efficient ways of doing this.

If you’re adding complexity – which will, inevitably, add cost – then make sure you’re getting a good return. Sometimes it’s worth it, sometimes it’s not.​

Digitise all important paper documents and save them, along with your relevant electronic documents, in an orderly way. Key documents to save include:​

Fixed asset invoices or large repair bills over $1,000

Year-end bank, credit card and loan statements

Ideally, you’d save them to your accounting system, but there are alternative solutions. It’s also helpful if you add detailed descriptions on the transactions – your accountant will appreciate it!

Tax and business planning for the next financial year

As the end of the financial year approaches, it's important to review how the past 12 months have been for your business. This is an opportunity to review how your business performed and assess how you’re tracking with your goals. This analysis will help for the coming year, as you set budgets and identify areas for growth.

A good way to assess your financial performance is to look for any trends in your revenue and expenses. Maintaining proper budgeting and cash flow is important when setting financial goals for the coming year, as it allows you to identify areas where you can cut costs, prioritise expenses, and make informed decisions about where to allocate resources in order to achieve your goals.

You should also assess the resources you need for the coming year, such as staff and equipment, and incorporate this into your forecast. Seeking professional help from an accountant can be beneficial here - we offer a range of services to take the weight of accounting off your shoulders.

Beany makes your end of financial year a breeze

The end of the financial year can be a complex and time-consuming process for businesses. However, by reviewing your financial performance over the previous year, setting realistic financial goals, and updating your business plan, you can navigate this period with ease.

We understand the importance of the end of the financial year, and are here to help. Your team of experts can help with tax compliance, preparing financial reports, and keeping on track with your financial goals.

They can also assist with producing accurate budgets and forecasting for the next year, so you can make the important decisions for your business. Stay on top of your finances and start the next financial year in the best possible shape with Beany. Book a call to discuss your business today.

Hear from Fred as he turned a passion project for friends into a fun game that's helping London singles date, workplaces connect and others worldwide create memories.

CUSTOMER STORY  •  07 FEBRUARY 2025  •  6 MIN READ

Chicken Rush - the ultimate hide-and-seek adventure for social and corporate events

Meet Fred, Founder and Head Chicken of Chicken Rush

Imagine racing through the city streets chasing a chicken 🐥

Yes, it’s as brilliant as it sounds and exactly what turned Fred’s passion project for a few friends into a unique business.

Chicken Rush, inspired by ‘Ou est le Poulet?’ (which is French for ‘where is the chicken?’), is a game that incorporates hide-and-seek with technology. Someone dressed up as a chicken hides in a bar with location tracking and a slowly shrinking circle that helps teams of players track down the chicken, all while completing challenges and trying to slow down the other teams.

Fred started developing the software simply as a fun game to play with friends, however it was such a hit after the first few test games that he decided the software could be released to the public so people could create their own game. Beyond this, the first key market for organised games were singles looking for a fun and more interesting way to date. The first three events were held over a six-month period, growing bigger each time, from 40 to 60 to 100 participants. 

“We made a few videos and one of them in February 2023 did well on Tiktok so we suddenly had a lot of people wanting to know how to play this game.” said Fred.

From that early success, It’s hard to believe that the dating-theme came about by accident. “Someone misheard me and thought we were doing a game just for singles. Suddenly I had a lot of people asking when’s the next dating chicken hunt so I went along with it.”

A whirlwind year followed which saw people all over the world self-hosting their own games. Meanwhile, organised events in Madrid and New York saw 50-60 strangers playing. Advertising towards corporate groups also proved successful, something Fred admits he should’ve considered earlier.

“We’ve had a lot of companies in the last eight months use Chicken Rush to organise social events. Brands that I would have never expected to be interested were playing the game. There were brands that you think would never chase chickens, who were out there chasing chickens. Honestly, it’s been a dream come true.”

When asked about his biggest win or moment of enjoyment in his journey so far, Fred recalls wearing a chicken costume in Times Square and no one blinking an eye being a fairly iconic memory.

“They probably just saw a guy who wants to wear fancy dress. I felt strange wandering around in that costume, but we did some really fun marketing shoots.”

Another part of the journey that has been a favourite for Fred is seeing people actually play his game. Talking about his past experiences as a developer he shared how it’s very rare for developers to meet the end user and they’re often shooting in the dark as to whether the development is good or not.

“With a lot of tech-enabled entertainment, you don’t know how fun it is and whether it’s working until you’re in the room with the users. ”

Fred mentioned that many developers struggle with the lack of direct engagement with end users in their work. For him, creating this game was a unique opportunity to witness people enjoying and interacting with his creation, making the experience both rewarding and satisfying.

Like many entrepreneurs, Fred initially faced the challenge of wearing multiple hats. He was not only the head chicken but also the developer, marketer, and admin person. Balancing these roles was a struggle, and he often found himself doing two jobs poorly instead of one job well.

“We’re getting to the point this year where I can delegate more effectively because we have some cash to do it.” says Fred.

With two amazing hosts for the London-based games, as well as administrative support, it freed Fred up to be able to focus on improving the game.

“The hosts have been brilliant. There’s only so many times you can wear a chicken costume, and I didn’t know what my limit was but I found it last year, so now I’m actively trying not to wear it myself.”

The dating events could also be tough at times; people were matched by hand, and if players pulled out they’d have to find more people to attend and rework the teams. Having the corporate games helped and was the turning point that made Fred realise it was a serious business. 

“Everyone told me for months that corporate is where the money is as there’s more budget for this sort of thing. I listened but it took a while for me to clock on and start advertising it. Since then it’s been super positive and we’ve had really good reviews.”

Before Beany, Fred found accountants unresponsive. “There’s not many sectors where you pay for a service and then you feel like you’re having to hunt them down to deliver it.” Even when asking around, others agreed that you just have to hound your accountant because they’re busy and that’s just how it works.

However, a friend's recommendation for an accountant who provided “peace of mind” led him to Beany. “You’ve just been responsive and blown me away by the tech side. We just did our first tax return and I like the fact I could just upload information, download my return, review it and then just press approve and it gets sent off. It was legendary really.”

As a sole founder, Fred also reflects on how different the creative and tax hats are and the difficulty of switching between them. “I think the two most different hats are creating a fun game and making sure your tax is on time and you’re confident in it. It’s hard to stop, pause and forget about the creative stuff and work on your admin, so having that person who does have your back on that side has been really good.”

When asked for advice for other business owners, Fred shares how “the ease and speed that you can build something new has completely changed, even in the last two years.”

Inspiring us with some great advice, here’s the tips he provided:

Make use of all the different tools available. If you have a dream there are now ways to build almost anything, or at least a basic version of it.

As soon as the product works, get it out there. Don’t wait for it to be perfect. With short-form content on Tiktok and Instagram, you have a shot at getting an extreme amount of reach and unlimited testers. This means you can build fast, test fast and iterate quickly.

When it comes to reaching your audience through social media, just jump in and try not to focus on the “I should tweak this” voice in your head. “Some of the videos I felt were good did poorly and some which I felt were bad did well. So just chuck everything out there and something might stick.”

These are some great words of wisdom for any new entrepreneur, whether you’re in the tech space or not.

Version 2 of the game was recently launched, and was being played just 3 hours later, featuring upgrades inspired by games like Mario Kart.

“Before we were just a hide-and-seek game and it’s a race to find the chicken and you can do tasks along the way, but now we’re doubling down on that. You can find stuff hidden around the cities and use them to inconvenience other teams while you hunt for the chicken.”

Players will also soon be able to run their own games more easily, with this improvement coming in the next couple of months. 

Fred also intends to expand advertising to other cities, including Melbourne, New York, Dublin, and Berlin. “Up to now we only advertise in London and anyone else that finds out about us is through word of mouth or just randomly seeing us on social media, so this is the first time we’ll be advertising in other cities. It’ll be cool to test the waters.”

Fred’s story is a testament to the power of creativity, innovation and a willingness to take risks. It’s a great reminder for entrepreneurs everywhere that sometimes it’s the craziest idea that might lead to the greatest success.

We are so excited to see Chicken Rush continue to grow. Hopefully, there’ll be chicken costumes taking over every corner of the world.

You can find Chicken Rush at https://chickenru.sh/ 

We're an online accountant for New Zealand businesses. Our accounting package covers year-end compliance including end-of-year accounts and tax returns, tax minimisation, and unlimited support. We also provide additional services such as bookkeeping, GST returns, payroll and more. ​

If you'd like to discuss your business' accounting and how we can help, book a call with one of our friendly team.

Customer story

Starting a limited company? Don't let accounting and tax issues hold you back. This guide covers common pitfalls for new business owners and how an accountant can save you time and money in the long run. 

NEW BUSINESS  •  4 FEBRUARY 2025  •  6 MIN READ

Starting a limited company in New Zealand? Don't let accounting and tax issues hold you back. This guide covers common pitfalls for new business owners and how an accountant can save you time and money in the long run.

Let's talk