A sim­ple yet ef­fec­tive so­lu­tion

NZ Business - - PAYROLL & ACCOUNTING MATTERS -

The likes of Xero, MYOB BankLink make it easy to keep track of your fi­nances. Barter­card makes it easy too since it fits straight into your ex­ist­ing ac­count­ing sys­tems with­out any has­sle and is recog­nised as its own elec­tronic cur­rency. Trade Dol­lars are ex­changed be­tween mem­bers to pay for goods and ser­vices to im­prove cash­flow (cash is con­served for other busi­ness ex­penses), re­duce cash ex­penses (by us­ing Trade in­stead) and at­tract new cus­tomers. This sim­ple-touse sys­tem al­lows busi­ness own­ers to spend less time on their ac­count­ing and more time fo­cus­ing on busi­ness growth strate­gies.

Think of Barter­card as just an­other way of pay­ing for ev­ery­day items and busi­ness ex­penses. Trade Dol­lars are treated in the same way as cash and for all ac­count­ing and tax­a­tion pur­poses, one Trade Dol­lar is equiv­a­lent to one New Zealand Dol­lar. There are no spe­cial tax con­sid­er­a­tions when us­ing Barter­card. This means when funds are in a Barter­card ac­count, tax is paid in the same way it is for a cash amount in a nor­mal bank ac­count. Sim­i­larly, the ac­count­ing treat­ment of as­sets bought on Barter­card is iden­ti­cal to as­sets bought in cash; the de­pre­ci­a­tion rates and meth­ods re­main the same.

Monthly ac­count state­ments are pro­vided which are like a bank or credit card ac­count ex­cept that the as­sets or li­a­bil­i­ties are in Trade Dol­lars and not cash.

Barter­card mem­bers can re­ceive ac­count trans­ac­tions in Xero ev­ery month. It’s easy to ap­ply for di­rect feeds, sim­ply add your ac­counts in Xero, down­load the ap­pli­ca­tion form, then sign and email it to Barter­card.

Work­ing along­side more than 100 banks and fi­nan­cial in­sti­tu­tions through­out New Zealand and Aus­tralia, MYOB BankLink au­to­mates and stream­lines the ac­count­ing process for small busi­ness clients’ trans­ac­tion data through to ac­count­ing prac­tices. It couldn’t be sim­pler! By sell­ing ex­cess or slow-mov­ing stock through the Barter­card ex­change, mem­bers can re­ceive Trade Dol­lars as pay­ment and in turn spend the Trade Dol­lars on goods and ser­vices for their busi­ness.

For more in­for­ma­tion on how Barter­card can work with your ac­count­ing sys­tems, down­load Barter­card’s free ‘The Ac­coun­tants Guide to Barter­card’ eBook http://con­tent. barter­card.co.nz/the-ac­coun­tant-guideto­barter­card-ebook, or con­sult your ac­coun­tant.

All in­for­ma­tion con­tained in this ar­ti­cle is true and ac­cu­rate to the be­stof the au­thor’s knowl­edge. No li­a­bil­ity is as­sumed by Barter card, au­thors or their em­ploy­ees for any po­ten­tial li­a­bil­ity suf­fered by any per­son re­ly­ing di­rectly or in­di­rectly upon this ar­ti­cle. It is rec­om­mended clients con­sult a Char­tered Ac­coun­tant from the Bart er card direc­tory or their own tax spe­cial­ist be­fore act­ing on this in­for­ma­tion.

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