Change NZ Accounting Law
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We the undersigned respectfully ask that Accounting Law changes be made to ensure that Accountants/Chartered Accountants and Book Keepers take their role more seriously - whether their clients are private, large companies, small business owners. Sole Traders in particular need protection from financial exploitation, etc as do Special Needs clients. We do not think Clients should pay exorbitant fees for what mainly boils down to excessive use of data entry skills - where ten fingers get your books done faster than two.
On a daily basis we see too many businesses going into liquidation, receivership, etc. (Please refer to the NZ Herald's Public Notices section). Behind every unsuccessful and successful business is an Accountant /Chartered Accountant and/or Book Keeper. Behind the loss of a business are stories of being powerless to do anything, emotional pain which leads to depression, anxiety, PTSD, mental illness, drug and alcohol abuse, increase in car accidents, selfharm/ suicide attempts (the psychological price of losing a business) and in desperate circumstances - ending ones life completely (the psychological price of entrepreneurship). We are talking about Corporate Bullying of a different kind that has been missed by many or conveniently overlooked.
Reporting on a business's financial position often rather than once a year is important. There are huge variances in reporting, customer service, level of commitment to the job, etc. Types of services vary as well. An Accountant/Chartered Accountant/Book Keeper should explain their role properly and fully at the first point of contact - there should be no surprises further down the track.
Charge out rates (like customer service, services offered and reporting), etc are all over the place eg $45 per hour (reasonable) to $750 per hour (unreasonable) just for having your bank reconciliation, profit and loss statements done.
Accounting software or cloud based accounting platforms make completing the job more efficient and supposedly more cost effective for the client. There are in fact more variances in other areas including professional conduct, bias towards special needs clients, etc. There are professional accounting bodies like CAANZ (Chartered Accountants Australia New Zealand) but we have no concerns with them. It is Accounting Law that needs to go further to address disparities and variances that have been apparent for a long time. An Accountant/Chartered Accountant and Book Keeper has a responsible job. They are looking after other people's money, the Client's financial livelihood, a company's finances. Some Accountants/Chartered Accountants offer business support or mentoring in industries that they have no experience in and subsequently give the wrong advice resulting in disaster.
The astute Accountants/Chartered Accountants/Book Keepers need to be separated from the ones who aren't. More importantly the individual and business community deserve to be treated fairly and with dignity by their Accountant/Chartered Accountant and Book Keeper. Change NZ Accounting Law offers a solution. Thank you. Please support Lisa Cowe's petition: Shut down insolvency watch. co.nz. If you or someone else you know can relate to any points raised, please draw their attention to this petition and shared on your Facebook and/or Twitter page. We especially want to hear from business owners who have been through bankruptcy, liquidation processes, etc. If you need support, wish to discuss this petition with me, please contact Fiona at 02108520271 or email: firstname.lastname@example.org.
We have received the following feedback:
"Accountants. What could they do differently? A lot. Helping Clients create 'Cashflow Positive' businesses would be a good start. Educate Clients about their tax obligations. Actually give business advice that suits the Client's business and goals. Learn more about the real impact of insolvency so they can advise Clients - correctly.
Halve their fees and share knowledge with Clients . Encourage Clients to grow their businesses to support their communities." Ford
(1) If an Accountant/Chartered Accountant/Book Keeper asks you to sign anything before they take you on as a Client we suggest (a) sign nothing.
(2) Re: End of Year Financials. Do not sign a 'compilation report' until you have studied your 'End of Year Financials' carefully. Again, run this 'compilation report' by someone who understands at the least, the links between the balance sheet figures and those on the profit and loss account. Be sure you understand what a balance sheet is and what it represents.
We suggest you attend bankruptcy cases at your local high court to gain further insights and to broaden your knowledge about our petition themes.
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