Published 17 April 2008
Foxton tax accountant Greg Wells has launched an online innovation which he reckons will help residential landlords save money in tougher times. Mr Wells, of TCL Accountants Group Ltd, launched Easy Property Tax yesterday and has applied for a patent for it.
Very simply, the system produces double-entry financial accounts, enabling landlords to manage their books better during the year and to complete the time-consuming transaction details which prove so expensive to compile when the work is handed over to an accountancy practice.
Mr Wells has been doing property accounts for residential landlords for 10 years and spent a year working on his new online product.
“Most landlords are salaried professionals and most of their rental properties are running at a loss, through trusts or LAQCs (loss-attributing qualifying companies), so they’re going to get a refund at the end of the year.
“This is the way of the future, to allow clients to log in anywhere, anytime, and do most of the work themselves. It’s going to reduce their costs, and with the economy tightening people will be looking at that. It also gives them a greater understanding of what’s happening in their business and it gives them greater control of when the accounts are done.”
As an example, the landlord looking after several houses can enter their mileage weekly: “The system will automatically charge the respective properties for that. It will calculate the mileage at IRD rates and tell you how many further kilometres you can claim. It’s designed for the client, not the accountant.”
Mr Wells set up TCL Accountants Group in 1997 and now looks after the tax books of property clients around the country. He’s charging $350 plus gst for this product.
Want to comment? Email [email protected].
Attribution: Company release, phone interview, story written by Bob Dey for this website.