Consol

An online accounting practice for small New Zealand businesses

Consol is a New Zealand firm of chartered accountants and tax professionals, headquartered in Auckland. It works entirely online and says it looks after more than 1,500 small businesses across New Zealand. Its clients are drawn from teaching, property ownership, photography, hospitality, clinical practice and the building trades, and its plans are meant to fit everything from a new start-up to an established trade.

How the plans are built

The firm sells its work as a set of tiers matched to the size of the business. The entry plan is for businesses that are not registered for GST and have modest annual revenue. A middle plan adds GST returns for registered businesses with revenue up to a higher ceiling. The top plan is aimed at businesses it calls serious growth operations, and adds management reports and analysis, cashflow forecasting and a virtual meeting. Across the tiers the common core is the Xero accounting package with its setup and coaching, the yearly accounts and income tax returns, the Companies Office annual return, ongoing tax planning, dealings with the tax authority on the client's behalf, and open-ended support.

Working inside Xero

Because Xero sits at the centre of the service, the firm describes how clients use it day to day: bank transactions are categorised as they arrive each day, so cash flow can be followed, money in and out can be seen on charts from anywhere, and online invoices can be sent with automated reminders to chase late payments. The firm says it has partnered with online software providers to get the most from its offering.

A named accountant and quick answers

Every client is connected to a dedicated online accountant, who adapts the service to that business and tends to stay with it over months or years. Questions can be sent at any time. The firm says it replies within the day, or within one to two business days for complicated queries.

Why it says online costs less

Consol argues that a traditional practice passes on the cost of offices, travel to meetings and administration, and that being fully online removes those fixed overheads. It presents its fees as reflecting only the work a client needs, and it compares its annual cost against what it describes as a typical traditional accountant. It also says small New Zealand businesses should have access to the same quality of service that larger firms can afford.

Consol is a New Zealand accounting practice made up of chartered accountants and tax professionals, with its head office in Auckland. It works fully online and focuses on small businesses, from start-ups to established trades. The firm says it serves more than 1500 small businesses around the country.

Products and services

• Annual accounts and tax returns: yearly financial statements and income tax returns.
• Xero setup and training: getting clients running on Xero accounting software.
• Companies Office returns: filing the annual return for registered companies.
• Tax planning: ongoing tax planning and management, plus correspondence with the tax authority.
• Support and advice: unlimited questions answered by an assigned accountant, usually the same day or within 1-2 business days for complex queries.

Clients

Its clients are small New Zealand businesses such as educators, property owners, photographers, restaurants, clinical professionals and construction firms.

Key facts

• Based in: Auckland, New Zealand
• Clients: over 1500 small businesses
• Way of working: fully online, with a dedicated accountant per client
• Software: Xero