How much does it cost to hire an accountant for a small business?

Even in your average small business (1-3 employees, less than $500k turnover) there will be a broad range of options for accounting and finance including getting specialise setup, tax structuring advice, finance systems and processes together with the everyday bookkeeping and accounting functions.

Is an accountant needed for a small business?

An accountant can offer comprehensive startup and ongoing small business advice, while making sure tax compliance is prepared and filed with the relevant authorities on time.

What is the role of an accountant in a small business?

Being a business owner can be a tough job, and it’s good to have a trusted advisor to lean on in times of complexity or uncertainty. An accountant will be able to help you navigate your business through these times, and help keep compliant with relevant tax authorities.

Xero is an integrated accounting platform that can complete all small business invoicing, receipts, bank transactions and reporting for the IRD. Being cloud based means your advisers can have access to your information in real time.

Is Xero Accounting any good?

Xero is a great tool for small businesses as it gives you real time access to the financial data of your business - information we couldn’t imagine being in business without.

How Long Does It Take to Set Up a New Company?

18 Apr

Written By Simon Manawaiti

Most people assume setting up a new company in New Zealand is a long, drawn-out process. The reality? If you do it in the right order, you can have your company registered, your tax numbers sorted, your accounting platform connected, and your bank account open — all in a single sitting of around one to two hours.

Here's how it works.

Step 1: Register Your Company and Apply for Your IRD Number at the Same Time (30–45 minutes)

The first stop is the New Zealand Companies Office. The online registration process is straightforward — you'll need to:

Reserve a company name (approved within a few hours, sometimes faster)
Add your director(s) and shareholder(s) details
Provide a registered office address
Pay the registration fee (~$118.74 + GST)

The key tip most people miss: you can apply for your company IRD number, register for GST, and register as an employer all within the same Companies Office application. If you do this, you receive your Certificate of Incorporation and your IRD and GST numbers at the same time — no separate IRD application needed, no waiting in a separate queue.

You'll need each director's and shareholder's personal IRD numbers handy, along with your BIC (Business Industry Classification) code if you're registering for GST.

Once submitted, directors and shareholders will each receive a consent form by email, which needs to be signed and returned within 20 working days. Do this promptly and the registration is usually confirmed within a few hours to one business day.

Time at this step: approximately 45 minutes to complete the application.

Step 2: Set Up Your Accounting Platform (15–30 minutes)

While you're waiting for the registration to come through, you can get your accounting or cashbook platform ready.

We typically set clients up on Prosaic or Xero, depending on their needs:

Prosaic is a NZ-built, AI-powered cashbook designed for accountants and their clients. Client onboarding takes around five minutes — you simply connect your bank feeds via secure open banking, and transactions start flowing in automatically. It integrates directly with Xero and is a great option for straightforward compliance work.
Xero is the industry-standard full accounting platform. Setting up a new organisation, configuring your chart of accounts, and connecting a bank feed can be done in under 30 minutes.

At this stage, you can get the organisation created and configured even before your bank account is open — you'll just connect the bank feed once the account is live.

Time at this step: 30 minutes.

Step 3: Open Your Business Bank Account (10 minutes)

Once your Certificate of Incorporation arrives (along with your NZBN — New Zealand Business Number), you're ready to open a bank account.

We recommend Emerge for most of our startup clients. It's a NZ-built digital banking platform designed specifically for Kiwi businesses, and it cuts out all the traditional bank friction:

No paperwork, no branch visits
Open entirely from your phone
Takes around 7–10 minutes to set up
Free to use (physical cards cost $10 each)
Integrates directly with Xero for reconciliation and receipt capture

To open an Emerge account, you'll need:

Your NZBN (from your Certificate of Incorporation)
Photo ID (NZ driver's licence or passport)
To be a listed director of the company

Once open, you'll have a local NZ account number, virtual card, and access to instant bank transfers right away.

Time at this step: approximately 15 minutes.

The Order Matters

The reason this can all happen in an afternoon is sequencing. The common mistake is to treat each step as separate — applying for an IRD number after registration, then chasing a bank account weeks later. Instead:

Do the Companies Office registration first, and include the IRD/GST registration within it
Set up your accounting platform while you wait for the Certificate of Incorporation
Open your Emerge account the moment your incorporation comes through and your NZBN is in hand
Connect your bank feed to Prosaic or Xero to complete the setup

At the end, you can be fully operational — registered, tax-ready, with a bank account and live accounting platform.

What Still Takes Longer?

A few things are outside your control:

Consent forms: All directors and shareholders must sign and return their consent forms. If there are multiple people involved, this can add a day or two depending on responsiveness.
Employer registration pack: If you registered as an employer, IRD will send your employer pack within 10 working days of receiving your IRD number.
GST registration confirmation: IRD typically processes new GST registrations within around 10 working days.
Physical debit card: Emerge's virtual card is available immediately, but a physical card takes a few days to arrive.

None of these slow you down from trading — you'll have everything you need to get started.

If you're thinking about setting up a new company and want us to walk you through the process, get in touch with the team at Accountech. We help new businesses get set up quickly and make sure everything is structured correctly from day one.

Disclaimer: This blog post is for informational purposes only and should not be construed as professional advice. It is recommended to seek the advice of a qualified accountant or tax professional regarding your specific circumstances.

Simon Manawaiti