Business accountants are an irreplaceable part of any small-scale business. However, it is not enough just to find any accountant, but an experienced and highly skilled one. Accountants are no longer considered just as simple number crunches. These days, their roles also include financial planning and advising. They provide great assistance in pointing the business owners in the right direction, so as to properly manage their efforts and maximize their investments.
Their tasks involve documenting the flow of the business’ money, where it comes from and where it goes. Also, a reputable Accountant Melbourne must excel at keeping up to date on the latest, updated and revised tax laws, as well as help the business by pointing out the areas where financial resources can be saved. With all this in mind, it is not that difficult to grasp the importance of proper accounting, and with that, of a reliable accountant. If an accountant is supposed to be in charge of a business’ finances, he/she must have strong integrity, must be trusted, and honest.
The minimum requirement for an accountant is that he/she must be certified. In order to obtain the certification, an accountant must pass a number of tests and qualifications. Also, he/she must possess certain experience, as well as the necessary education. In addition, they must pass a few rigorous tests, in order to prove their knowledge and competence. Once they have finished their basic education, a tax accountant needs to continue with specific education, so as to stay up-to-date with the latest tax laws revisions and updates.
Having a certified accountant is extremely important for small businesses, or freshly-started ones, because most of these are very limited when it comes to the initial capital, and they simply cannot allow themselves to unnecessarily lose any money. A reliable accountant will make sure that doesn’t happen and will keep all the financial records in check. Even though the services of a certified accountant are somewhat more expensive, they are far more competent than uncertified accountants and can prove much more cost-effective in the long run.
WHAT ARE THEIR MAIN TASKS?
Accountants can perform a wide variety of tasks. To set up a new business properly, an accountant should be involved right from the start. These professionals can aid by setting up book-keeping systems, negotiating leases and planning and organizing financial records. Once the business is fully up and running, an accountant will handle tasks, such as the preparation of tax returns, quarterly reviews, annual information returns, and can also provide sound financial advice.
He/she will also effectively set up an organized and efficient book-keeping system, with the aim of ensuring a smooth and easily accessed flow of financial information. Aside from these, a certified accountant will be responsible for managing business taxes, and will offer help with personal tax planning. More often than not, business taxes and personal taxes get intertwined, so, in order to manage the money more effectively and with less confusion, every business should consider hiring a professional accountant.
Last, but not least, a good accountant can also attract new clients and customers, thanks to their ability to network and receive various referrals. By doing this, they can facilitate new business opportunities, as well as partnerships.