As an experienced and qualified accountant, there are a large number of ways that I help my valued clients – both individuals and businesses. However, it’s interesting that sometimes a client will ask me if I do something. So I thought this article might be useful for you generally. If you are ever unsure if your accountant can help you … just ask, or feel free to ask me.
- Tax Services. This one is fairly obvious and hence top of the list. Yes, we do tax returns and provide advice around taxation. What I find is that sometimes a client doesn’t realise something is claimable until that conversation comes up. Or perhaps they want to claim something, but it can be relevant to timing, method or some other factor. That is why it’s always a great idea to talk to your accountant BEFORE you go to do something substantial – whether it’s buying an investment or selling a vehicle. Naturally, if you’re looking at investing or getting into rental properties, your accountant will likely become your next best friend. Knowing how different things can affect you can be relevant in your tax planning and in getting more money in your pocket.
- Structure Setup. Choosing the right form of entity of your business (e.g. company, trust, partnership, sole trade etc) is a crucial decision that can have longstanding and substantial tax implications. Additionally, we need to consider asset protection as well as many other considerations. One size does not fit all, and every structure should be relevant to you, your activities, needs and specific circumstances.
- Accounting Services. This is general ledger and financial statement preparation and incorporates bookkeeping (monthly/quarterly/annually), Accounting system setup for new businesses. It then flows through to the preparation of tax returns. Again, this is one of the core services many firms provide, although some do not provide the bookkeeping services. We work in all accounting programs, including Xero and MYOB. Your daily business operations will surely run efficiently if you have organised and meaningful financial records. They are the foundation of a successful business. Did you know that poor bookkeeping is the reason that 5% of businesses fail?
- Accounting Software Selection and Implementation. There are many computerised accounting software for use by individuals and small businesses. Some accounting firms (including Southern Cross Accounting Redlands) can help you select the one which is applicable to you.
- Audits & Reviews. Accountants deliver constructive solutions to maximize your company’s profitability and proficiency. They deliver good financial reporting on all three levels of assurance. This can incorporate Audits which not all firms will provide due to high insurance costs and the need for ongoing specific professional development.
- Financial Forecasts & Projections. Forecasting is beneficial when you want to successfully lead and manage your business’ profitability. This can be from very simple projections to complex and detailed financial modelling. This is one of the critical steps to achieving your business’ financial goals.
- Cash Flow and Budgeting Analysis. A business can earn great profits but have problems due to cash flow concerns. To help, we can project and assess your company’s financial status, estimate financing requirements and track cash flow sources and uses.
- Estate and Trust Tax Preparation. Estate and gift planning done effectively will help get your assets transferred to your beneficiaries with ease. It will surely give security to your living partner and heirs and can also try to cut the tax required for the transfer of business and assets. For business owners, it is essential to make sure that the business will run continuously and the succession of ownership will be smooth.
- Consulting Services. For your business, your accountant will begin by helping to identify areas negatively affecting profitability and growth. Perhaps you are considering buying or selling a business? Then you definitely need to talk to your accountant! Perhaps you need assistance with financial retirement decisions or are looking at a merger or acquisition. You may be about to become divorced and solid accounting advice in advance may be very beneficial. Accounting advice is where we really can provide extensive value in expert advice. Doing things right can mean a huge difference in the end result of money in your pocket (or not).
- Self-Managed Super Funds & Other Entities. Whether you’re looking at setting up a charity or a self-managed (DIY) super fund – your accountant is absolutely the person you need to speak to before you get started. We’ll discuss with you the relevance to what you want to do, the costs, pros, cons, requirements and the contribution that may require on your part.
Of course, your trusted accountant can do more, but this is just the basics. Don’t assume all accountants do all things (some do not) nor that they are experienced in all aspects. If you have a need, be sure to ask, rather than assume. Some accountants also specialise in different areas, such as Import/Export, or perhaps International Business or Bankruptcy – so if you have a specific need, again ask. If they cannot assist you, they may well be able to refer you to a specialist who can help you. If I can help you in any way, or you have a question, please feel free to drop me an email or give me a call – happy to have a chat and see how we can help you in your future business or wealth growth endeavours.