Using a Chartered Business Accountant in Australia

A chartered accountant is a professional who has finished the Chartered Accountants Program, which is overseen by the ICAA (Institute of Chartered Accountants in Australia). This rigorous program involves both study, and a minimum of three years of accounting practice, while being mentored by a Chartered Accountant. After this period, Chartered Accountants become members of the ICAA, and are responsible for maintaining universal financial integrity. There are more than 72,000 such individuals currently working or preparing for their careers in the field, with many firms employing business accountants Australia wide, and these professionals can be invaluable to businesses small and large.

With this training and practical experience, these accountants are able to offer the expertise that businesses need, small or large. They should offer a comprehensive set of services, informed by knowledge of corporate and financial business, and trained to adhere to the strictest professional accountability and code of ethics.

Chartered accountants can work with your company to guarantee that your accounting is foolproof, and all complex tax requirements are met. These professional services can be invaluable to smaller family owned businesses, high net wealth persons, superannuation funds, as well as various entity structures. Chartered accountants can also help businesses and individual business owners to identify and minimize potential risks, provide consultation regarding audit insurance, and give detailed advice regarding complex Australian Tax Law.

With the burden of regulatory compliance undertaken by such a professional, you can spend more of your time building your business, and find other ways to improve your business model. Professional accountants can also advise businesses and individuals as to minimizing tax liabilities, so that you can increase your overall profits. Industry expertise and rigorous training also allow them to readily provide advice on available tax benefits, and other opportunities for advancing your financial goals. They may even be able to help you to streamline your own accounting department, helping you update your current methods and processes, and assisting with staff training in software applications and accounting techniques. Finally, hiring such a consultant can help you or your business guarantee that auditing requirements are met, and advise on corporate compliance. You should have no problem finding a number of business accountants in your area; be sure to choose a well regarded and experienced company, with a knowledgeable and well-trained staff.

Things to weigh up when selecting a business accountant are:

Personal Recommendations.
Online reviews with several sources such as Yelp and Google Places.
Testimonials from reputable companies.

Jeremy Huggins is a marketing specialist from Business Assist. This article was written for Rubiix Business Accountants Melbourne.

Identifying and Selecting Small Business Accounting Services Providers

Buying small business accounting services is very beneficial. These services are provided by self-governing external contractors who have registered businesses. As a small enterprise owner, you may not have time to do the accounting functions perfectly even if you have adequate knowledge and experience. Gradually you will get to a point where you cannot tell the financial position of your business. This means being in a position where you cannot estimate the actual worth of your business. Without knowing the quantity of your company’s liabilities and assets, it can be difficult for you to demonstrate your creditworthiness to creditors and suppliers.

Although you can recruit an accountant, doing this will simply add a costly liability to your business. The new accountant will need enough office space, working equipment, monthly salaries, mandatory leaves, health insurance benefits and so on. He or she will also need an orientation process so as to get familiar with your company. Providers of small business accounting services are a cheap liability for your business because they work from their offices. They also do not ask for salary raises, bonuses, health insurance benefits, compulsory leaves and other favors. They do not require office equipment too unless you want them to come and work in your office.

Small business accounting services providers are known by the law as legitimate accountancy firms. They are run just like any other company, meaning that they have qualified employees, accounting software tools, office equipment and furniture among other things. In order to obtain small business accounting services, you have to sign a contract with the providers. They will explain to you about their scope of services and how they are delivered and you will explain to them the nature of your accounting transactions. Among the issues included in the contract include the length of the contract and payment terms.

Many companies that offer small business accounting services give you predetermined payment plans. For instance, some will expect you to pay an hourly rate and others either a fixed or an hourly rate. Whether you prefer to pay a fixed or an hourly rate, you have an obligation to find out the current rates being charged by many outsourced firms. Large outsourced accountancy firms are able to serve many small businesses at the same time for up to a whole year contract. If you are outsourcing accounting work for the first time, you may want to buy small business accounting services for one week or one month.

If the services delivery turns out great, you can start creating longer contracts with your favorite service provider. If you think that there is a vital condition or stipulation missing in a contract, feel free to negotiate for its inclusion with your best outsourced company. Although there are many outsourced companies in the US, you want to deal with a company that has done accounting for many small businesses in the past. Perhaps you can request the contractor you intend to use to give you genuine contact details for clients it has served in past. While small business accounting services are very essential, it is up to you to locate smart and reputable accountancy firms.

Outsourcing Accounting helps many companies cut costs. Amitaabh heads a leading Accounting Outsourcing Service that caters to small and medium businesses worldwide with a structured process to ensure client success.

Easy Tips and Tricks to Get Small Business Accounting Right

Making mistakes in your accounting can have serious implications for any business, such as significant fines for suspected tax evasion. For a large corporation, this can damage both the finances and the reputation of the company. For a small business however, it can have a huge impact and possibly even cause the company to go under, if there is not enough money to pay the fines.

Good accounting is therefore essential right from the very start. Many small business owners believe that they do not need to do any kind of accounting, or do only basic bookkeeping, but this is wrong. It is critical for every business, no matter its size, to start accounting from the moment it starts trading. Simply keeping hold of customer receipts and invoices is not enough, the business must set up a simple but thorough system to record all transactions made and to produce reports as and when needed. Getting off to a good start with accounting will set your business up for long-term success.

When you launch your small business, open a separate bank account for it. It is not uncommon for sole traders for example to simply use their personal checking account for their business but this then makes it impossible, or at least extremely difficult and time-consuming, to carry out a reconciliation, which is a check to ensure that the figure your bookkeeping tells you should be in the account is indeed the amount in the account.

Reconciling your books and accounts regularly, such as weekly or monthly, is a great way to avoid accounting errors. This way if the figures do not add up you will have more chance of being able to correct the mistake. Imagine trying to find a small receipt from ten months ago, for example. That is the kind of problem that can occur and be impossible to correct if you only check your books against your bank right before you have to submit your annual tax return.

Good bookkeeping and accounting such as producing monthly cash flow statements not only benefits you when it comes to submitting your tax return, which is much easier when you have all of the necessary figures and documentation already in place, but it also benefits you because you can see if you are overspending on particular items or services, and predict whether you will make a profit or loss. You can also start to see trends, such as seasonal increases and decreases in profit, which may otherwise have gone unnoticed.

Another great tip is to find out if you are entitled to any tax credits as a small business owner. Too many small companies do not realise that they may be able to claim certain expenses such as travel, home office costs and even childcare as untaxed. Be sure to do your research to make sure you are not overpaying.

For small businesses who want to keep their accounts in good order but who perhaps do not have the expertise needed to do their own accounting, there are a couple of options to choose from. It is possible to buy accounting software online that will produce reports for you. These are relatively cheap and easy to use, however the reports are only as good as the figures you enter into them so if you make an error, it is likely to go unnoticed.

Hiring a small business accountant, however, ensures that your accounts will be prepared by a knowledgeable and experienced person who pays meticulous attention to detail. You can opt for a local accountant or, to keep costs down, you can find an accountant online who generally charge lower fees.

It would be highly recommended to any small business to hire a small business accountant as a consultant right from the start of the process, which gives them time to familiarise themselves with your business before the busy period at the end of the tax year. However, you want to ensure that you are working with an accountant who understands your position and can advise on how best to handle your finances, so wherever possible opt for someone who specialises in small business accounting and, preferably, who has already worked with small businesses that are in the same industry as you are. If you live in a large city, accountants tend to be readily available with the necessary background, but if none of your local accountants can offer what you need, then it would be best to find one online, rather than opt for someone who only knows how large corporations work.

Top Tips: Find The Right Small Business Accountant

Whatever your business, whatever your experience as an owner and however long your business may have been running; you will face the constant and rather daunting aspect of dealing with your business finances.

Dealing with finances is no easy task and the pressure is regularly on as one slip up could land your business in murky waters. From bookkeeping, to tax, to VAT and PAYE returns; there are numerous financial ‘boxes’ that you must continue to tick off but with a business to run, employees to manage and success to reach, many agree that the best way to keep on top of it all is with the ongoing advice and support of a professional and qualified accountant.

There is a stigma surrounding accountants and I am almost positive that as I have even uttered the word; many of you will think of boring, suited men that charge far too much money and do very little to help your business. However, contrary to popular belief the right accountant will not only charge little for your services but save you a heap of money in the long run and of course ensure that your business finances remain in the best shape possible.

Below are my top tips that can help you ensure that, in your search for the right accountant, you get only the right results…

Experience- This is almost a given point to look for; as the more experienced the accountant, the more chance you have of ensuring you receive the best service. There is however another point to consider; has your chosen accountant got experience in dealing with small business and start-up business finance? The two can differ greatly from the financial situations faced by moderate and larger sized corporations so be sure to check into this before you make any decisions.

Fees- There is a myth that all accountants including small and start up business accountants charge large fees for an hour’s service however did you know that there are many accountancy firms that offer fixed fee services too? a fixed fee accountant is your best chance of getting the right service without a crippling price tag.

Services- An accountant isn’t just the tax man; the right accountant can become a trusted advisor who can help your business stay in the best financial shape, pay less taxes and may even advise on ways in which you can save money. Take the time to ask what services are on offer; bookkeeping, tax return advice, PAYE checks and help and support on VAT returns are services you will all need at one point and getting them all from the same trusted accountant is often easier, simpler and far more cost-effective.

Whatever your business, an accountant can make life easier by ensuring your finances are up to date and in the best shape possible. The right accountant is out there; one that supports your business in a way that it deserves and one that ensures you aren’t hit with constant crippling fees. Simply take the time to research your options, think carefully and think ahead when making that all important decision.

Ben Black is the Director of Calculated Accountants, a firm of professional start up business and small business accountants dedicated to providing solid, trusted financial advice and support.

Small Business Accountants: Top Services Available

Whether you are a small business or start-up business owner one of the main worries you will no doubt face is taking care of those finances and managing the costs as best as possible. On top of running your business, managing employees, ensuring optimum results and planning for growth; as a business owner you must keep your finances in the best state possible in order to ensure that your organisation strives.

Dealing with a growing business is a lot for anyone to contend with which is why when it comes to finances, dealing with the specialist advice and support of an accountant can help. The right accountant can not only ensure that your finances stay in prime condition but help you save money and allow you the freedom to concentrate on the things that matter.

For many small business and start-up business owners however, there is often a major drawback. In an attempt to manage costs, the seemingly excessive fees of an accountant can be considered unnecessary. However there are many accountants out there who not only work on a fixed fee basis but offer a range of vital services that can give your business the fighting chance it deserves.

Below I have listed a few of the services the right accountant can offer, in an effort to keep your business in the best condition…

Bookkeeping- Bookkeeping is the task of recording all financial records and is a legal obligation that all businesses must comply with. An accountant can help maintain accurate and detailed records of all incoming and outgoing expenditure, records of accounts, records of cash expenses and details of business expenses.

Year End Accounts- Year End is a daunting prospect that all businesses must deal with however with the right accountant you can finalize your Year End accurately, review your company performance and financial forecasts and ensure that all accounts, business and personal tax returns are filed on time.

VAT Returns- One of the most complex issues any business owner will have to face is the VAT return however an experienced small business accountant can normally deal with the majority of the process, freeing you from the hassle. Accountants will often work with you to ensure you are registered, your return is accurately complete and submitted on time and any possible future reductions are planned for.

Payroll- Whether a small or start-up business, you will naturally have employees that will need to be paid. An accountant with payroll experience can keep on top of employee salaries, ensure all tax and national insurance deductions are made, ensure that PAYE submissions are made to HMRC on time and students loans, sick pay and maternity cover is accounted for.

The above are just a few of the services that the right accountant can offer. With the right fee and the right experience, allowing an accountant to deal with the above issues amongst others can provide you with the ease and security of knowing your finances are in the best possible hands and even save you time and money.

Whatever your views on cost saving; putting your business in the hands of a professional accountants could be one of the best investments you make.

Ben Black is the Director of Calculated Accountants, a firm of professional start up business and small business accountants dedicated to providing solid, trusted financial advice and support.

The Importance of a Business Accountant

Business Accountant

Business accountants are a critical component to any small business. But it is just as critical to find a great business account because just having one isn’t enough. An accountant is no longer just a number cruncher. They are financial advisers and planners as well and they can point you in the right direction to properly manage and maximize your company’s money. They document exactly where the company’s money goes and they are up to date on current tax laws and can help a business save money where it might be losing money without an accountant. Because accountants are in charge of company finances it is critically important that you find an accountant with integrity, that is honest, and that can be trusted.

Certified Public Accountants

To become a Certified Public Accountant (CPA) an accountant must pass certain qualifications. CPA’s require a certain level of schooling as well as experience. They also need to pass rigorous testing to prove their competence. In addition they must continue their education so that they are informed on all the newest tax laws. Because of these things a CPA is a much more knowledgeable and informed accountant. When starting out small businesses generally need a CPA to make sure that they aren’t losing money where they shouldn’t be and to keep their finances in very good order. There are many laws that a CPA will know about that a general accountant just won’t know because they haven’t had the schooling. CPA’s are more expensive, but if you hire one that is trustworthy your accountant will tell you when you are paying them too much for services that could be handled by a general accountant.

What Does an Accountant Handle?

Accountants do a variety of tasks for small businesses. They should be involved in the start up process of any new business. They can help with planning, negotiating leases, and setting up book-keeping systems. As soon as a business is up and running an accountant prepares tax returns, annual information returns, quarterly reviews, and can offer financial advice. An accountant will set up efficient and organized book-keeping systems to make sure that any information needed can be found easily. An accountant can take care of business taxes as well as helping with personal tax planning. A lot of the time personal taxes are intertwined with business taxes and having an accountant will help to manage money more effectively. Accountants also provide a business an opportunity to network and receive referrals that it would not otherwise receive. Accounts have many different customers and they can let those clients know when beneficial opportunities arise. They may bring in new customers to a business they work for, or they might be able to facilitate new business partnerships that a business wouldn’t get without them.

Accountants are highly valuable in the business world. If you are a small business you need a business accountant or a small business consultant to make sure that you aren’t wasting money when you could be saving it. A business accountant knows tax laws and can make sure that you pay what is necessary and don’t pay what you shouldn’t be paying. The value of having a small business accountant can not be overstated. They are critical to financial planning for a small business and handling business taxes, which are governed by complicated rules. A business accountant can make or break a business, especially if it’s just starting out. You need to make sure that you have an accountant that is knowledgeable and that you can trust.

Rebecca Moser is the founder of Moser & Associates which provides business accountant services to Minnesota including, tax planning, tax preparation and payroll services. Rebecca is a Certified Personal Accountant (CPA). She has over 15 years of tax and accounting experience with small and mid-size CPA firms. She is very active in professional, business and community organizations including several not for profit organizations and has made an art of helping others and their businesses.

Business Accounting Services that Can Make Your Company More Profitable

In order to manage your business profitably it is necessary to have access to the appropriate financial data, advice and services. For small business in a very competitive market you are faced with the challenge of constantly improving profitability, the need to decrease taxes, eliminate tax surprises and free up time for other competing interests. Using business accounting services will make your company more profitable by reducing staffing cost and attaining cost savings based on expert advice.

Business Accounting Defined

Business accounting is the process in a business that tracks and communicates financial information. This consists of three basic activities: identifying, recording and communicating the economic events, such as transactions and investments of a company. Bookkeeping techniques are utilized to record these economic events. A key business practice for profitable small businesses is outsourcing business accounting.

Interpreting Business Accounting Reports: Internal Users

Data collected from bookkeeping is used by accountants to generate financial statements that are then presented to the internal and external users. Accountants can also analyse and interpret these financial statements and explain the meaning of reported data. Internal users, such as marketers and supervisors, of small businesses would need the expertise of a managerial accountant to interpret these financial statements. If such staffing is not a part of your small business it is then pertinent to gain the services of business accounting professionals with the requisite qualifications and experience who will assist small businesses in understanding the economic status of their company, and, by extension, run the company profitably. Without the expertise of accounting professionals your business could run the risk of failing to meet legal and regulatory standards, this mistake could potential eat away at your profits.

Interpreting Business Accounting Reports: External Users

The external users vary. Investors who are seeking to expand his/her investment portfolio would need financial information on an organisation as well as creditors and government agencies. Government agencies typically seek out tax accountancy information of an organisation. Small business that seek profession tax accounting services ensure that they are advised on using the most tax effective strategies so that they pay the correct amount of taxes, and are compliant according to government standards. Financial accountancy services are required to manage and produce the reports needed by the various external users. Accurate data drives profitable business decisions, and that’s why small businesses must ensure their books are in the hands of experts.

Financial Reports Produced

Business accounts are usually kept in the form of financial statements that show all of the financial resources within the organisation and how these resources are being allocated. Accounting records typically filed are balance sheets that give a snapshot of a business’s financial information from the period of the snapshot through the end of a specified accounting period. Additionally, profit and loss statements, and cash flow statement are produced along with an analysis of the business’s performance by applying ratios, benchmarks in their reports so as to enable their performance to be improved.

Business accountancy should be outsourced for small businesses as there is a variety of financial expertise required for tracking and communicating analysing and reporting financial information about the business. Typical services provided are in the form of accounting, bookkeeping, taxation and business consultation. This information is generally sought out by shareholders government agencies and business managers to keep track of finances of the business. Basically, business accounting services provide an important function in empowering small businesses understand their financial reports to make decisions that positively impact the bottom line.

Outsourcing Accounting helps many companies cut costs. Amitaabh heads a leading Accounting Outsourcing Service that caters to small and medium businesses worldwide with a structured process to ensure client success.

4 Tips For Choosing The Perfect Small Business Accountants

Business accountants play an important role in the life of small businesses even though the financial state is no longer as steady as it was in the past. The field where accountants shine vary greatly and it might not be what you are searching for. To be able to find an accountant that can work efficiently for your small enterprise, read this post.

Tip 1: Be Sure You Know Exactly What You Need

It is important that you figure out the assistance of business accountants before you decide to look for one for your business. Several of the specific tasks that they can perform are accounting, tax return and accounting software installation among others. The cost of their services depends on the work that you ask them to conduct. This is the reason why it is vital that you figure out what you would like them to perform in your small enterprise. Carrying this out enables you to figure out what are the characteristics you prefer for a business accountant.

Tip 2: Come up with a Short List

The next step that you must carry out is making a list of names of business accountants that you might like to hire. Internet is the best way you can utilize so that you won’t be having any difficulty locating an accountant. In the internet, expect to see many accounting companies and people who provide the services you want. If you want, you can always ask suggestions for an accountant from people you recognize and are close to you like legal professionals, bankers or individuals who have their small business.

Tip 3: Checking their Credentials Is Important

Perform a little research. Most accounting companies have their very own website which you can check out if you want to find out more about them. It is exactly where they post the services they give as well as the price. Make sure that they are associated with accounting companies such as the National Institute of Accountants (NIA) and Chartered Accountants (CA). These companies require their members to update themselves by obtaining continuing professional education. This will also help you in narrowing your short listing to 3 to 5 accountants.

Tip 4: Have a Chat With Them Personally

Small-scale businesses have distinct monetary dynamics when compared with larger businesses. Come across business accountants that know your needs. It will be easier for you to clear up some concerns if you set a personal appointment. Ask pertinent queries such as their approach to monetary difficulties and the reason why you should employ them.

Don’t be disappointed if the services they provide are expensive. Instead of the cost, take into account the value. If the service they give you has been useful for your business, then it’s definitely a valuable investment.

Business Accounting Services – Consideration of the Two Sides of the Coin

When was the last time you came across broadcast advertisements such as “Contact us for your business accounting services needs” or “We provide world class professional accounting services” on printed media or internet portals? Well, with the growing popularity of outsourcing primary accounting functions to expert third parties and service providers, it is common to find services providing firms, offering a wide range of services to global clients. The synonyms for professional accounting services may vary from user’s bookkeeping services to accounting reporting delivery services, but the areas of service delivery are the same.

There is an increasing demand for firms offering world class business accounting services and tax and finance related solutions for entrepreneurs and SMEs. The cost effective and error free services provided by the professional service providers helps business owners save time and energy spent in languishing over the books of accounts and other standardized accounting processes. It is a fact that these non core functions do not add to the bottom line and the resources saved through outsourcing the same can be utilized for more strategic and core processes, that help in generating revenues.

The limited time, energy and monetary resources are encouraging the small and medium enterprises to look towards outsourcing the taxation and accounts related work processes to professional accounting services firms. These third party experts are highly experienced and equipped with the best technologies and software to take care of all the processes related to the handling of accounts, generation of final accounts statements, filing of tax returns, management of accounts receivable and payables, planning of tax benefits and providing valuable consultancy in all matters related to all financial aspects of the client’s enterprises.

The outsourcing of business accounting services helps in cost reductions and efficiency in areas related to accounting software, vacation and sick leaves, employee turnover and training costs, locking of office infrastructure and equipment, employee incentives and medical benefits, etc. The advantages of availing professional accounting services are many and awareness about the same is leading businesses into outsourcing their primary functions to external agencies.

Along with the pros, there are certain disadvantages that have to be kept in mind by the business owners to avoid complications at a later stage. It is important to hire the services from qualified and experienced firms, as mistakes or omissions in the accounting procedures will lead to a lot of mental stress, penalties, punishments due to non compliance and legal hassles. Non timely submissions of the statutory documents and accounts to the authorities and failure to meet deadlines can lead to the loss of reputation of the firm and termination of business operations in certain cases.

The relationship between the business providers and the client establishes the grounds for the safety and confidentiality of the strategic financial information related to the client’s business. The absence of ethical measures in the processes followed by the professional services provider firms may lead to the exposure of highly sensitive data to rival companies and competitors. This leads to litigation and disputes and unnecessary legal hassles for both parties.

Accelcia business accounting services provides customized professional accounting services to high-growth companies across various industry segments to ensure that your business is set up with seamless accounting processes, allowing you to focus on growing your business.

Small Business Accounting – A Reasonable Solution to Your Accounting Woes

Are you in constant stress just because accounting work at your firm has become unmanageable? Is it true that you toil hard, spend almost whole of your day in office and yet your work doesn’t gets streamlines? If this is what you have been facing since long time, do not worry and look for some small business accounting help. This will make your firm flourish well with efficiently organized and intact accounting data.

If you are running a small scale business and have accounting task done, then there are several small business accounting firms available in the market. These firms have expert accounting professionals who are well equipped with latest information on handling accounting task and software usage too.

One of the major benefits a business firm reaps via small business accounting services is that one is spared from tallying the balance sheet at the end of the day. Professional help from accounting personnel sorts out smallest to largest issues concerning accounting work.

Accounting standards and policies are such that they keep changing, making it almost impossible for someone other than a CPA to solve them. They need a professional touch. The businessman also needs to concentrate on more important matters other than accounting problems. Since accounts supplement the business, the business needs to stay profitable for accounts to make them look good. For this sole reason the businessman should devote his time growing the business and acquiring new businesses.

Accounting help from outsourcing firms can be of immense help to your business. Also these services are cheaper than recruiting accountants and setting up a whole department in your firm for them. A small time business should be able to bear the cost of accounting service and this is how they can do that. The cost factor is very important in modern day business as everyone is in competition and the prices should be quoted well for the business to make profits. These small businesses need to be extra cautious about their business costs because if they don’t then they get gobbled up by big business houses.

The quality of business also improves because the business gets added help of professionals on how to manage it. Small business accounting services help the business in making important decisions like what the fair valuation of the business is and how to make a profit with the current speed of business activity. The business gets a facelift and improved financial performance makes the profits increase. The businessman needs to know if the stock of goods he is maintaining for his business would be better or not or if the debtors should increase above a particular limit or not. All this information would be supplied by small business accounting at cheap prices, making the business reach at the zenith of success.

Outsourcing firms also deals in SEO help. If you have any problem in optimizing your online business then do consult some efficient SEO NYC firm. They will certainly assist you in optimizing your company’s web portal online so that your business gets global recognition.