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:
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.