• Stella Jansen

What is an Accountant? (What They Do & Why You Need One)

Before we get into the specifics, let's start with the basics: what exactly is an accountant?

An accountant is a finance specialist who is fully trained and qualified to analyze, manage, and maintain an individual's or business's finances.

There are many different types of accountants, ranging from private accountants to public accountants, with specializations in forensic accounting, investment accounting, and more.

As a business owner, you're almost certainly going to work with private or public accountants, either as an in-house service or as an outsourced accounting solution.

An accountant in training must complete a relevant bachelor's degree and be registered as a member of the Institute of Chartered Accountants in Australia in order to become a qualified chartered accountant.

What exactly does an Accountant do?

An accountant offers a variety of financial services to your company.

These services could range from day-to-day bookkeeping and bank reconciliations to budgeting, tax preparation, financial analysis, and even financial planning.

The specific services provided by an accountant are determined by their area of expertise and your company's needs.

Why do you require the services of an accountant?

As a business owner, one of your top priorities should be to keep your finances in order.

Hiring a professional, trained accounting service can ensure that everything runs smoothly and that your financial obligations are never overlooked.

Having good finance processes also allows you to understand your company's success in terms of profit and loss, which allows you to plan and prepare for future business activities.

9 Advantages of Hiring an Accountant

Hiring a qualified accountant for your business has numerous advantages.

The average accountant can save you money and the headaches associated with dealing with your finances yourself, from saving you time in your working day to ensuring your taxes are completed to necessary standards.

Here are nine of the most important accountant advantages to consider:

1. Can save time (and money)

As a business owner or manager, you understand that the time you spend on finance could be better spent elsewhere.

An accountant can take over responsibility for your bookkeeping and day-to-day accounts, ensuring that your business needs are met while saving you valuable time and money to work on other areas of your business.

2. Reduce your tax liability.

Reducing your tax liability ensures that you are paying the correct amount and employing the appropriate strategies to keep your finances on track.

A qualified accountant has the knowledge and understanding to ensure that your business taxes are fully compliant, saving you money and preventing end-of-year issues.

3. Avoid tax penalties and fines.

Failure to meet your tax obligations can be expensive for your company.

An accountant understands how business taxes work and can ensure that everything is filed on time and within the required schedule.

Keeping you from having to deal with last-minute issues and ensuring that everything is done correctly the first time.

4. Help you in growing your business

Your financial needs and budget will change as your business grows.

Your accountant can help you make this expansion as simple as possible by ensuring that your accounts and finances are in order for successful expansion and future business planning.

5. Remove tax concerns

Tax season can be stressful for any business, but it can be especially stressful if you don't have the right tools and preparation in place.

Accountants benefit from prior experience with the tax system, and you can rely on them to complete the task with minimal input and attention.

6. Access to a variety of services and advice

Accountants may specialize, but this does not preclude them from advising on and providing insight into a wide range of financial functions.

A chartered accountant can provide you with a variety of services that are tailored to your company's needs and goals. Ensuring that your needs are met as your business's needs change.

7. Obtaining expert business advice

Whether you outsource your business finance or hire an accountant in-house, you gain access to accountant benefits that extend beyond your day-to-day responsibilities.

Whether your accountant can refer you to a specialist or provide expert advice themselves, you'll have access to the resources you need to grow your business.

8. Manage your company's finances

Leaving your company's finances in the hands of a professional is the best way to ensure that they are completed correctly.

A trained accountant can keep track of your finances all year, ensuring that your reporting and statements are correct and your accounts are properly balanced.

9. Ensure safety

Security is an important consideration for your company's finances.

Using an accountant to improve your security is the best way to do so.

To provide you with a secure, professional service, a qualified accountant will be familiar with data protection rules and regulations and will use specialized accounting software.

How do I find the best accountant?

Finding the right accountant will be determined by the services you require for your business.

If you own a small business, you may require an accountant who is an all-arounder.

In contrast, if your company is larger, you may want an accountant to handle specific reporting or business planning.

When it comes to selecting the right accountant for your company, knowing what you're looking for is the best place to start.

Thinking it’s time you made a change of accountant or getting a accountant, please give us a call (07) 3804 7575. With decades of combined experience working with a diverse range of clients, Accountants 360 is well equipped to assist your business. We offer Bookkeeping and Tax Services and would love to help you succeed.

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