Our whole world has changed due to innovation and technology in the past 10 years. We can have a Tax Practitioner taking care of our books and finances from anywhere in the country, or even the world, due to Cloud Accounting solutions. Services provided by Tax Practitioners are now more efficient due to the little or no travel time to client’s premises, add on software can scan receipts and drop it right into Accounting packages – even from your phone, your banking transactions feed straight into your software making taking care of your books much more efficient and economical. Payroll is now a breeze with the ability to have your employee’s clock on and off on their phones and integrate it right into the payroll package. You can even track their location if they are offsite.
Tax practitioners are trained to get the results you need in the least amount of time, leaving you to get on with doing what you do best – running your business to make profits. Tax practitioners will keep you up to date with how your business is performing, point out what may be improved, advise you of new emerging technology that will improve the efficiencies in your business and be an essential part of your team.
You engage with a Tax practitioner rather than employ them saving you huge costs in Superannuation, PAYGW and in some cases payroll tax.
Let’s break down each professional and list what they do:
A bookkeeper will handle the day to day tasks for a business including:
- Accounts Payable
- Accounts Receivable
- Bank Reconciliations
- Credit Card Reconciliations
- Management Reports
- BAS/IAS preparation and lodgement
- End of financial year reconciliations and lodgements
This is not a total list of tasks but you get an idea of how an outsourced bookkeeper can help your business.
A registered professional bookkeeper becomes valuable to your business when you just don’t have the finances to hire an in-house bookkeeper full time or you just do not have the time anymore to deal with the compliance and paperwork.
By using a professional bookkeeper, you will begin to see the profits or losses that your business is making and you have someone to explain to you where to look at improving your business processes. Accounts will be paid on time, slow payers chased up, cash-flow is managed, and costs are reduced by not having to pay for a full time or part time employee.
An Accountant will handle the following:
- Prepare Tax returns
- Cash-flow Management
- Strategic Planning
- Formation Advice
- Business Advisory
Again, this list is not all that an Accountant can do to help your business but it is a good start.
Most businesses use the services of their Accountant around three or four times a year for quarterly reviews and end of financial year tax preparations. Others only once a year. The good thing is, the choice is yours.
Financial Advisor/TAX (Financial) AGENT
A Financial Advisor will initially meet with you to discuss what you have and what you can do with it. They will then help you with the following:
- Budgeting and Cash Flow Management
- Debt reduction and debt consolidation
- Personal Insurance
- Investment and wealth creation strategies
- Pre-retirement and Retirement planning
- Estate Planning
- Business and Ownership Protection and Succession Planning
- Workplace education and financial planning
A Financial Advisor will help you to manage your finances with the goal to create wealth with your hard earned dollars. Financial planning is not just for the wealthy.
Each of the above professionals plays an important role for SME’s and individuals. Big companies did not become successful without them.
Incorporated into your team, they will guide you to the success you desire for your business.