FAQ

You may need an accountant at various stages of your business journey, including:

• Starting a Business: An accountant can help you with business structure, financial planning, and setting up your accounting system.
• During Operation: Regular financial management, tax planning, and compliance with regulations require an accountant’s expertise.
• Growth and Expansion: When your business grows, an accountant can assist with financial analysis, securing funding, and strategic planning.
• Tax Time: Preparing and filing taxes can be complex; an accountant ensures accuracy and maximizes deductions.
• Facing Financial Challenges: During financial difficulties, an accountant can help with budgeting, cost control, and turnaround strategies.

Bookkeeping:

• Involves recording daily financial transactions such as sales, expenses, and bank deposits.
• Ensures that records are accurate and up-to-date.
• Produces financial statements like balance sheets and income statements.

Accounting:

• Involves interpreting, classifying, analysing, reporting, and summarising financial data.
• Provides insights for decision-making and strategic planning.
• Manages compliance with tax laws and financial regulations.
• Includes higher-level tasks like auditing, tax planning, and financial forecasting.
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Selecting the right accountant involves several considerations:

• Qualifications and Experience: Ensure the accountant is qualified
  (e.g., CPA or CA) and has experience in your industry.
• Services Offered: Match the accountant’s services to your needs,
  whether it’s bookkeeping, tax planning, financial advising, or other specialised services.
• Reputation and References: Check reviews, testimonials, and ask for references to understand their reliability and client satisfaction.
• Technology and Software: Ensure they use modern accounting software that integrates well with your business systems.
• Communication and Compatibility: Choose someone who communicates clearly and is compatible with your working style and business needs.
• Cost: Compare fees and ensure they offer value for money. Some accountants charge hourly, while others may have fixed rates or packages.
• Local Knowledge: An accountant with knowledge of local laws and regulations in Australia can provide more relevant advice and services.