What a chartered accountant does exactly is something of a mystery, which is of course if you’re not an accountant yourself. We know they can assist us with our yearly tax returns, but what else? An accountant is not only experienced to deal with the financial aspects of your business, they often have knowledge of the legal laws in many other areas and you can turn to them for assistance and direction.
Accountants can help out in your private life too. They should be aware of everything going on in your life, such as the arrival of a newborn in the family, as they can then use this information when dealing with your tax issues and areas of investment. If there is a baby born or your daughter is intending to get married it can help your accountant to know. If your accountant is well informed of the financial conditions that surround you, they can put this information to good use by making up strategies that will ultimately save you money present year and for following years to come.
The job of a good accountant is to design a long-term strategy aimed at helping you save money, for example, funds towards your children’s college fees or daughter’s future wedding or for your retirement.
Chartered accountants operate in various business and finance sectors. These can include the private sector, public practice work and government. In Australia they belong to the Institute of Chartered Accountants of Australia and use the elected letters CA, higher-ranking members of the Institute are nominated as Fellows and use the letters FCA.
Here are a few of the tasks you can expect a chartered accountant to perform.
Personal or business income tax returns can be prepared by accountants. Business tax returns for partnerships, trusts, companies, superannuation funds, rental properties and capital gains tax can all be assisted with. They also provide services to assist in legally decreasing tax payments and other related issues. Advice can be given on issues like sale of shares or property, business tax, business acquisitions or disposals and most suitable tax structure for you personally or your business.
Financial planning is an important concern for everyone, both for individuals and for businesses. It is about designing a strategy to safeguard you and your family’s future. An accountant will work trough certain areas and then devise a strategy that suit your needs. Financial planning is simply putting together a strategy and plan that will enable you to save towards costs of weddings, buying a house or retirement. Chartered accountants will look at your finances and outgoings and make a plan to suit you. A financial planning service should involve superannuation products for maximising retirement benefits, investments for building wealth together with shares, property, managed funds and fixed interest. Insurance should also be covered as protection from economic loss in the event of death, disablement, accident or illness.
Superannuation is a way to save and invest money whilst you are working for future use, the largest asset of most Australians after their home. Chartered accountants can offer advice on Self Managed Superannuation Funds (SMSF) and whether it is the right choice for you. For accounting services and for registering a new business, you might find chartered accountants very useful.
If you are already established business wise they can give you advice on how to increase profits by applying effective financial plans and systems. Strategic planning, business planning, business valuations, accounting services, payroll services and salary packaging, financial statement preparation and computer accounting software are other areas an accountant deals with.
Accountants today are computer friendly, meaning there is no need to make appointments to go into the accountancy office. Most things can be done online, communication and files the most common. Income tax returns can even be arranged from computerised accounting files, such as MYOB and Quickbooks. Personnel at the agency you decide for should also be informed and knowledgeable on any tax related issues and have the capacity to answer any queries you might have regarding your business or personal account.
Look for a chartered accounting firm offering professional financial planning services. If you are seeking a proficient financial planning service or want help setting up a small business then they can help you realise your goals.