The function of a chartered accountant can be intricate to understand, the majority just associates them with tax returns. This however, is far from all a chartered account is and if that is the only thing you are asking your regular accountant to do, then you are missing out on a valuable source of information advice and knowledge. An accountant is not only trained to deal with the financial aspects of your business, they are often up to date with the legal laws of many other areas and someone you can turn to for guidance and direction.
You should inform your accountant anything that goes in your family. Up to a point of course! Everyone wants to keep the amount of tax they pay to the government down. If your accountant is kept up to date with the financial circumstances surrounding you, they can put this information to good use by devising methods that will ultimately save you money this year and for following years to come.
One of the main tasks you expect from an accountant is that they can help reducing the amount of tax you need to pay. If you provide them with all necessary details they can put this information to good use and plan how you can save money in the long-term. A good accountant will come up with a good strategy that will make it possible for you to save money for future events, such as college funds.
Chartered accountants work in various business and finance sectors. These can include public practice work, the private sector and government bodies. 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.
So to the question, what does a chartered accountant exactly do?
Personal or business income tax returns can be prepared by accountants. Business tax returns can be arranged for companies, superannuation funds, partnerships or trusts, capital gains tax and rental properties. They can provide services to help legally lessen defer and plan tax payments. Advice can be given on a range of issues including business tax, sale of shares or property, business acquisitions or disposals and deciding upon the most suitable tax structure.
Australian chartered accountants based in Sydney or other areas will have experience of the Australian Tax Office (ATO), and can give you information and on Business Activity Statements and Goods & Services Tax.
Financial planning is important for everyone, individuals and in business. It is about putting systems into place to safeguard you and your family’s future. An accountant will look at certain areas and devise a strategy that suits. 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 can be managed to save and invest money whilst you are working to use in your retirement. For many Australians, this is the second largest asset after the family home. Chartered accountants Sydney can provide advice on Self Managed Superannuation Funds (SMSF) and whether it is suitable for you. Chartered accountants are very useful when registering a new business and for accounting services.
If you have already have a business or are registering a new one and need help then see a chartered accountant who can help with this and the accounting. They will be able to offer valuable advice on increasing profits by the application of useful financial plans and systems. A chartered accountant can help you in many areas; business valuations, payroll services, accounting services, strategic planning and salary packaging, financial statement preparation and computer accounting software are just some of the areas they operate in.
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. The agency you choose should be informative and experts in their field of work, they must be able to answer any questions concerning your personal or business 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.
Michiel Van Kets provides article services for Nicole Flannery who writes articles for ARW. Adrian Raftery Wawrzyniak (Chartered Accountants Sydney) is offering a suite of professional financial services including chartered accountants and proactive solutions to help clients reach their financial goals and. For information on chartered accountants Sydney visit ARW’s website.
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