There are many accounting professionals operating in every major urban centre, town or city. If you need any type of accounting service, therefore, you can easily make a list of around a dozen competent accountants who can offer the service you require. Ideally, you should not rush to pick an accountant because all the accountants you have shortlisted may claim to be better than the rest. A little bit of background research online can help you find the right accounting professional for your needs.
Services Offered by Accountants
One of the most common services that accountants normally offer is bookkeeping. In fact, most accountants are bookkeepers. Bookkeeping entails keeping proper records of all the financial transactions that take place on a daily basis as well as creating daily reports. Most accountants who work as bookkeepers nowadays use accounting software that make the whole process of bookkeeping easier. It is important to note that proper books of accountants can help business owners and investors to make informed business decisions.
There are many accountants who work as auditors. They can either be internal auditors or external auditors. Internal auditors are hired by organisations to offer auditing services in-house while external auditors are usually brought on board to confirm that the work done by in-house bookkeepers and auditors is above board and up to the set accounting standards. Once an external auditor completes their work, they usually offer their opinion to the board.
iii) Preparation of Financial Statements
Every once in a while, investors may require income statements, profit and loss accounts, balance sheets and other types of financial statements. During an AGM, for instance, investors and industry regulators require up to date audited financial statements, which can help them make informed decisions about the company. Accountants know how to prepare these financial statements; the bulk of their work usually involves preparation of these financial statements.
iv) Tax Accounting
Every registered taxpayer is required to pay their full tax and submit their tax returns during the tax season. While some individual taxpayers can prepare their own tax returns, the vast majority usually require the services of a professional. Accountants who have specialised in tax accounting are usually well-versed with the country’s tax code, so they can prepare accurate returns and claim all the tax credits and tax deductions the client is entitled to.
v) Budgeting Services
Every individual, institution and company requires a budget. Provided you earn an income and have expenses, a budget can be incredibly helpful in managing your expenditure. The general rule of the thumb is to spend less than you earn, so the expenditure must be less than the income earned. Accountants usually help organisations and individuals to prepare budgets that make financial sense. Some accountants are even qualified to help clients create financial plans.
vi) Forensic Accounting Services
When the managers or owners of a company suspect that there has been theft or misappropriation of resources, they usually conduct an internal investigation. There are professional accountants who have specialised in forensic accounting, so they can easily look at the books of accounts and financial statements as well as interview key personnel before determining who committed the offence and how much the organisation has lost. Forensic accountants can provide law enforcement agencies with the evidence they need to prosecute white collar criminals.
Guide to Hiring an Accountant
As noted earlier, there are many accounting professionals in Eastern suburbs of Melbourne, so it’s going to take time to find the best accountant Doncaster has to offer. Below are things to consider when comparing accountants:
Only certified public accountants should be accorded any special consideration, so you should only shortlist certified public accountants. This is because they have met all the professional requirements and minimum legal requirements. This means that they can offer the highest quality of service.
The number of years an accountant has been around and the types of jobs they have previously handled must be compared. If you need tax accounting service, for instance, only accountants who have been offering tax accounting services for a long time should get preferential treatment. Experience usually breeds competences, so you can expect to get value for money from an experienced accountant.
It is recommended you compare the fees charged by the shortlisted accountants. You are looking for the most affordable accountant, so you have to compare the accounting fees charged by different accountants before you decide to commit yourself.
Only accountants who are highly rated and have many positive reviews should be given special consideration. You want to hire a trusted and reliable accountant, so you have to do some research on the reviews written about the shortlisted accountants.