The Future of the Accounting Industry

The accounting profession industry is changing rapidly. There exist some critical trends regarding Accounting industry. Take a look at the following:

  • Lack of quality and raising the cost of staff labor will force firms to carefully examine industry concentrations, their mix of services, and their positioning in the marketplace relative to the competition.
  • Firms will maintain to attain consulting and advisory companies that compliment their traditional services to offer integrated solutions services to their customers.
  • More small firms will split up due to a need of partner agreement on succession investing and planning in the future direction of the firm.

It is very clear that the accounting firms are going to need to make significant strategic decisions to success in the current competitive environment.We should ask a number of questions before hiring Tax Accountant.“Accountancy Matters” is the small accounting firm in Melbourne, Which is changing rapidly to provide best solutions to their clients.For more info check our website.

5 Reason Why You Should Hire a Tax Professional

Who is a tax professional?

A tax professional is a person who handles your financial terms. They are the one who knows your bank balance, your income, and most importantly works as a tax return preparer for you. In simple words, a tax professional is a caretaker of your financial life.

Following are the major reasons why you should hire a tax professional:-

  1. Even though you can prepare your own tax return but a smallest of mistake can cost you a lot. A tax professional makes sure that there are no mistakes done.
  2. If you have a complex tax situation then hiring a tax professional is a must. Taking care of your business and managing your tax return at the same time can become a hectic task.
  3. A tax professional keeps a regular check on changes made in tax laws and gives you genuine advice based on that.
  4. A tax professional understands every complex tax law and helps you make a smarter tax-saving decision.
  5. A tax professional check your file regularly and help you plan for the future as well.

Are you looking for the one in Melbourne?

To avail all tax benefits a good tax professional should be hired. If you are looking for a smarter tax return agent in Melbourne, then Accountancy Matters is the right option. They are a team of professionals who not only prepare your tax returns but will guide you through the way and help you make profitable decisions.

What Is a Tax Consultant?

Tax consultants or we can say tax advisors, are trained in Tax law. They recognize the regulations about business and individual taxes and direct clients on how to act under both federal and state tax legislation.

Duties and Responsibilities

Tax consultants provide their clients with tax and financial related advice. Tax consultants duty is to prepare client tax returns and assist clients in finding the right deductions, credits, and adjustments based on their financial situation.

Personal Qualities

Tax consultants must have excellent communication skills since they deal with clients and other professionals on a daily basis.

“Accountancy Matters” is a small accounting firm in Melbourne. It works as a Tax consultant in South Yarra also.All our accountants are experienced in dealing accounting and tax aspects of SME, individual clientele, and sole traders. We not only help our clients in tax minimization but we also assist them in wealth creation strategies, and this is what makes us different from other ordinary accounting firms.

Commonly made Tax return blunders to avoid

Tax laws change every year but we can count on certain things to be timeless, which include the simple and common mistakes every year. Going through by these mistakes help you a lot to avoid.

  • Not reporting all of your income.
  • Not taking full advantage of IRA contribution limits.
  • Not double checking bank account and routing numbers.
  • Miskeying SSNs or using unofficial names.
  • Not e-filing.

If you are not able to do your taxes by yourself you can hire a Tax return agent Melbourne or tax advisor Melbourne. Accountancy Matters is one of the best accounting firms, Melbourne. We offer accounting, taxation, and advisory services to individual clientele, sole traders, and small to medium entities. Contact us today to know how we can help you save on your next quarter.

Reasons to Hire an Accountant to Help You Manage Your Finances

Financial accounting refers the recordation of information about money. You can do your taxes by yourself. But you might not be aware of all of the different “perks” that are available to you as a taxpayer. A financial accountant helps us in many ways like he can give you the overview of your financial situation; keep the track of investment portfolio. In addition to it he helps you to save money time. Accountancy matters is one of the best companies around. We offer financial accounting, taxation, and advisory services to individual clientele, sole traders, and small to medium entities. For more info visit our website: http://accountancymatters.com.au/

What Does Tax Accounting Mean?

Here we’ll discuss tax accounting:

– the first step in the process of creating a sustainable financial system is to understand the tax model
– the most standard method of tax accounting is to use a database of professionals who are certified and licensed to handle the workload
– CPA can be an excellent source of information regarding the types of accounting firms
– the internet has been the best way to find information about tax accounting

Program

An excellent way to get started with a good accountant is to hire a popular firm. It is important to have a program that will keep you ontop of the latest updates in accounting. That is a great tool for anyone who is looking to become a certified accountant. The critical thing to look for in a bookkeeping program is the financial information that you need to know about tax deductions. Some tax software will help you to find out how much money you can afford to spend per month. That is a good idea because you can make a choice between your taxes and the amount of money you spend.

The main point is to ensure that your outsourcing company is well equipped to handle all the complexities of the business processes. It is important to make sure that you hire the services of a professional to manage the project. This essential factor, to look for in a good accounting firm, is the quality of the work performed.

The accounting company will then make a profit by providing the services of a competent and experienced accountant. The employer will then provide the required information to the services that can be used to help the company grow.

The tax return accountants must have the skills to be a certified public accountant. These professionals will be able to provide you with the necessary information to make the process of accounting. The most important thing to be aware of is that you will need to have a good grasp of the business you are going to be involved in.  After that if you want a way to make money online, you’ll need to look for a mentor who can help you with your work.

You will have to work with your accountant to make sure that you can make a healthy living. Plus, you will be able to find an excellent business opportunity that will allow you to do everything you can to help you succeed.

We started off with how the advantages of having a tax accountant can help your business strategy. Allowing it to be done in a way that is more flexible. Second, the most important aspect of this type of bookkeeping software is the ability to manage the accounting process. Third, the advantage of this business model is that it is more than just a means of generating a steady stream of income. In the end, we discussed how the information is collected and distributed to the right clients and the members can easily be contacted.

5 Situations that Demand Professional Accounting Firm

Hiring a professional accountant can help you through various stages during the growth of your business. They can handle payroll, tax returns and much more. So when is the right time to hire an accounting firm in Melbourne for your small business?

Situation #1: When you have to deal with the government

When you run your business, dealing with government paperwork can be a daunting task. And that is why many small businesses in Australia prefer to hire an accounting firm when their first tax filing is due.

In addition to tax filing, an accountant can help your company deal with the government in following ways:

  • Completing and filing the necessary compliant document of the business
  • Keeping the company up to date with latest changes in tax laws
  • Preparing annual statements of the company
  • Maintaining the records of directors and other top management members
  • Keeping your company’s status updated in the company register of government
  • Handling company’s payroll and books of account

An accountant will provide you suggestions such as raising capital for expansion for the growth of your business. He can also suggest some tax minimization strategies to save your money.

Situation #2: When your company is growing

There is no hard and fast rule that companies will grow at steady pace. A big client or project can give an unexpected growth to your business. An accountant is a person who can efficiently handle your business’s growth transitions. Your accounting firm can take care of payroll, tax management, utility payments, leaving you free to focus on other important aspects of the business.

Situation #3: Hire an accountant in case you’re audited

Many people think that their company will not get audited as there are so many small businesses in the country and very fewer government auditors. However, this can lead to an expensive, stressful and time-consuming situation, if the audit takes place and you don’t have proper books of accounts.

Situation #4: When you buy a business

Some business persons prefer to start a new business from scratch while others buy an existing business. If you are planning to buy an existing business, then you must hire an accountant. They can check company’s accounts in detail and help you find out if anything looks wrong.

Situation #5: Accountants can help you every step of the way

As you can see, accountants can make your life easier and help your business grow in the right direction. Hence, it is always a good idea to hire a reputed and reliable accounting firm. Your forte is running a business. So, leave the financial details on your accounting firm.

 

Importance of Accounting for Small Businesses

Whether you run a big company or a small business, proper financial management is a must. Some small business owners overlook the importance of accounting as they think that their business is just a start-up. However, in order to take your business to the next level, you need to follow accounting practices properly.

Following are some aspects that show how important accounting is for small businesses:

There are various books of accounts that need to be regularly updated, and ledgers are one of them. Ledgers record the transactions of the business. Based on the type of business, ledgers may need to be regularly updated. A single mistake in ledger account management would lead to a discrepancy in the final tally.

If you believe that bookkeeping is not your cup of tea, then it is recommended to hire a small accounting firm in your local area who can take care of your business’s accounting aspects. Working with accounting professionals will help you get the most out of available opportunities and strengths and overcoming the weaknesses and threats. By outsourcing your accounting to a small accounting firm, you can avail the services of experienced professionals at affordable rates.

Should Small Businesses Hire Accounting Firms?

When it comes to accounting for small businesses, there are three critical financial measures- Balance Sheet, Profit & Loss Account, and Cash Flow Statement.

  • Profile & Loss Account: It gives details about your business’s performance by showing exact profit or loss for the accounting year.
  • Balance Sheet: It will let you know the net worth of your business by listing your assets against your liabilities.
  • Cash Flow Statement: It will give you details about cash on hand or in the bank and help you plan your revenues and expenditures.

When you work with a professional and experienced accounting firm, you can gain expert guidance on different financial matters that can take your business to the next level. If you are running a business in Melbourne, then contact Accountancy Matters which is a top-rated small accounting firm in Melbourne.

5 Common Tax Return Mistakes

Whether you are an individual or a company, lodging your tax return accurately on time is important. However, there are some common mistakes that people make while filing their tax return which may result in audits from the ATO. The ATO automatically detects inaccurate tax returns. Hence it is better to understand the common mistakes and stay on top of things.

Mistake #1: Rental properties

This is one of the most common issues that ATO observes. Errors with rental property tax returns include private component, borrowing costs and claiming depreciation without a quantity surveyor’s report. Many taxpayers in Melbourne don’t realise what all they can claim, particularly land tax and strata levies. If you hire tax return agent in Melbourne, then you can ask them about the summary of income and expenses to make the return process easier.

Mistake #2: Math miscalculations

Math miscalculation is another common mistake of the tax return which occurs year after year. Errors in arithmetic figures need immediate correction. Failure to correct math errors can reduce or increase the amount of tax refund. Using a tax software programs can reduce math errors as these programs have built-in calculators that can do the work of addition, subtraction, etc. for you. However, you still have to make sure that the initial figures are correct. For example, if you enter $5400 instead of $4500, then all subsequent calculation will become inaccurate, and it can make a huge difference in your tax refund.

Mistake #3: Education tax refund

As per government statistics, there are over 400 000 parents who are eligible for the education tax refund, but they haven’t claimed for it. If you are eligible for Family Tax Benefit Part A, then you can get 50% back on certain education expenses for your school going kids.

Mistake #4: Not lodging

Everybody is busy in their personal and professional lives. Managing everything on your own may delay things. There are many people in Melbourne who not only delay the tax return filing, but they also have several returns outstanding. If you are paying tax, then make sure you lodge your return on time to get the refund and avoid late lodgment penalties.

Mistake #5: Doing it yourself

If you want to avoid above four mistakes, then it is better to hire a tax return accountants Melbourne. In fact, the fee that you will pay to the tax accountant is tax deductible. The tax accountants keep themselves updated with latest accounting and taxation rules. They are the experts who can help you avoid tax return errors.

Why Small Businesses Should Hire Tax Return Agent for their Tax Work

Most of the small businesses or sole traders in Australia prefer to manage their tax work themselves. Financially it makes sense as they need not pay any fee. One can do it in his/her own time rather than waiting for another person to do it and it also means that you don’t have to share your business’s information to an external person whom you don’t know or trust. Despite all these factors, hiring tax return agent in Melbourne is always a good idea. All you need is to find a reliable tax accountant who can take care of your tax work.

Reason #1: Accuracy

When it comes to DIY tax filing, mistakes can happen. Most sole traders and small business owners are not accountants. They might not be aware of the nitty-gritty details of accountancy and taxation, and hence, the accuracy and reliability are not guaranteed. As a result of it, mistakes are more likely to occur, and they may go unnoticed until the tax authorities audit all the financial transaction. In such a case, filing tax returns by yourself will be a time consuming, inaccurate and costly. By hiring a tax return agent in Melbourne or surrounding suburb, you can make tax returns less time-taking, accurate and reliable. Hence, it is worth outsourcing tax filing to a specialist if possible.

Reason #2: Complexity

Believe it or not, most of us know nothing about tax except the fact that we hate paying it. According to the Association of Chartered Accountants (ACCA), the tax system of Australia is considered to be the most complex in five developed economies. The complexity increases when you have shares, dividends, property, and it necessitates the hiring of a tax accountant who can deal with this complexity.

Reason #3: Deductible

The best part of hiring a tax return agent is the cost that you will pay to him/her for return is tax deductible. Isn’t this sound amazing? You don’t need to fork over any money to get professional advice.

Reason #4: Penalties

When you use a tax accountant or agent, you can get an extra duration of 5 months to file your tax return than filing it yourself. Mostly people are innately bad with deadlines. Late tax return filing can result in penalties. Hence, it is better to leave tax filing on professionals.

So these were some damn good reasons to consider hiring a tax return agent. A professional tax accountant will help you save money, time and efforts while maintaining the accuracy. If you are wondering- “where can I get a perfect tax return agent Melbourne for my business,” then simply click here.