Services Provided By Accounting Firms

Why You Should Hire One?

Accounting is something that professionals train for years in order to be able to do successfully. It’s quite a specialised field, and even if you are really good at maths, if you don’t have a solid understanding of how the tax system works, you could be setting yourself up for trouble by trying to do your business accounting by yourself. 

Accounting firms offer a myriad of services that help business owners stay financially organized, tax compliant and that help prepare for business growth. Business owners shouldn’t look at an accounting firm merely as an outsourcing cost for bookkeeping but as an integral business partner. 

Not every accounting firm offers every type of service, and business owners should interview various firms to determine which is the best fit for the company’s specific business needs. 

While some accounting firms specialize in niche services such as tax strategy, most will offer bookkeeping and payroll services, tax preparation and business valuation services. It is definitely a must to hire an accounting firm from an important site

Hiring an accountant might be an extra expense for your business, but it is definitely an expense that will be well worth it in the long run. The right accountant will be able to give your business the financial support that it needs to ensure success, along with helping you avoid the risk of fines and other problems when submitting tax returns and financial records.

Personal Income Tax Returns

Using a professional tax agent to prepare your tax return can maximise deductions and tax offsets, whilst helping to avoid costly mistakes that could lead to audit activity.

It is often crucial that you get advice prior to the end of the financial year to assess whether any tax planning opportunities are available to you.

Business Financial Statements & Income Tax Preparation

The accountants at Better Business Advice are able to prepare the Annual Financial Statements and Income Tax Returns for all entities including Private Companies, Trusts, Partnerships, SMSF Superannuation Funds and Sole Traders. 

Better Business Advice also offers the following accounting services to assist clients who want a more frequent review of their business’s performance:

  • Preparation of Interim Financial Statements
  • Monthly and Quarterly Accounting
  • Budgets and Cash Flow Forecasts

Bookkeeping Services – Bookkeeping is recording the financial transactions of a company and is a key part of maintaining the company accounts. Transactions include purchases, sales, receipts, and payments.

Invoice Management – Invoice Management is the management of company invoices, including the creation of invoices, tracking of monies received and payment of supplier invoices.

Payroll Processing – Payroll processing is the calculation and preparation of company payroll salaries, including base salary, pension, health, employment insurance, employment taxes and other salary-related benefits.

Audit & Tax Filing – Auditing is the process of forensically examining company financial records. Tax filing is the calculation, preparation and filing of taxes with the relevant tax authority in compliance with local laws and regulations.

Financial Reporting – Financial reporting is the preparation of company financial accounts in order to convey business activities and financial performance. This may include cash flow reports, balance sheets and/or profit and loss statements.

Treasury Services – Treasury services involve preparing and making payments on behalf of a company. This includes payment of supplier invoices and payments for other services rendered to the company.

They will not only save tax money but will also save money on other aspects of cost-cutting for the company. It will take care of the unnecessary expenses and keep a track of all payments, thus avoiding any mishap transaction or fraud in the company.