The Many Roles of a Business Accountant Explained
Accountants play a major role in every business. They can help organize your finances and preserve your wealth.
Ask colleagues, family and friends for their recommendations and then make a short list of accountants who have some relevant experience working in an industry similar to your own. If you can find an accountant who is highly praised by one of your business associates in Sydney, you will inevitably discover someone equipped with enough knowledge, skills and experience to efficiently perform all the accounting tasks required by your business.
You want to find a professional accountant who can understand both your business and your business and personal goals. Try to establish a strong long term relationship with him, as quality accounting and taxation services are crucial for an organization to be profitable.
One of the many services provided by an accountant is bookkeeping. Your accountant will record, analyze and interpret all the financial transactions of your business. He will produce financial records that will give you accurate information about the fiscal activities of your business. These records are not only necessary so you can understand the state of your enterprise, but are also required by law.
Payroll administration is another important aspect of the accountant’s role within your organization. He will keep the totals of hours worked by your staff, calculate their rates of pay and manage payment of wages to all employees. Annual financial reports also need to be produced to inform directors, shareholders and customers of the progress of the company. These will be duly compiled by the accountant.
Tax planning is another important aspect of the accountant’s work. He will ensure that you don’t pay any more tax than you need, but will also see that you meet your tax obligations. He can also act as a business consultant, helping you to improve the performance of your organization through the analysis of problems and planning steps to rectify the problem. The services of an experienced accountant will go a long way to ensuring the success of your business.