What does an accountant do?
You have likely heard the phrase ‘speak to an accountant’ more than once in your life, especially if you are involved in business in any way.
But what does an accountant actually do? Before you go and have a chat to one, find out what they actually do for businesses all year round. If you would like to know more, get in contact with Bottom Line Control on (07) 5471 7077 today.
What is an accountant?
An accountant is a qualified professional who analyses, interprets and reports on financial matters for individuals and businesses.
When do you need an accountant?
You need an accountant in a huge array of situations, including starting a new business, buying/selling a business, during tax time and when you require advice on various business situations. This is just the beginning though - it is more when don’t you need an accountant!
What does an accountant do?
So, after all that, what does an accountant actually do?
A tax accountant is likely someone you have heard of, especially around the 30th of June each year, as they assist with tax returns and taxation compliance throughout the year. Tax accountants must be appropriately qualified and a registered tax agent, so always check first!
A management accountant works within one particular business and offers advice when it comes to transactions, strategy and cash flow, as opposed to working with individual clients.
Accountants can assist when starting a business, as well as with restructuring a business once established. From offering advice as to the best commencement structure to assistance with adopting a new structure once your business has outgrown its current setup, an accountant can do it all.
Another service that accountants can provide is business compliance, ensuring your business is ticking all the boxes all year round. This can be super burdensome to complete on your own, especially when you are running a business, so an accountant helps with this load. Compliance services can include quarterly BAS preparation and lodgement, end of year tax, financial reporting, and expert advice catered specifically for your business.
Self managed super funds (SMSF)
Although their name suggests they are ‘self-managed’, accountants can help provide expert advice on setting up a SMSF, as well as management, investments, audits and compliance advice. It is always strongly recommended that you speak to an accountant before setting up a SMSF to ensure that everything is within regulatory guidelines, as this can be a tricky and complex area to get through on your own.
Troubleshooting cash flow
If your business is having cash flow problems, accountants can assist with advice and strategy suggestions to get things back to where they should.
Buying and/or selling a business
If you are looking at buying or selling a business (or both), an accountant is involved in more ways than one. From the purchase price to due diligence on financials to the breakdown of settlement funds, accountants help every step of the way.
If you require advice when it comes to business financials, strategy and transactions, then an accountant is the person to call. They can assist across a variety circumstances, offering educated advice and options based on the exact needs of your business.
And so much more! This is just the beginning when it comes to the skills and abilities that an accountant may have. Some accountants even specialise, allowing expert guidance on one particular area.
Ultimately, it depends on you, your business and its requirements as to what an accountant does and can offer to you. If you would like some more information, or are in need of a business accountant on the Sunshine Coast, give Bottom Line Control a call on (07) 5471 7077 and we can discuss your accounting needs today.
Xero (What does an accountant do?): https://www.xero.com/au/resources/small-business-guides/accounting/what-does-an-accountant-do/
ASIC - MoneySmart (Choosing an Accountant): https://www.moneysmart.gov.au/life-events-and-you/life-events/choosing-an-accountant