Who is the most qualified to assist you in managing your cash flow and ensuring that everything is in order for the ATO?
It might be difficult to determine if you require the services of an accountant or a bookkeeper to assist you in ensuring that your business is operating effectively. Accounting and bookkeeping are similar in their purposes, but they serve distinct periods of your financial cycle, to give you a quick and simple solution.
The activities that a bookkeeper performs include documenting and reconciling transactions, sending and pursuing invoices, processing payroll, and ensuring that your day to day books and records are up to date.
Accountants generate financial statements and tax returns, can conduct audits, and, perhaps most crucially for business owners and managers, can assist in the analysis of strategic financial matters such as operational costs and projections.
Accountants also have the option of submitting BAS and tax returns after the ATO’s standard submission deadlines.
The advice from accountant Vishal of Wealthcrest accountants was excellent: “Be specific about what you require. Want one-time assistance, weekly or monthly services on a recurring basis, or an annual checkup?”
“Start by making a list of what you need, then hunt for it online and ask your contacts for suggestions to identify people who have the talents you require. For example, do not engage a book-keeper if you require assistance with a tax return, and do not hire an accountant if you require assistance with financial data entry.”
Due to the cheaper hourly fee of bookkeepers compared to accountants, you will save money by completing as much of the work as you can with your book-keeper before passing it over to your accountant to finalize and lodge.
Your accounting software will connect you, your book-keeper, and your accountant in a seamless manner, allowing them to complete the work they are assigned while you remain in complete control.
It’s also worthwhile to spend some time looking at training information for your accounting software, so that you can use it with complete confidence once you’ve mastered it. There will be a Help Center and/or a YouTube Channel for almost all online goods where you may discover instructional content.
Create a shortlist of providers based on the services and abilities you require, and then take into account their grasp of your business type to determine who will be the best fit for your requirements.
In the event that you’re still unsure about whether or not you require the services of an accountant for your investment plans, please contact us at greenshoots. Vishal, our accounting specialist, is available to answer any questions you may have about how to get the most out of your investment.
