Top Six Services Offered by Accounting Firms in Australia 

Accounting firms now offer more than tax compliance alone and provide a full range of business advisory services becoming ‘one-stop shops’ for business owners and individuals.

Here are the top six services offered by accounting firms in Australia:

1. Auditing

Audits are important because they can spot mistakes and prevent fraudulent activities. Accounting firms can perform business audits to not only protect your company but to also ensure that all your accounting and financial records are up-to-date.

2. Bookkeeping

Staying on top of all your financial transactions can be time-consuming. Hiring a bookkeeper from a bookkeeping franchise is a great addition to your team. The bookkeeper will ensure that all your business financials are in order and compliant with tax laws

3. Tax Compliance

Tax compliance is crucial and businesses are expected to comply with all state and federal tax laws in a timely manner. Your accountant can make sure you are meeting your tax obligations.

4. Financial Reporting

Financial reports are important to know how much your company is actually earning and how to properly handle the cash flow. These reports can also help you make critical decisions based on accurate data and can be presented to banks and potential partners to encourage them to invest or grant you a business loan.

5. Business Advisory

Business advisory means giving clients advice on how to improve and further advance their business. It can include strategy, management, information technology (IT), and human resources (HR) and can have a significant impact on a business’s daily operations.

6. Self-Managed Superannuation Funds (SMSF)

Some individuals prefer to manage their super on their own. However, there are certain risks involved in self-managed superannuation funds (SMSF). Some of these include:

• Return on investments (ROI) may not yield huge returns
• You are responsible for managing your funds, even in the event of unemployment
• Even with the help of a financial adviser, you are still liable for all your SMSF decisions
• No access to special compensation schemes against theft and fraud from the Australian Financial Complaints Authority (AFCA)

SMSFs are time-consuming and it’s best to have an expert help you with its legal and financial aspects. This is also to protect you from “super scams”.

There you have it! The top six services provided by Australian accounting firms. Their goal is to make it easier for anyone to comply with their tax dates and seek assistance with their finance-related concerns. Accountants have transformed from just being bean counters to reliable business consultants and financial advisers.

Want to learn more about the different services offered by Tax Store Australia? Enquire Now or call us at 1300 367 594!