Is It Worth Hiring Small Business Accountants?

Are you looking for the best accounting firm or just confused about whether you should hire an accountant or not? Well, you can find your answer from this blog, so keep reading this blog. A tax accountant can give suggestions on legislation that can affect your business. Without an accountant, you have to look after various things, and you may already know why you should hire an accountant for your small business. 

Many of you may think hiring an accountant could cost you more, but this expense will be worth it in the long run. The right accountant can help give you financial business support so that you can avoid the risk of penalties and other issues when submitting tax returns. 

 Benefits of Hiring Small Business Accountants

The following are some benefits of hiring an accountant for a small business:

• Error Reduction 
  Accountants need to be professional and up to date with new laws announced by the government so they can eliminate the risk of errors. Even if you are good at maths, but if you don’t have a good understanding of new laws, then you can get into trouble when you have to prepare and file tax returns. One small mistake can cost you a lot of money, so you should not take any chance. If you want everything correct whether it is business accounts, preparing, or filing a tax return, then you should hire an accountant for your business. For this, you can find the best accountant by searching ‘tax accountant near me.’    

• Reduce Stress 
  When you do bookkeeping and accounting tasks on your own, then it can add stress because being a business owner, you have to take care of many other things. Remember one thing, entering details into accounting software, and keeping an eye on deadlines for tax returns, might not seem a big deal, but when your business starts growing, then all these tasks will become complex. When you take help from accountants, then they will manage all those tasks. 

• Financial Advisor
  Accountants are financial advisors, and they can help you at each stage of your business. You should choose an accountant who has already worked with the company in the same niche so they can suggest something to you based on their experiences. Accountants can guide you, and you can get informed of any new update, so you can make decisions for your business accordingly. 
  When you make big financial decisions without having any accounting knowledge, then you can put yourself at risk because there may be a lot of errors involved. If you are looking for tax accountants for your business, then simply search for ‘tax accountants near me’ for the best results. 

• Support for Business Plan
  If you are just a startup, then hiring an accountant could be beneficial for you because an accountant can be a support when you need to put together a business plan. You might know who your competitors are, what you want to sell, and how you want to advertise your business, but if you don’t know how much money you will earn in the next five years, then an accountant can help you.
  The accountants can use their knowledge and experience to give you suggestions when making business plans and setting realistic goals. 

• Good Business Decisions 
  You need to consider finances before you make any decision for your business, no matter what decision you are making, whether it is adding new service, hiring new employees, or anything else, you need to consider how much it will cost you. You should consult with your accountant before making any business decision. 

• Save Time
  Being a business owner, time is an important asset for you and you’ll want to save as much time as possible so that you can perform the rest of the business tasks and grow your business. If you are taking care of accounting, then you’ll be responsible for all admin tasks that will be time-consuming. From learning how to use any accounting software to maintaining records could be time-consuming and you’ll not have time to manage other tasks. 

• Save Money 
  Many of you may think that hiring an accountant can cost you more, but the truth is they can save you money. You should work with professional and experienced accountants that will help you minimise the risk of costly errors when you have to prepare and file tax returns. Your accountant will give you suggestions when you need to make any business decision, which will help you save money. In this way, you can make cost-effective choices for your business. 

Conclusion 
In this blog, we have shared with you the importance of accountants in businesses. If you want to run your business smoothly, then you should hire an accountant for your business. You can reach Reliable Melbourne Accountants for professional accounting services. 

Hire Tax Accountant Melbourne for Your Small Business

 Do you have a growing business? Are you searching for ‘tax accountants near me’? There are plenty of reasons why your business needs a tax accountant. If your business is growing rapidly, then you should hire an experienced accountant for your business to help you manage accounts and books professionally. You need to keep an eye on plenty of factors for your business, such as new business goals, business operations, and business accounts. 

Benefits of Hiring a Tax Accountant Melbourne 
If your business is large and you don’t know about accounting and how to file tax returns, then you should hire a tax accountant for your business as soon as possible before you have to manage tax and business books on your own. 

Accounting and bookkeeping for small business are important. Take a look at the following points to know plenty of benefits of hiring a tax accountant for your business: 

• Minimises Your Tax 
  If your accountant can help you minimise your tax, then you should definitely hire an accountant, right? A good accountant can help you minimise tax because he/she knows the government laws inside and out and will use their expertise to deduct the tax that you have to pay. There are plenty of opportunities for businesses to reduce taxable incomes. To avoid missing out on those opportunities, you should hire an accountant who will keep you updated with these opportunities. 

• Maximises Tax Refunds and Tax Deductions 
  When you hire a professional accountant for your business, then you will notice that your tax deductions and refunds are increased. Professional business accountants will ensure that you get the most from your tax return. They will also help you in identifying tax deductions that you are eligible for. 

• Simplified Process
  A professional and qualified accountant who has already worked in the same niche can work well during a tax season. If you create financial reports on your own, then there will be a high chance of mistakes, but hiring a professional accountant can reduce errors. If you have a trustworthy tax accountant for your business, then you’ll be less likely to worry about your tax returns.

• Reduces Your Workload and Stress 
  If you take help from accountants, then they can save you money and time. Some business owners complete their tax on their own to save money, but it can lead to more mistakes, increased expenses, and unnecessary stress. But hiring a professional tax accountant not only reduces your taxes and increases your returns but can also help you avoid making unnecessary mistakes when filing tax returns.
  When it comes to taxes, many business owners choose a professional accounting firm. 

• More Understanding of Your Business
  Not every business owner has deep knowledge of tax laws, and it can make it difficult for them to understand business finances. An accountant can help you understand and analyse your financial statements, leading you to get a better understanding of your business and receive warnings for areas that need improvement.
  When you work with an experienced tax accountant, then you can get complete information on the financial health of your business. 

• Helps You with Budgeting
  If you want your business to perform well, then budgeting is an essential financial element that needs to be considered throughout your business life. A good tax accountant will help you create a business budget to allow you to achieve your business goals. In addition to this, accountants can access your financial data to predict future costs and revenues so you can make the best decisions for your business. By considering the market, your business, customers, and other factors, your accountant can help you provide valuable information so you can make a business strategy to stay on the top. 

• Lifelong Business Advisor
  Do you know the biggest benefit of hiring a tax accountant for your business? Well, they are not only there for you to file a tax return, but they can become irreplaceable partners for you and your business. Being a business advisor, they work closely with you and your company, and they will be aware of your business goals, and they can offer you advice on the areas where you need to focus and ways to grow. 

Choose the Best Accountant for Your Business
There are various accountants, so it is important to ensure the accountant you are choosing for your business is professional and experienced. Accountants’ role is to ensure that you have the appropriate tools to achieve your goals and enhance your revenues. The professional accountants will use their ethics and expertise to give you the assistance you need.  Try to choose the best and reliable accountant for your business. You can contact Reliable Melbourne Accountants to hire professional and reliable accountants for your small business.

When to Seek Help from an Accountant for Your Business?

Are you confused about when to talk to a professional accountant about your business? Well, in this blog, we’ll help you know how to determine when you should need accounting services for your business. Accountants can help you offer in-depth insight into every aspect and phase of growth and certain areas of your business where you need to focus on improvement. 

Here we want to add something that before you choose any finance professional, make sure to know your business requirements. For instance, you should know what your business needs whether you need a bookkeeper, an accountant, or Certified Public Accountant (CPA). You should know each finance professional’s duties. If you want bookkeepers services for your business, then you should know your business requirements for bookkeeping before you hire a bookkeeper for your business. In this way, make sure to know the accountant and CPA’s responsibilities. Before diving into detail, let’s discuss the introduction to the bookkeeper, an accountant, and CPA.

Melbourne Bookkeeper

Well, before you hire a finance professional, you should know the responsibilities of each finance professionals. The bookkeepers are responsible to ensure your business books are up-to-date and accurate. Melbourne bookkeeper has several responsibilities, such as data entry, bank account reconciliation, tracking expenses, recordkeeping, and producing financial statements. 

Accountant 

For business owners, accountants play the role of advisers, even though they can manage bookkeeping tasks as well. Accountants handle the company’s accounts, analyse financial statements, and produce strategic insights by using the bookkeeper’s information. 

Certified Public Accountants (CPAs) 

CPAs deliver a higher degree of accounting as compared to bookkeepers and accountants. CPAs have to clear specific exams and meet licensing requirements to work. They also need to complete ongoing education to maintain their position and stay on top of new laws. 

Every CPA can be referred to as an accountant, but an accountant can’t be referred to as a CPA. In practice, CPA does the same work as an accountant does. CPAs offer business advisory services, tax advice, recordkeeping, and accounting services. 

 

Now, it is over to you which finance professional you want for your business. If you want an accountant for your business and you don’t know when to hire an accountant for your business, then this blog is especially for you.

When You Should Get Help from an Accountant?

The following are some key points that you should consider if you are confused about when to hire an accounting professional for your business:

· When your business is growing 

When your business is growing, it is essential to hire an accountant. When you are starting your business, and at a point, you need help from someone who can manage your business accounts and tax, it is recommended to seek help from a tax accountant Melbourne. An accountant can help you at each stage of your business from a business strategy to company growth, loan application to tax return. As you know, an accountant is responsible to perform various accounting tasks to save you time, so hiring a professional accountant would be the best option to save time. 

· When you need advice while making a business plan

If you seek help from an accountant while making a business plan, then they can use accounting software to include financial projections and other reports. This will help you make a business plan professional and realistic. If you hire an accountant at an early stage, then you can use their accounting knowledge and their advice.  

· When you need to deal with the government 

It can be a cumbersome task of dealing with the government paperwork when you establish your business successfully. This is the reason why so many businesses hire an accountant when they need to file tax. They can also help you manage tax returns. A professional accountant will be responsible to:

1. Finish and file necessary legal and compliance documents

2. Keep your business updated with new tax laws

3. Prepare account’s annual statements

4. Up-to-date director’s records and other administrative personnel’s records

5. Manage your payroll and ensure all employees’ payments and tax codes are recorded accurately

If you want to hire a professional tax accountant, then you can search for ‘tax accountants near me.’ 

· When you want to save time 

One of the most important things is time. Make sure to use your time efficiently rather than wasting your time on managing accounts of your business. This can be done by an accountant and you can invest your time in the growth of your business. 

· When you want in-depth planning and analysis of finance 

Accountants are best at planning and analysing finance. You need to analyse your loss and profit statements, balance sheets, cash flow statements, and other financial reports of your business. An accountant can help you analyse these reports for your business. 

· When you need to prepare tax

When it’s time to prepare and file your business tax, you may get stuck. At that time, you should seek help from a tax accountant who can prepare your tax. 

Choose the Right Accountant for Your Business

No matter whether you want a full-time accountant or part-time, ensure the accountant you are choosing for your business is professional and highly experienced. You can ask the following questions while hiring an accountant for your business:

1. Are you an accountant, bookkeeper, or CPA?

2. In which year did you get your license? Where did you complete your degrees?

3. What specialty do you have?

4. How many years have you worked in a particular field?

5. Can you tell about your clients to whom you have given your services?

6. What salary do you expect?

In this way, you will know more about finance professionals. If you want highly expert and experienced accountants, then you can reach Reliable Melbourne Accountants that is an accounting firm. Seek professional help!  

Identify What Your Business Needs: Accountant or Bookkeeper

 Some people use accountant and bookkeeper terms interchangeably, but these two terms are not the same. Both perform different activities, and both have different responsibilities. However, in this blog, we’ll discuss some different roles of bookkeeper and tax accountant Melbourne.

The responsibility of a bookkeeper is to manage your financial books by managing accounts, documenting transactions, and recording financial data. These tasks are known as bookkeeping.

On the other hand, accountants will have different responsibilities like they have to use this data to know the financial status of the business. An accountant could be a bookkeeper, but you can’t consider an entry-level bookkeeper as an accountant. Before you hire any bookkeeper or an accountant, ensure to check your business requirements first. Let’s have a look at the difference between these two personalities and the benefits of each:

Difference between Bookkeeper and Accountant

Here is an overview of a bookkeeper and an accountant that will help you understand the difference between both personalities:

Role of a Bookkeeper

The responsibility of a bookkeeper is to manage daily tasks of managing financial transactions, such as purchases, sales, payments, and receipts. The primary responsibility of a bookkeeper is to manage your data in books and update records. Small business bookkeeping services focus more on transactions, including all expenses and income. In addition to this, bookkeepers are responsible to help you with ongoing financial tasks, such as invoicing, payroll, and more. The foundation of bookkeeping services depends on ensuring that the accounting system has accurate data at all times. 

Common bookkeeping tasks that include:

· Storing Daily Transactions: Rechecking source documents and recording journal entries into accounting software.

· Back Reconciliation: Reconciling bank accounts and rechecking the general ledger to make sure that financial information is shared with the right accounts. 

· Data Entry: Storing the financial records required to process payroll, generate financial reports, and track debits and credits. The responsibility of a bookkeeper is to modify employee tax withholdings and wage rates so that net pay can be calculated accurately. 

· Money Monitoring: Auditing accounts payable to ensure vendors are paid without any delay. Bookkeepers also keep track of accounts receivable and help with the collection to enhance cash flow. 

There are various advantages of hiring a bookkeeper, such as:

· Error Prevention: Bookkeepers can help you avoid errors. Even business owners make mistakes while performing bookkeeping if they are not trained, such as mixing the expense types, entering data incorrectly, and missing some entries. 

· Analysis: The bookkeeper analyses to know the financial status of the company. This helps companies to make correct decisions. 

· More Focus on Your Work: As you know bookkeeping is a highly tedious job, so if you hire a bookkeeper, then you can give more time to your business. 

Role of an Accountant

If your business needs accounting services, then make sure to hire a professional accountant for your business. Most small business accountants can handle bookkeeping responsibilities. Accounting duties include billing, general ledger entries, checking of accounts payable activity, and payroll reconciliation. On the other hand, a bookkeeper is responsible to focus on daily transactions, cash flow management, tax preparation, and other details to manage the financial status of the business. Accountants generally hold a degree and are registered as a certified public accountant (CPAs). The responsibility of accountants is to review accounting transactions and handle the recordkeeping process. Their responsibilities include:

· Producing Financial Statements: Adjusting the trial balance and producing the income statement, cash flow statement, and balance sheet. 

· Preparing Tax Returns: Tax accountant Melbourne produces the financial reports needed to produce tax returns. 

How to Know Your Business Needs a Financial Professional? 

It can be hard to predict when your business needs a financial professional. If you are looking for a bookkeeper, then you should first decide if you want an independent firm, a consultant, or your business is growing. You can search online for ‘tax accountants near me’ if you are looking for a professional accountant. If you need a bookkeeper, then you still need to check qualifications and background research. Take a look at the below section to know when is the time to hire a financial professional:

· Complex Tax

When it seems difficult to manage your tax with various income streams, multiple deductions, or foreign investment, then at that time, you need to hire an accountant for your business. An accountant can help you save time and help you stay on top of essential matters like a tax deduction, payroll, and tax filings. 

· You Take More Time for Accounting

If you are spending your time on accounting than focusing on your business growth or keeping your clients happy, then you are not in the right direction. You can make more money if you give your accounting work to an expert accountant so you can focus on the growth of your business.

· Rapid Growth in Your Business

If your business is small, then you can perform bookkeeping and accounting only if you are aware of it. However, if your business is growing, then it will be a sign to hire someone to help you. You can hire a bookkeeper for your business who will balance the books. 

Now, you have an idea of when and which financial professional you should hire for your company. If you are looking for a reliable accounting firm, then you can reach Reliable Melbourne Accountants for experienced accountants for your business. 

Is your tax return accountant liable for mistakes?

If you have hired a tax return accountant to complete your return, you expect that the work will be done properly. However, sometimes either intentionally or unintentionally, the tax return accountant could make a mistake on your tax return that may get caught by the ATO which could result in certain tax penalties.
After some alterations in law over a decade ago, anybody who prepares a tax return could be held liable for mistakes in the preparation of a return for someone else. A tax return accountant who made mistakes in your return could be subjected to an ATO monetary penalty. The accounting services provider may also get a non-financial penalty, like being unable to prepare any returns for some time.
This is an informative blog on the topic of what you must do if your accountant makes a mistake, and what is their liability?

Tax Return Accountant made a mistake – What may happen?

Here lies the twist! If the tax preparer makes a mistake, you must bear the penalties. If the mistakes were caused due to the omission of data from your end, you must work with your accounting services professional to make the corrections.
On the other hand, if the mistakes were caused by the tax preparer, you would be required to notify him about the correspondence that you’ve received from the ATO.
The professional accountant must analyze the mistakes by taking necessary measures. Such measures include filing an amended return at no extra charge. You must check the contract that you have already signed with the tax return accountant that mentions their liabilities.

As per ATO, below are some examples in which you may report your tax return accountant:

·       * Creating some alterations in the tax return data

·        * Creation or omission of income

·        * By creating false exemptions, generating large refunds

·        * Failure in signing tax returns they file and prepare

·        * Inability to provide a copy of the tax return to the client when they ask

·        * Waiting or holding the record of the client for some time for the preparation fee    to get paid

It depends upon you that how well you may convince the ATO about the negligence of a tax return accountant.
The ATO may then investigate and if it finds anything wrong, the license of a tax return accountant could be rescinded.

Can I sue a tax return accountant?
It is often the last resort as the taxpayer has to pay a certain legal fee. But, if the tax return accountant is not registered by the ATO or state-licensed, the only step is to take legal action. You may file a standard professional malpractice complaint with the state court in your jurisdiction.
To avoid dealing with such problems, it is the best option to research the candidate and find the best that suits your requirements. Like, if you deal with complex financial situations, you might need regular consultations by accounting services professional. 

If the tax return accountant has made a mistake, who will pay?
Originally the taxpayer is held responsible for additional income tax, but the tax return accountant could be held liable for the additional penalties in the form of interest and liabilities. According to economics, the tax preparer is left with certain small claims court as the only viable economic option.

What you must do if your tax return accountant makes a mistake?
Bring the matter to the attention of the tax preparer and quite often an amended return is warranted to correct the mistake. The reputable preparers cover the penalties and interest related to their own mistakes. 

Contact us to get the services of our tax return accountants
The tax laws are quite complex. So it is understood that mistakes may occur. But the ATO is not forgiving. Therefore, an efficient accountant must stay alert while filing the taxes.
The tax return accountants at Reliable Melbourne Accountant are enthusiastic enough that they are focused during the tax season and assure that you never have to face any hurdles in the path of success for your business. We know how to sort out the law and certain facts in tax controversy and take care of your rights with the ATO.

Call us now to grab our incredible services.

Top Reasons Your Tax Return Accountant May Face Delay In Tax Refund

 When you expect a tax refund, the last thing you intend to do is to show up. The turnaround time for the tax return processing has been speed up enormously over the years especially since the IRS electronic filing or e-file system has been introduced. Most of the tax returns in accounting services are processed within three weeks with the filers getting the funds sooner. Now days the burden to avoid delays lies on the taxpayer. Some simple errors or oversights could lead to a delay of the tax refund such as:

·        Filing tax return that is not complete

One of the common causes of delay in processing of tax return is the incomplete information on the return. As per the renowned IRS agent, “Inability to include basic data, like Social Security numbers of dependents, might hold up the refunds”. Failure to include the copies of W-2 or 1099 forms enhances the processing time, just like the missing forms or schedules.

When you make use of TurboTax for the preparation of your taxes, you will take into account some common errors before filing.

·        Computation errors on the tax return

The tax codes could be complicated with certain exceptions especially circumstances, and phase-outs of deductions, credits and exemptions. It is of no surprise that returns prepared manually include many errors. The common calculation errors include the taxable amount of Social Security income, taxable income and the Child and Dependant Care Credit.

Errors withheld in the amount of taxes, the Earned Income Credit, estimated taxes paid or the increment in the standard deduction for the taxpayers results in the computation errors on a tax returns.

Certain tax preparation software like TurboTax automatically runs the calculations and may assist you with avoiding math errors in the return. Tax return accountant also make use of these types of software.

·        Social Security Number Unmatched

It is a part of IRS to verify tax return information and assure that the Social Security Number (SSN) and the name combination on the return matches the data in the database of Social Security Administration. A mismatched data may delay the processing of your return. The e-filing process checks for some common errors such as Social Security number/name mismatch. Returns that don’t pass the e-file checks are rejected and allow you to correct these before resubmitting g the return.   

·        Filing tax return too early or late

You could be so anxious to receive your refund but sometimes filing it too early may work against you. Certain changes to the tax codes or procedures also happen at the last moment, and the refunds could be delayed while the IRS updates the tax software. Usually, such delays are minimal but these could be avoided by waiting till second or the third week of the year.

Filing done at the last moment may also delay the return. This holds if you file on paper due to the intense volume of people filing at the same time. Filing also enhances the possibility that you could be the victim to identify the theft. This holds where someone make use of your Social Security number for filing a fake return and claim a refund.

If you file first, the thief will be of bad luck as the IRS delays processing returns bearing the Social Security number that has been already filed. Therefore, if the thief files first, your refund could get delayed for a few months while the IRS analyses your data and tracks down the fraudulent return. 

·        Incorrect direct deposit information

The fastest method to get the refunds is to e-file the correct return and requests a direct deposit on the refunded amount. This is one area where you must recheck the data entry. Even the small mistake in the routing or account number may delay the refunds for weeks or months. The IRS issues a paper check once the deposit gets rejected or is returned by the bank and mail the check to you.  

You could also choose to have a paper check sent from the outset rather than direct deposit. These delay the refunds as compared to when you had it with direct deposit. The delays are limited to the amount of time it takes the IRS to issue the check and the Postal Services to get it delivered.

·        Amendment of the tax returns

After filing, if you intend to make certain changes to the tax returns, you are required to prepare an amended return. Such amended returns are ineligible for e-filing and should be mailed to the IRS. The Processing for an amendment usually takes an estimated 8-12 weeks from the date the IRS gets the return. Your Bookkeeper in Melbourne may also assist you in such matters.

Amendment will not have any such influence on the original refund. You could want to wait to amend a return with such minor errors until you get the original refund.

 HIRE US

If you need any assistance and don’t want to get bothered to get the tax refunds, Contact Reliable Melbourne Accountants. We can assist you for all the matters either bookkeeping for small business or to get the best accounting services in Melbourne. We are professionals in our field. We are the superior result for your search, “accountant near me”.

Choose The Best MYOB Accounting Melbourne For Your Business

Choose Best MYOB Accounting Melbourne for Business

For small and medium-sized enterprises, you have many great options to choose from if you're looking for booking and accounting software. Nonetheless, MYOB Bookkeeping Melbourne should be your preference if you are looking for the best. MYOB is an Australia-made accounting program. It has a large market share in Australia, New Zealand, and the United Kingdom and has now been successfully implemented on the US market too. MYOB offers various items to suit the company's size and needs. Including:

The next choice is MYOB Premier. All the above features in this program include the ability to use several currencies. This is particularly useful for foreign currency accounts and export / import markets. For accounting purposes, MYOB transforms foreign currency into your local currency. You can also have multiple users from MYOB Premier. This allows you to allow more than one person to access the file and simultaneously use common information. Reports are available at 165+.

-    Business Basics

-    Accounting

-    Accounting Plus

-    Accounting Premier

-    AccountEdge for Mac Users

The program of MYOB Business Basics was developed with the purpose of tracking and printing sales invoices, holding a card file with those selling and buying, and making regular reconciliation of their bank's statements.

MYOB accounting software has the capability to connect with Microsoft Office like Excel or Word, where you can send letters or alerts to creditors, or work with Excel using the spreadsheet option, to adjust numbers, and is an innovation in business-specific and also has additional features such as the record of transactions or the reports of creditors with a report on aging.

The MYOB Plus is suitable for medium-sized enterprises. The package includes Payroll, Time and composite features. Payroll is clearly the businesses with workers who want compliance with pay regulation, and time charging for companies who compensate for their work. This may cover professions like Melbourne accountants, lawyers, advisors,, but also service industries like plumbers, electrical companies, etc. This software has 140 + reports available.

Mac account Edge is MYOB Premier's counterpart and has all of the same functionality, with the exception of the payroll.

You need to list the features you require, compare the features of each package mentioned above and then download the appropriate MYOB product on your site to select the MYOB Small Business  Accounting Melbourne  that is the best for your business.