Do You Need Taxation Accountants to Lodge Your Tax Return?

Most probably, every business owner knows that lodging a business tax return is a difficult task when you are not aware of what documents are important during tax season. If you have a tax return accountant by your side, then it will become easy for you to lodge your tax return. Tax accountants are experts in filing tax returns of a specific industry, and some are experts in a specific area of tax. Thus, make sure to choose one that matches your business requirements. In today’s blog, we’ll discuss what benefits you can get if you hire a tax accountant to lodge your tax return. Let’s get started:

Why You Should Take Help from Taxation Accountants to File Your Tax Return?

If you are confused about whether you should manage your tax yourself or hire a tax accountant. The answer would be tricky. However, taxes are not simple as you may think and for individuals who are weak in managing numbers, then filing taxes would be difficult and stressful for them. Thus, it would be best to seek help from a professional tax accountant to file your tax return. You have to pay a fee for hiring a tax accountant, but expert tax accountants for small business can save you from paying penalties or fines because of late or incorrect filing of tax returns.

Here are some advantages that you can get by taking help from a tax accountant:

·        No matter how carefully you file your tax returns, it is common to make mistakes that could lead to fines or an audit. However, a tax accountant who has a wealth of knowledge and experience in filing tax returns with less likely to make mistakes, so it would be easy for you to manage other business tasks.

·        If you don’t know what expenses you can claim or what are possible tax deductions for businesses, then it is a sign that you need to hire an expert tax accountant who knows about potential tax deductions for businesses.

·        A qualified tax accountant who is specialised in working with taxes can be a blessing for you during tax season. When you hire an expert tax accountant for your business, then you can be sure that everything will go smoothly.

·        Budgeting is extremely important when you want to grow your business. An experienced tax professional can easily assist you in forecasting a business budget that will help you achieve your business goals. Accountants can help you predict future revenues and costs by using their access to your financial data so you can make the right business decision.

·        The biggest advantage of hiring tax accountants is that they not only help you with filing tax returns but are also good financial advisors. They work closely with your business and know what you aim for, they offer you relevant business advice to grow your business.

Documents You Need to Give to Your Tax Accountant for Tax Return

Well, in the below section, we have given a checklist of documents that you need to provide to your tax accountant for your tax returns:

Basic Documents

·        Tax File Number (TFN)

·        Bank details

·        Your Medicare number for medical expenses

·        Children and spouse details

·        Income Tax Assessment of last year

Your Earnings

·        Payment summaries from the place where you’ve received your income

·        Details regarding foreign earnings

·        Details or statements on earnings from managed funds

·        Any interest you received from building societies or banks

·        If you have a spouse, then you need details of their expenses and earnings

·        Any other income received

Deductions

·        Receipts for donations and gifts

·        Medical receipts

·        The super contribution you want to claim as your deductions

·        Expenses for managing taxes, i.e. tax professionals

·        Information regarding your income protection insurance

·        If you are self-employed, then contributions to superannuation, to name a few

All of the above-mentioned documents are some important documents that you need to give to your tax accountant while lodging your tax return. The thing that you need to keep in your mind is that ask your tax accountant about possible tax incentives to increase your tax deductions. Your tax accountant will work to help you get maximum tax deductions. Moreover, before proceeding to tax season, it is necessary to focus on your business books. The most important part is bank reconciliation which is performed by an expert bookkeeper because accurate transactions are important while filing tax returns. Thus, you need to reconcile your bank accounts before your tax accountant proceeds further to lodge your tax return.

Wrapping Up

The blog shares information on the importance of hiring a tax accountant when it is time to lodge business taxes. Apart from this, you also came to know what information or documents are required to give to your accountant to help him/her file taxes. Further, you can get more details on taxes by contacting Reliable Melbourne Accountants.  

Purpose of Bank Reconciliation for Small Businesses

What is Bank Reconciliation?

The process of reconciling the balances in an entity's accounting records for a cash account to the equivalent information on a bank statement is known as Bank Reconciliation. The purpose of this procedure is to determine the differences between the two and, if necessary, make modifications to the accounting records. The bank statement includes the bank's record of all transactions upsetting the bank account of entity during the previous month. Regular bank reconciliations are executed to ensure that the company's cash records are accurate. Our Bank Reconciliation expert team helps customers to detect fraud and money laundering.

Our specialist Tax Agent Melbourne guarantees that a company's cash records are accurate and bank reconciliation will be done at regular periods for all bank accounts. On the other hand, cash levels may be far lesser than planned, consequential in bounced checks or overdraft expenses. After the fact, bank reconciliation can uncover some types of fraud. This information can be utilised to develop improved controls over cash receipt and payment.

If a bank account has so little activity that periodic bank reconciliation is unnecessary, you can ask small business accountant in Melbourne whether the account exists at all. We could prefer to close the account and transfer any remaining funds to a more active account. It may be easier to invest the remaining funds and track the investment's progress.

Our bookkeeping for small business services provider team performs a bank reconciliation at the very least shortly after the end of each month when the bank provides the company a bank statement showing the bank's beginning cash balance, monthly transactions, and ending cash balance. Even better, perform daily bank reconciliation using the bank's month-to-date information, which will be available on the bank's website. Tax Agent Melbourne is helpful in discovering and rectifying problems quickly by doing bank reconciliation every day. A daily reconciliation, in particular, will highlight any ACH debits from the account that you did not authorise and we can then set up a debit block on the account to prevent any ACH debits from being utilised to withdraw cash without consent.

Bank Reconciliation Process Flow

Starting with the bank's closing cash balance, add any deposits in transit from the organisation to the bank, deduct any checks that have not yet cleared the bank, and either subtract or add any other objects is the process flow for bank reconciliation. Then subtract any bank service fees, NSF checks, and penalties from the company's final cash amount and add any interest gained. The adjusted bank balance should equal the firm's ending adjusted cash balance at the end of this process. However, our Reliable Accountants’ small business accountant Melbourne team will be more beneficial to provide comprehensive knowledge of Bank Reconciliation to our clients.  

What are the Benefits of Bank Reconciliation?

The bank reconciliation procedure has a various benefits, including:

·        Problems such as multiple payments, skipped payments, calculation errors, etc., are detected.

·        Keeping track of bank fees and penalties and recording them in the books.

·        Fraudulent transactions and theft are easy to spot.

·        Keeping track of the business's receivables and payables  

Bank Reconciliation via accounting software is more convenient and error-free. The bank transactions are automatically imported, allowing you to quickly match and categorise a huge number of transactions. The bank reconciliation procedure becomes more efficient and manageable as a result. Our bookkeeping for small business team will deliver more beneficial knowledge of Bank Reconciliation.

Conclusion

Before beginning the reconciliation procedure, be sure that all transactions up to the end of your bank statement have been documented and our tax agent Melbourne will be helpful in providing all the services needed to do all these tasks.

Other useful blogs:-

1) What is the Need to Hire Tax Accountants for Small Businesses?

2) When Do You Need To Hire Small Business Accountants?

How Can Small Business Accountants Solve Accounting Errors?

When you run a small business, then many things will buzz into your mind. You may think about accounting services to keep track of all your business accounts activities. As a business owner, you might not have enough time to pay attention to the accounting tasks of your business. This is where professional accountants can help save you the time and effort that you put into managing accounting tasks. Many business owners try to manage bookkeeping tasks on their own and end up paying more money. Hiring a professional accountant is a better option than doing it yourself.

In today’s blog, we’ll discuss common accounting errors along with their solutions to run a business effectively. As you know, tracking income, expenses, vendor payments, and taxes is time-consuming and complicated. Mistakes can occur easily, and they can cost your business big.

How do Small Business Accountants Resolve Accounting Mistakes?

Accounting mistakes can’t be overlooked. If you hire a professional accountant for your business, then you can get rid of accounting mistakes:

·        Update Accounting Books

This tip is for those business owners that don’t keep their accounting books updated. Professional accountants will help keep your accounting books updated and show you each financial transaction. No matter, what accounting method you use, it is important to keep your accounting books updated. If there are unrecorded transactions, then it is called omission. If there are any unrecorded transactions, then your tax return accountant won’t be able to file your taxes accurately. Hence, that’s why a professional accountant will record each transaction before filing your taxes.

·        Keep Receipts and Other Documents Safe

It might be easy to throw documents like bank statements and receipts when you de-clutter. However, you need to save receipts and other important documents. These documents are important for bank reconciliation.

·        Check Your Records

Mistakes can happen, but if mistakes are big, then you can get into a problem. However, if accounting is done by a professional accountant, then chances are low to have an accounting mistake. One way to check if there is any problem with your records is to check your records properly. As a business owner, you might not have enough time to check each and every record this is where bookkeepers of Melbourne or accountants can help you by reconciling accounts.

Account reconciliation is when transactions in your books are being compared against bank statements. Once reconciliation is done, your accountant or bookkeeper might encounter an error in your accounting books. They can resolve those errors before those errors turn into a big problem.  

·        Separate Business and Personal Accounts

Do you use one account for personal and business funds? If so, then you should separate bank account for personal and business funds. Combining business and personal accounts can disorganise your records and make confusion. In addition to this, combining funds can cause you to file taxes inaccurately. Creating separate personal and business accounts would benefit you. In this way, you’ll have an idea about how much money your business has, and you can minimise overspending. You don’t need to allocate your business funds for personal use. And, the accountant would recommend you use business money for business use. To hire a reliable accountant near your location, you can search for ‘accountant near me.’

·        Create a Budget Plan

Does your finance go with your goals? If you don’t create a budget plan, then you won’t be able to keep track of how much you are spending. Accountants will help you create a budget plan to make a plan for expenses, and you can make the right purchasing decisions. You can determine the incoming revenue that helps you know whether you reach your goals. Accountants can help you create a budget plan by predicting your business’s revenues, profits, and expenses.

·        Manage Business Taxes

When it comes to filing business taxes, then it is mandatory to have proper knowledge about taxes. If you don’t know how to prepare and file taxes, then hiring a professional tax accountant for your business would be a better option. You can find a tax accountant near your place by searching ‘tax accountants near me.’ A professional tax accountant knows exactly how to prepare and file business taxes.

·        Cash Flow

The most common problem that arises is improper cash flow. Many companies fail because of cash flow issues, and this is because business owners don’t know how to manage cash flow. That’s why business owners must hire an accountant for proper cash flow management.

Final Thoughts

Business accounting is the major concern of many business owners. If you don’t know much about accounting tasks, then it is better to take help from an accounting firm to hire a professional accountant for your business. You can also contact Reliable Melbourne Accountants to get done accounting tasks.

How to Find a Tax Accountant Near Me for My Business?

If you run a small business, then hiring a tax accountant Melbourne can bring many benefits. At the most basic level, an accountant can save you time by managing key functions such as bookkeeping and preparing and filing tax returns. As your business starts growing, your accountant’s advice will matter the most to you, they will cover significant areas like payroll, compliance, financial reporting, business planning, tax efficiency, and more.

Tax accountants are responsible for managing financial matters, and they use their in-depth knowledge of tax laws and ensure that businesses comply with all tax processes. Imagine, you are doing all accounting tasks on your own, and then you might not have enough time to focus on making business strategies to grow your business. Hence, it is important to hire an accountant for your business.

Search for the Term ‘Tax Accountant Near Me’ for the Best Results

Running a business and managing accounting tasks on your own can be cumbersome tasks. If you already work with a professional tax accountant Melbourne, they might have sufficient experience and knowledge of tax laws to give you the right advice. Additionally, referrals are a great method to find a small business tax accountant.

If you don’t want to use the referral method, then you can ask professional accounting firms to find a certified tax advisor for your business. The following are some common questions to ask a tax accountant when you are looking for a ‘tax accountant near me.’

·        How many years of experience do you have in business and personal accounting?

Obviously, you want someone who has experience in accounting because a fresher accountant won’t be able to face challenges that your business faces or a person with no experience could mean a big problem for you and your business. However, it is true that everyone starts somewhere, and you need to be careful while choosing a tax accountant. If you don’t have any problem with a fresher tax accountant, then you can go for that. On the other hand, if your business needs an experienced tax accountant, then avoid hiring a fresher tax accountant because there are a lot of things that can be managed by a professional tax agent Melbourne.

·        What types of clients you have worked with?

You can ask them about their past experience with previous clients. This question will help you know whether the tax accountant has already worked with your type of niche. Various fundamentals will remain the same regardless of the industry type. Tax accountants small business know how to claim different expenses.

·        What are your qualifications? Do you have any certifications?

You may or may not need someone with certification, but it can help you know that whether a person can manage your fiscal matters or not. Sometimes, you may want chartered accountants, which means you want someone with extra certifications.

·        How often we will discuss tax matters?

It is important to ask a tax agent Melbourne how often they can communicate to you to discuss tax matters. If an accountant doesn’t give you much time to discuss tax issues, then you can get into trouble later. Therefore, make sure to clear this thing before hiring a tax accountant for your organisation.

Why  is It Important to Hire a Tax Accountant for Your Small Business?

There are various reasons for hiring a tax accountant, including: you are doing business taxes for the first time. If you are looking for accounting services in Melbourne, then you can search for ‘accounting in Melbourne.’ It is advisable to hire someone to manage your business accounting tasks so you can work on other important tasks for your business.

·        Help You Minimise Taxes

Professional tax accountants keep themselves updated with tax laws and use their knowledge to minimise taxes. Business owners have various opportunities to reduce their taxable incomes. With the help of a professional accountant, you can identify those opportunities.

·        Maximise Tax Refunds

Hiring a professional accountant can help you maximise tax refunds and tax deductions. Accountants small business can help businesses receive the most from their tax returns. Tax accountants will help you in identifying tax deductions that you can claim.

·        Reduced Errors

A qualified accountant will make tax season easier, and they are less likely to make financial mistakes. If you do accounting on your own, then there will be higher chances of making mistakes that can be costly.

Do You Need Bookkeeping for Small Business?

Bookkeeping tracks financial transactions in your business so you can be aware of what is happening in the business. For bookkeeping, you need a professional Melbourne bookkeeper for your business. The bookkeeper is responsible for:

·        Recording every transaction in your business. With the record, you will have proof of purchase if you are planning to claim those expenses as a tax deduction.

·        Manages accounts receivable and payable.

·        Tracking cash flow of the business. 

·        Bookkeepers will also be responsible for the bank reconciliation process.

·        Preparing business books for the accountant.

Apart from the above tasks, bookkeepers perform various other tasks as well. Moreover, ensure to hire a professional bookkeeper for your business.

Summing Up

Bookkeeping and accounting in Melbourne will help organise your business books and accounts for you. Bookkeepers and accountants work together to complete various businesses’ financial tasks. If you want accounting services for your business, then you can contact Reliable Melbourne Accountants.

Should You Hire Accountants Small Business or Do Accounting on Your Own?

Most accountants small business work to ensure the accuracy of financial records, making a comparison of budgeting cost to actual business cost, and preparation of company’s profits and losses to help business owners to make the right business decision. 

Based on the company’s size, an accountant may be best in certain areas, such as data processing, employee compensation, or tax preparation. Accountants that are specialised in tax preparation are known as tax accountants. To take your business to the next level, you need a passionate team of people that can help you run your business. 

Accountants offer various value-added services that will help you follow rules and regulations announced by the government, reduce risk, save money, and manage growth. Being a business owner, your many business decisions will be based on your finances, so it is important to have a professional accountant for your business. 

Why Should You Hire Accountants Small Business?

The following are some reasons why you should hire an accountant for your business:

• Improves Cash Flow

Business shouldn’t run out of money because once your business runs out of money, then it may take time to get back to the initial state and get strong financial status. Cash flow management plays an important role in business. 
Hiring a professional accountant will ensure good cash management policies so that you can have information and possible funds available to you. Effective cash management includes how a company manages its activities, financing activities, and financial investments to maintain positive cash flow. 

  

• Reduces Your Workload

When you have lots of tasks to do, then you won’t be able to focus on accounting tasks. So at that time, you should take help from an accounting firm to perform your accounting tasks. When your business finance becomes complex, then you’ll need someone to take charge of them. If you hire a professional accountant for your business, then he/she can manage accounting tasks while suggesting process improvements. 

• Business Advice 

Accountants have the right skills and tools to give you business advice. They act as business advisers and carry knowledge that comes by working in different fields for different clients. If you want a tax accountant for your business, then type ‘tax accountant near me’ for more accurate results. Accountants can give you various ideas to cut off unnecessary expenses and notify you about great opportunities. 

• Reduces Errors

Accountants are experienced in managing accounting tasks to run your business successfully. Even if you are good at maths, but don’t know about the accounting system of the business, then it is recommended to hire a professional accountant. 

If you need a tax accountant, then you can search for a ‘tax accountant near me’ to get the best tax accountant for your business. If you do accounting tasks yourself without having any proper knowledge regarding accounting, then there will be higher chances of errors that can be costly. So it is suggested that you should seek help from a professional accountant that can reduce costly mistakes. 

If you want to ensure that your accounting tasks are done accurately, then you can seek help from a professional accounting firm. Try to avoid seeking help from new accounting organisations that have no reviews. 

• Lowers Stress 

If you are doing accounting and bookkeeping, then it can add more stress that can pull you down. Remembering to keep financial records of the company and entering details into software might not seem difficult at the first glance, but when your business starts growing, and then your attention may be shifted to other tasks of the business. If you have taxes to pay or don’t have time to prepare taxes, then you can reach a tax accountant Melbourne.

When you hire a professional accountant, then you don’t need to record all transactions or remember deadlines because your accountant will take care of it. 

• Better Business Decisions 

You need to consider finances before making any business decisions. This is another reason to hire professional small business bookkeeping and accounting services. Consulting with your professional accountant before making any decision is important so that they can give you input, and based on their input, you can make the right business decision. 

• Saves Time

Time is the most important thing that you can use to run your business mo    st effectively. If you are managing accounting tasks on your own, then it might be difficult for you to get other things done. So for this reason, you should hire an accountant so you can focus on other tasks. For tax purposes, you can seek help from tax accountant Melbourne. 

Wrapping Up

If you don’t have various things to do for your business, then you can manage bookkeeping and accounting tasks on your own, especially if you have bookkeeping and accounting knowledge. However, it is suggested to take help from an accountant and bookkeeper to manage your business finance, so you can focus on other business tasks. For accounting services, you can contact Reliable Melbourne Accountants.

Qualities of a good accountant that must be considered while choosing an accounting firm

A good accountant in an accounting firm should have a diverse set of abilities that enable him or her to profit from even the most complex accounting systems. The most accountants have specific features that can help them provide the finest services to their clients.

There are several factors that might assist you in determining the attributes of an accountant that your company requires. This article might assist you in determining the traits of a competent accountant.

Below are some qualities you must look for while choosing accountants:

· Well Organized

A skilled bookkeeping service for small business provider should be able to maintain your accounting records up to date at all times. Based on the papers they have kept during the month, they should be able to show you how much revenue you earned and how much revenue you spent at the end of each month. They should be able to utilise these documents to demonstrate whether or not you generated a profit.

Furthermore, the accountant's ability to stay organised will make it simple for you to obtain financial records whenever you need them, ensuring that your company does not incur fines as a result of misplaced or missing paperwork.

 · Stays Up-to-date with recent accounting trends

The ability to stay up with the current accounting trends is one of the most significant attributes of a professional accountant. As a consumer and a business owner, you should only work with an accounting firm whose accountants are up to date on current industry trends.

Because trends change frequently, having this quality is critical for a company's success. Being out of touch with these trends can have a negative impact on your company's everyday operations.

An accountant who is up to date on accounting trends can provide an unbiased advice that will help your company grow and flourish in the long run.

· Patience

A skilled accountant must also have a lot of patience when it comes to dealing with clients. Completing accounting chores and explaining the full process to customer takes a long time this is the reason you should only work with an accountant that is patient all of the time.

It will be difficult for you to get your business's bookkeeping properly or learn how accounting works if your accountant is impatient. If your accountant doesn't stay calm, how can you get answers to your accounting questions?  

 As a result, it's critical that you choose a patient accountant to ensure that your company's accounts are accurate and that you understand the entire process.

· Communication

Another quality to look for when hiring an accountant from an accounting firm is great communication abilities. The accountant should be able to interact effectively with customers and should be adept at describing the accountancy services' terms, conditions, and procedures.

Furthermore, the accountant should be able to answer any questions you may have and explain the answers to specific accounting problems to you. Every relationship, including yours with your accountant, relies on communication to function properly.

· Honesty 

Honesty is another key characteristic of an accountant. This means that the accountant must be entirely truthful in all of their interactions, particularly when it comes to your financial statements.

Because they will be working with your company's money and financial activities, the accountants should be upfront and honest in their dealings with you. A dishonest accountant will make it difficult for you to maintain track of your company's finances, thus jeopardising your company's survival.

· Efficiency

A good tax agent Melbourne must be able to complete their tasks quickly and effectively. This implies that the accountant must constantly take the appropriate precautions to ensure that their work is completed correctly and in accordance with the law.

An accountant must also ensure that they are fulfilling the customer's deadlines and avoiding any form of dispute while working. Any inefficiency in an account, no matter how minor, will have a negative impact on the business's accounting process.

· Customer-Centric

Customer happiness is a basic need for any company or organisation. As a result, it's critical that the accountant you hire gives excellent customer service.

A customer-centric accountant will develop an open and professional relationship that will make it easier for you to discuss issues, in addition to giving you peace of mind knowing that all of your business's books are well taken care of. Customers would be able to communicate with the accountant in a non-competitive manner as a result of this.

A customer-centric accountant can work closely with the customer and make the required changes to meet the client's needs. Working with an accountant that emphasises the needs of their clients will also help you get the most out of your money, which is critical whether you own a small or beginning firm.

Take Away

Finding a good accountant can be tough, especially if you've never worked with one before. Fortunately, knowing what attributes to look for can make the process go more smoothly. With this information, you'll be able to narrow down your alternatives and choose the ideal accountant for your needs. Reliable Melbourne Accountants is the best accounting firm in Melbourne; our professionals can manage bank reconciliation and taxation for your business in an appreciable way.