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.

Things Smart Business Owners do before making big decisions

Going with your instincts and reacting to issues as they arise will get you into problems when it comes to making important business decisions. Smart company leaders or small business accountants have a variety of clever tools at their disposal to help them make the best strategic decisions for the companies at the correct moment.

How Smart Business Owners Make Effective Decisions

1.     Embrace a growth mindset

When you operate a company, it's all too tempting to fall back on tried-and-true tactics – and why wouldn't you?
Even if your company is doing well, becoming fixed in your ways might lead to lost possibilities for expansion. Even if things are going well, you should consider whether they may be better.
When it comes to making important business decisions, having a growth mentality is critical for Accountants in Melbourne. This entails working in a flexible and open manner.
Having a growth mentality helps you to look at your company from the outside in. You'll have a clearer picture of your company, its operations, rules, processes, and strategy. You'll be able to recognise the decisions that are holding you back, anticipate industry developments that you should be anticipating today, and find methods to improve your firm.
While success looks different for everyone, it requires two things in order to succeed in any endeavour: patience and self-confidence.
You'll be able to adapt to change, pivot to overcome obstacles, recognize/ready your business for new possibilities, and make smart decisions if you lead with a growth mentality.

2. Set Goals

You will surely find yourself unable to make decisions if you have not established clear short- and long-term objectives for your company.

Goals give direction for your business by working backwards from your decisions.

 

Your business decisions will either drive your company closer to your goal, hold it in the same spot, or take it away from it. As a result, setting defined goals is critical for determining which decisions are beneficial and which are harmful.

 

Make your goals as specific as possible. Having vague notions of profitability and success in your brain is insufficient to guide your company in a meaningful path.

 

Always develop smart goals while thinking about long-term and short-term objectives.

 

Once you've decided on your company's objectives, make sure to write them down and share them with the rest of your team. Any decision should always be made with the aim in mind.

3. Make Use of Your Financial Intelligence

Financial information, managerial data, and key performance indicators provided by a sophisticated back office help smart business owners make strategic decisions.

 

Regardless of the market in which your company works, you should establish the financial metrics that are most important to your company, industry, and goals, and track them regularly.

 

Many business owners are focused on making decisions that would maximise income, but they overlook the fact that more revenue does not always equal more profit. It all boils down to how much you spend to generate each dollar of profit. As a result, knowing all of your costs to the cent on every project, job, service, and client is critical.

Profit is determined by whether or not a company's price is optimised to maximise profit margins. Without the correct information, you wouldn't be able to make this conclusion.

 

You'll be in complete control of your business once you have a comprehensive view of its financial health. You'll be able to uncover the factors that fuel your company's success as well as those that may be holding you back.

 

You can start defining quantifiable goals, making changes to meet those goals, and making the best decisions for your organisation with clear, up-to-date financial facts. Our tax return accountants ensure to bring success for your businesses.

4. Create a Framework for Success

An operating framework followed by accounting firms, acts as scaffolding for your firm, supporting it and guiding it in the proper path. This comprises long-term objectives as well as short-term benchmarks that serve as checkpoints along the way for your firm.

 

An operating framework also lays out the policies and procedures that will help you align your personnel, corporate culture, and operations around a shared goal.

 

An operating framework requires an execution plan in addition to goals, which includes clearly defined operations, employee benchmarks, recognition and awards, and regular meetings for reviewing and retooling the approach.

Finally, your operating framework should provide an all-encompassing, concrete approach for unifying and motivating your entire firm behind a shared vision in order to execute your business plan successfully. A strong operating framework guarantees that you have the people, tools, and systems in place to view your company clearly and move it forward.

When you've established an operating framework, use it as a guide for all of your decisions. Look to your operating framework and unified vision to discover which option best corresponds with your strategy when faced with a dilemma between expanding existing services or investigating new ones.

5. Review your strategy on a regular basis

In an ideal world, your company would be able to successfully implement a single plan from the day it opens until the day it closes. Today's business environment, on the other hand, is far from static. You must always adjust to the rapid flux of current technologies and modern consumer expectations. Every successful business owner must analyse and adapt their business plan on a frequent basis to stay current, relevant, and profitable.

 

Embracing the growth mindset to make better company decisions includes evaluating and retooling your strategy or even your complete operating structure.

 

 Rather of becoming stuck in a business model that is slowing down, becoming irrelevant, or no longer fulfilling your larger goal, be brave enough to ask yourself the above questions and identify when it's time to make important decisions to keep your firm going forward. Bookkeeping services providers always reviews the business strategies on regular basis.

 

Conclusion

These are all things you should be asking yourself as a wise business owner. With a solid bookkeeping and accounting system in place, you should be able to answer all of them, evaluate whether the answers signal that your firm is on track, and make the data-driven decisions required to ensure that you're on track to meet your objectives.

Reliable Melbourne Accountants assure you that we are the best result of your search “best tax accountants near me”.

Some signs that your small business needs an Accountant

During the early phases of a company's lifespan, important people of the business, especially the owner, may be required to wear multiple hats. Depending on the needs of the company, you could be the CEO, secretary, salesman, accountant, or even an intern on any given day.
While this balancing act may succeed at first, it will become unsustainable as the company grows. Taxes and financial planning, for example, become substantially more complicated and time-consuming, especially if you work in an area with strict regulatory or compliance requirements.
To that end, every expanding business eventually reaches the point when hiring an accountant in Melbourne is a must. How do you know when it's time to hire an accountant, though? Paying attention to the indicators is a good way to start.

·       Bookkeeping needs much time

Your time as a business owner is limited. You can't afford to be pushed in a million different directions forever. It becomes prohibitively expensive to spend your time and energy on things that aren't a suitable fit for your skillset like bank reconciliations. Transactions become more sophisticated as the company's revenue grows.

Consider all of the things an accountant could do that would likely take up a lot of time each week, such as:

·         Responsibility of regular transactions

·         Variance analysis and cost accounting

·         General ledger maintenance

·         Preparation of financial statement

·         Cash Management and treasury that includes bank reconciliations

·         Fixed asset accounting and payroll

·       Tax Season

If you've ever got a huge refund or owing a big amount in back taxes, these are red signals indicating you're not properly addressing your business taxes.

As a result, even for experts who are familiar with the complexities and nuances of tax rules, rules, and regulations, tax season may be one of the most stressful periods of the year. However, if you're in charge of making sure your finances are in order, you can feel completely out of your element.

It only takes one blunder to get you into trouble with the ATO. Even minor blunders and oversights can result in a penalty from the ATO. Simply not comprehending the regulations could result in you missing out on deductions or business credits that could decrease your tax liability.

By hiring an accountant, you could have someone capable of:

• Tax planning
• Personal tax planning
• Compiling and submitting taxes
• Filing financial reports and paperwork to IRS
• Ensuring you maximize your deductions and credits

Even though the accountant's hourly pay is higher than yours, the small business accountants complete the work in a fraction of the time and with more accuracy.

·       Planning for out of state expansion

There will be new rules and regulations governing your firm and its taxes as soon as it leaves the protection of its existing state. You'll most likely encounter the following things during this expansion:

·         Hiring new employees

·         Opening a new location

·         Doing the business across the state 

If that's the case, an accountant can make sure you're following all of the state's income, sales, and payroll tax reporting regulations. They can also go over your papers and look for any incentives you may have overlooked.

·       Other Situations

There are some situations in which hiring an accountant becomes crucial includes:

At the time of Audit

You'll need taxation accountants if you're being audited. Even if the ATO sends you a simple request for more information about your tax returns, you should engage a professional. Accountants are familiar with dealing with the ATO and can guarantee that you act appropriately to address the problem. You may find yourself in hot water if you handle it on your own and make a mistake.

Unusual Scenarios

Personal matters might sometimes have an impact on the destiny of your company. For example, if a business partner leaves or if the firm is deemed a marital asset in the event of a divorce, both of these events could alter the trajectory of a company. An accountant may assist with tax planning, business structures, estimating the value of a firm, and preparing financial documents for a sale.

Taking out a business loan 

 An accountant can assist you in determining whether or not taking out a loan is in line with your business goals. If this is the case, they can advise on the optimal loan structure, amount, and payment plan while providing the required financial statements.

·       Assistance with financial reporting

Is your firm at a point where it's time to bring in more capital? If that's the case, the financial records of your company will be crucial in the investor pitch and decision-making process. For your P&L, balance sheet, and cash flow statements, you need reliable reports.

An accountant can quickly prepare the documents, ensuring that they are accurate and include all pertinent information. As a result, you position your company for success and raise the possibility that outside investors will be ready to put their money into it.

Additionally, once you have enlisted funding, you will need to create financial accounts and reports on a regular basis to present with your stakeholders.

We are the best accountants that your business needs

 With Reliable Melbourne Accountants, you can choose the ideal accountant for your company— one who has the relevant industry experience and accounting expertise.

We have the solutions your business requires to flourish, whether you need a single accountant or an accounting team. We ensure you that we are the best result of your search “best tax accountant near me”.

Contact us today to see how we can help!

Best tips to prepare for the tax-filing season

Tax preparation is unquestionably a time-consuming job. However, taking a few minutes now to review your accounts will go a long way towards assisting you in saving money and reaping the rewards of deductions earlier. The Australian Taxation Office (ATO) has billions of dollars to return to taxpayers. All you have to do to boost your refund is to think beyond the box. The ATO is capable of detecting unreported wages, bank interest, share dividends, and other forms of income. Unfortunately, it has no way of alerting you of a missed deduction for work-related expenditures, investment costs, or other irrational expenses.

Preparing your company documentation for the end of the financial year entails a lot of work. Even if you've done a bad job of record-keeping so far, it's not too late to get your company ready for tax season.

Below are the tips to get prepared for the tax-season by our professional accountants for small business:

1.   Analyze bank transactions closely

According to a poll, 66% of company owners misunderstand bank statements. And if you've completed the majority of your submissions, it's not too late to use a software tool to help you catch errors. Accounting software should have built-in controls to ensure that data is properly accounted for, even while maintaining a user-friendly interface.

2.   Stay Organized

According to the report, 58 per cent of company owners and administrators struggle to keep up with their accounting and financial statements regularly during the year. One of the most common causes of business failure is disorganization or a lack of knowledge about where essential documents are kept. Intuitive and user-friendly that can combine accounting with other business management functions (such as sales, storage, point-of-sale, payroll, field management, and so on) means less work for you because these functions can interact with one another and keep your accounts up to date. Our bookkeeping services provider always keeps your business organized.

3.   Evaluate the GST liability

For a reporting period, you may need to adjust your GST net liability. Depending on their circumstances, business owners may increase or decrease changes. The software will assist you in assessing the condition and ensuring that you comply.

4. Superannuation

If you have to make superannuation contributions for your employees, do so in June so you can subtract them this fiscal year. A sophisticated accounting software programme can assist you in staying within your contribution limits.

5.  Respond to the additional information

When questioned, approximately 49% of business owners fail to report or update details. Take care of any "loose ends" and wrap it up as quickly as possible, accounting firms always take care of this aspect for your business.

6.  Take the assistance of a professional

And if your paperwork isn't quite ready to file, meeting with an accountant who can help you organize and strategize is a good idea. If your reports for this year aren't up to date, company data from previous years will provide insight into your finances to your accountant. At tax time, accounting software ensures that prior year reports and returns are readily available.

7.  Look at the wider picture

Don't think of June 30th as tax day; instead, think of it as a time to evaluate your company and your financial future. Not only can enterprise accounting software assist you with last-minute tax details, but it will also provide you with insight into other critical details such as taxes, savings, and retirement planning.

8.  Check how the accounting software can assist you

Smart business software keeps track of data that you would otherwise overlook. No one can recall all of the information required to keep up with a busy office's complicated accounting data. However, 46% of company managers are unable to use the tools they have chosen to their full potential. This may defeat the intent of using accounting or tax software in the first place.

We have MYOB EXO and MYOB Advanced Consultants who can provide customized training and support to your team. MYOB Exo and MYOB Advanced, for example, are automated and fully supported ERP systems that provide reporting and enforcement capabilities for business owners and managers to confidently make decisions and predictions to ensure good financial management and the ability to exploit market opportunities.

Take our Assistance

Keeping good records will save you time and, in the case of a professional preparer, money if you do your taxes or employs someone else to do them. The earlier you begin, the more smoothly the process can go, and the faster you'll be done with it for another year.

With experienced tax return agents, we at Reliable Accountants Melbourne ensure you that your return will be looked after by a tax expert who will secure all offsets and deductions you are entitled to. We provide the perfect combination of professionalism and service  

We challenge that we are the best result of your search “Tax Accountants near me”. 

TIPS TO MAXIMIZE TAX REFUND EVERY YEAR

While trying to maximize the tax return, many people fail to take benefit of potential deductions either being disorganized or by simply not knowing.

The ATO has billions of dollars to hand back to the taxpayers. You must improve your refund by thinking creatively.

The average tax return of Australia is $2,574, and learning how to increase the amount in your pocket is an appreciable way to make the most of your refund. Getting familiar with some deductions rules, you’ll lower the stress that moves with getting the financial life together.

Below are some tips provided by tax return accountants to make the tax season hassle-free: 

1.Check the tax bracket

The first method for maximization of tax return is to assure that you work out your tax bracket efficiently. Without having an idea of a tax bracket, you’ll not understand the full extent of your tax obligations.

The tax brackets change every year. Just take a few minutes to review the individual and married income tax rates from the Australian Taxation Office to understand where you stand. When you’’ have complete knowledge of tax bracket, you’ll be in a better place to review the deductions. 

2.Creation of a receipt system

If you are simply stuffing your receipts into an envelope or a hidden drawer, you’re not alone. It is very easy to lose the receipts so you have to make a system. To save money during tax season, tracking and saving receipts is one of the best ways. You’ll be surprised just how many things you can claim that might have not known. Fortunately, there are different applications available that assist you to digitize receipts if you prefer modern solutions to keep them safe. The bookkeeping services providers always mention such tip to maximize the tax return. 

3.Make a charity

Doing well for someone always pays you off, but did you know it could also pay off during tax season? Making a charity here acts as a double-edged sword, on one hand, you are doing a good deed and on another hand you are lowering the taxable income. You may consider setting up a monthly donation to a charity of your wish. 

4. Home and Car expenses

If you have a home office or drive your car to work, you may claim some additional expenses. When you are using your own car for work or have dedicated a room in your home for your office, you are taking on the cost of running or working for a business.

You must create a strategy for the calculation of your car allowance. To calculate the cost and distance throughout the year, you may use a mileage tracker app. You could be entitled to claim a number of home office expenses like utilities, equipment, etc. 

5. Travel Expenses

While you enjoy yourself with your family on the beaches, you might be able to qualify for some travel expenses and it is specifically for work travel. If it is a requirement of your job to travel, you can deduct a number of expenses, especially if you stay overnight. You can also deduct the meals as long as your employer is not reimbursing you. 

Enrol now with the best accounting firm to get your tax returns maximized. 

6. Get paid to read news and magazine

If you read an industry magazine or journal online, you might be entitled to a deduction. If you subscribe to an online or offline publication that assists you to stay up to date in your line of work, you may show a direct link to the subscription and your assessable income, then you may likely claim a deduction. 

7.  Keep your money in a super fund

Super contributions might be the best way to make the most of the tax return. This is especially for workers who earn less than $52,000 a year. For every $1 put in your super, the government will contribute 50 cents. In addition, if you are married and one partner makes less than $40,000, the higher-earning partner can contribute up to $3000 to the lower-earning partner’s super fund. This results in a tax offset of 18%. This kind of saving pays off in a long run. 

Start your preparation for the tax season

With the tips mentioned above, you can maximize your returns. You could be hoping to save the money for a family holiday or for paying off the debt. Making the most of your yearly tax return can assist you to reach your goals faster.

Contact now Reliable Melbourne Accountants for maximizing your tax returns. Our dedicated small business accountants in Melbourne work closer with the clients to provide a higher level of customized service.

We ensure you that we are the best result for your search “best tax accountants near me”

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.