Did you know that Australia enjoys one of the lowest rates of unemployment in the world? With just 5.7% of the national population being considered out of work, is it any wonder why businesses throughout the country are thriving? And of these businesses a whopping 88% employ an accounting firm, a private bookkeeper, or some other type of financial specialist to help them to keep on top of their accounts.
One of the biggest benefits of accounting firms like ours is that we specialise in a variety of services, as opposed to just one or two. So, what types of services can you expect our accountants and financial advisors to offer? Here’s a closer look.
As if it wasn’t obvious enough, most firms will specialise in accounting. This feature is available to individuals, small businesses and even large enterprises that want to keep on top of their taxes, their returns and their payroll (of which we’ll cover in further detail below). Accounting itself encompasses a wide range of services – the majority of which relate to keeping track of what comes in and what goes out of a business and why, just in case the tax authority needs to know.
Although this service is more of a private one, ideally suited to small businesses and the self-employed, it’s also worth mentioning – as it can offer greater rewards than accounting in many ways. For a start it’s a much more personalised service, allowing a small agency to keep track of every single payment made and received in the form of a ‘book’. A bookkeeper will then monitor this spending, make a list of any expenses and then help an individual or agency to submit their tax return.
Although plenty of financial firms focus on providing actual services to help with accounts and transactions, some like ours also offer consultancy features, too. This service is ideal for those that may require a little advice relating to taxation, expenses, personal allowances and so on – and in many instances, a consultation could identify parts of a business model that may be exposing the agency to cash-loss and can then suggest measures to eliminate these concerns.
One of the most popular types of service is called payroll and the simplest way to describe the solution is by saying that it’s ideal for businesses that want to keep on top of their employees payments. With the additional advantage of being able to arrange PAYG (Pay As You Go) tax options for members of staff that pay into the system each month, this service can be suitable for small and large businesses alike.
In some cases a company may wish to hire a financial specialist to oversee their spending habits and implement measures to help them to all but guarantee a higher turnover. Accounting agencies can help with this by taking care of the management side of things. By focusing on the financial tasks that occur within a business on a day to day basis, it can be possible to identify any causes of cash-flow loss, make changes, suggest improvements and ensure that the business is on track to submit its tax returns when the time comes.
These are just a few of the most common services offered by an accounting company. The great thing about each of them is that, in the majority of scenarios, the features can be modified to suit a particular business model, or even the needs of a sole trader. For smaller agencies the choice between accounting and payroll services can be beneficial, whilst larger companies can stand to benefit from each type of service in the short term; or on an on-going basis.