An accountant is a type of financial specialist tasked with managing the accounting and tax data for an individual, a sole trader, or a business. They offer extensive services pertaining to finances, from keeping track of transactions right through to helping with a tax return submission. Knowing when to call an accountant if you don’t hire one consistently can be beneficial and here are some of the most common reasons why you may need to get in touch with one.
Before a tax submission
In Australia, all tax reports are carefully reviewed and if any discrepancies become apparent, a request for information might soon follow. To minimise the chance of this happening, it can be a good idea to get in touch with an accountant simply to have them evaluate your documentation. If they find out that your numbers don’t add up, or if anything needs clarification – they should be able to do so for you.
When preparing financial data
Some individuals may choose to enlist the help of an accountant when it comes to preparing their financial documentation and data files. This could be to aid in a mortgage application, or when attempting to take out a persona loan. In any event, an accountant should be able to help by organising the data in the most coherent way – whilst ensuring that the documentation is suitable for submission to an authority or lender.
Querying expenses, taxation and other information
Some businesses find themselves spending more than they should when it comes to their expenses and after a few years, this can quickly become thousands of dollars in wasted cash. A good accountant should be able to provide information on what a company is entitled to claim back, which tax bracket they fall into and how else to minimise their expenses and maximise their profits with a chat on the phone (or a meeting in person if preferred).