About Accountants and Services

Services offered by Accountants in Public Practice
The following are some of the services offered by public accountants:

a) Business day to day advisory

  • Prepare business plans and strategic plans.
  • Prepare forecasts and cash flow projections.
  • Prepare financial statements and financial analysis.
  • Assist with the setting up of proper management and business systems.
  • Advise on the records required, as well as installation of computer and other accounting systems.
  • Advise on the purchase of large equipment and the decision of whether to lease or buy.
  • Advise on all aspects of normal business operation on a day-to-day basis.

b) Taxation and Estate Planning

  • Carry out income tax planning for the business as well as for the directors and shareholders.
  • Structure the business operation in such a way as to minimise taxation.
  • Advise the best position to minimise personal taxation.
  • Keep the business informed on any changes in tax law which the owner should know about in order to make changes to business policies if necessary.
  • Look after all aspects of estate planning.
  • Look after all aspects of taxation, including Sales Tax etc.

c) Business Structuring and Valuation

  • Assist with obtaining finance.
  • Advise on the financial restructuring of the business, where required.
  • Value of business as required when a sale is contemplated, or valuation of a business you want to buy in addition to your current business.
  • Value company shares.
  • Advise on all aspects of normal business operation on a day-to-day basis.

d) Investment and Financial

  • Set up business and personal financial planning.
  • Advise on cash flow and general financial matters.
  • Advise on superannuation and retirement planning.
  • Advise on any issues to do with investment, including shares, fixed interest, cash or property investments.

e) Other Services

  • Constantly review management information systems to ensure the business runs profitably and efficiently.
  • Assist the owner with the selection and installation of computer systems and the use of latest software that would improve the running of the business.
  • Look after any ongoing training courses involving financial matters with the business owners and management.

Do you really need an Accountant?
With the development  of technology, computers and easy to use software, many people ask themselves - "Do I really need an accountant?" If you are a business owner and have reasonable experience in accounting, bookkeeping and other financial disciplines, you may be tempted to try to get by without an accountant or a qualified financial person to help you. Your business needs may be simple e.g the completion of tax returns or wages, etc., so you may be able to cope by using basic software readily available on the market today.

There is plenty of accounting software available from companies such as Quicken, Microsoft, and others and many business owners use this to keep track of their business operation, carry out their bookkeeping and organise their finances. If you are in business and feel comfortable and experienced enough with keeping your own books, then you’ll probably find an accountant is required only on an occasional basis. You can easily handle most of your day -to-day business needs. When business matters arise which are more complex and require a professional, it may be time to find an accountant to assist you.

However, as a business owner, you should be careful that in your effort to reduce costs you do yourself a disservice by not getting professional advice on areas that require more expertise than most business owners possess.