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What Do Accounting Services Include?

When you hire an accountant, you can expect a comprehensive range of services for your accounting needs. The services included and the processes followed will vary depending on your individual or business situation. Here are the services you can expect from an accountant:

• Individual Tax Returns: If you need assistance with your personal tax returns, it's advisable to book an accountant 2-3 months before the end of the financial year. This way, the tax return accountant can provide pre-tax planning advice, suggesting actions such as potential deductions and expenses to consider before the financial year concludes. To prepare your tax return, provide relevant documents such as identification, last year's notice of assessment, bank statements, real estate documents, claimable expense receipts, and payment summaries. The tax return agent will generally take around 2 hours to complete your tax return, giving you the flexibility to attend to other tasks while they work.
• Bookkeeping: Hiring an accountant for bookkeeping tasks allows you to focus on other aspects of your business while ensuring that your financial records are in good hands. An accountant can manage your accounts receivable, accounts payable, and payroll, and organise your receipts, ensuring accuracy and efficiency in your financial management.
• Budgeting and Financial Planning: Whether you're self-employed or own a small business, you can find small business accountants to help with budgeting. They will create a budget based on your financial goals, cash flow, and previous year's reports. Utilising accounting tools like QuickBooks, the accountant can optimise your financial management, helping you make informed decisions for your business's growth.
• Business Accounting: For new businesses, accountants can provide valuable guidance on the best business model, assist with paperwork, and help set up accounting software. For existing businesses, they can handle financial reporting and ensure compliance with all necessary fees and documents required for operating businesses seamlessly in the area.

It's essential to seek professional advice from a CPA accountant or financial advisor regarding your situation before making any financial decisions or transactions.