Every business, regardless of its size, has to keep an account of its business transactions. Maintaining proper accounts enables the business house to know the health of its business. On the other hand, keeping proper account of the business transaction is a legal requirement too. Here comes the necessity of employing the services of professional accountants such as the Moran Accountants.
Watchdog of the Organization
Maintaining the accounts of an organization, an individual or business house does not end with just writing the account sales and receipts. Accounting has several facets like, for example, cost analysis, matters relating to tax, analyzing the financial health of the organization, auditing, investments, analysis of debts to be paid or received and so on. Obviously, all these need specialized approach. That means the accounting agency must be capable of adopting a highly professional approach similar to the one adopted by Moran Accountants. Further, the accountant you employ should be proactive to advise and enable you to steer your business in the right direction. True to the old adage, the accountant should be a ‘watchdog of the organization’.
If you are planning to take the assistance of professional accountants, you may consider the following guidelines to help you choose a highly professional accountant:
- Qualification and Experience: You must make sure that the accountant you are planning to employ is adequately qualified. Prefer a person who is a chartered accountant and accredited by the Institute of Chartered Accountants. He must have adequate experience in dealing with accounts of business houses. Further, he must have a thorough knowledge of GST and other tax matters.
- A team of accountants: Similar to Moran Accountants, the chartered accountant must have a team of adequately qualified and experienced accountants. The accountants should work in close coordination with the business house so that they would understand the nature of the business. This helps them to appropriately guide the business house.
- Thorough knowledge: The chartered accountant must prepare a roadmap as it helps the business houses to set targets. In addition to this, the chartered accountant should take timely action in submitting tax returns, monitor investments, and debt portfolios. That means the chartered accountant must be an expert in financial and management accounting, laws relating to superannuation, GST, taxation, and auditing. In addition to these, he must have a thorough knowledge of ATO audit and audit reviews.
- Succession Planning: This is relevant to family run business where succession is always an issue. A professional accountant should view the succession not only from a legal point of view but also from the point of view of skill, knowledge in the business and various other factors. In this sphere of work, the chartered accountant plays a vital role. As far as family-run business is concerned, the chartered accountant should be capable of developing a healthy exit strategy.
- Professional approach: The chartered accountant must be easily accessible. In fact, this is considered as a very important requirement for any accounting firm or agency. Further, the entire team of the accounting firm must be attentive and thorough in every aspect of accounting and other related laws.
Therefore, while choosing a chartered accountant for your business, you must view the issue from all these angles.