TJD Accounting Services with over 40 years in business, we specialise in providing superior business, accounting and taxation expertise. As an accountant in Essendon we provide advice to a range of individual and business clients. Servicing areas such as Essendon, Niddrie, Moonee Ponds, Ascot Vale, Strathmore, Pascoe Vale, East Keilor, Airport West, Keilor Park, Tullamarine and Cambellfield.

If you are running any kind of business large or small or even a family owned business then you should really have an accountant at hand to look at all your financial transactions. Individuals are also recommended to have their own personal accountants because although we might prefer to do all our financial statements ourselves, an expert eye is also needed to make sure we are correct. In other words to use an accountant is definitely a wise decision.

Main duties of an Accountant

The duties and responsibilities of an accountant stretch far beyond working with numbers and handling company finances, whether minor or primary every function of an accountant must be compliant with state laws, rules and regulations of the industry they are working in.

In addition to this they need to be aware of and obey all the various tax and accountancy laws of the country they are in so accountancy is not just about juggling numbers. There are certain duties that are common among all accountants regardless of the industry they are working in. Differences in accounting duties do exist and to use an accountant you should choose one who is knowledgeable in the industry you are in.

Preparing financial budgets and reports, managing organizational finances, make the appropriate tax payments on time, developing cash flow and profit projections and budgets of organizations, preparing monthly and annual financial reports pertaining to profits and losses loss are just but a few of the duties accountants are responsible for. So why use an accountant?

You will be receiving the services of someone who is a keen decision maker, has leadership skills, a strategic planner and has an unparalleled knowledge about financial and non financial matters of an organization. So if you are asking why use an accountant? These few points should motivate you to acquire the services of one since they can also be able to determine where you or your organization is financially.

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One way you can use an accountant in your organization is as an accounting risk analyst. The accountant will identify all market dangers, competition and opportunities unique to your area of expertise and find any operational and strategic risks the business may be facing. The accountant will then provide a solution to what you are currently facing to enable your organization cope and survive.

If you lack the ability to analyze and track data to find missing funds and are suspecting of foul play at your organization, then you should really use an accountant. Forensic accountants not only find missing funds, they also identify fraud and trace any illegal activities that may be happening in your organization. This is important to avoid prosecution for something that may not even be you fault.

If your business stretches across many borders then it would be wise to hire an International accounting specialist to help you manage all you cross border transactions. So you may be wondering why use an accountant for this? Different laws apply to different areas especially across international borders and the International accounting specialist will ensure that you are compliant with all these laws.

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Unless you know a lot about accounting yourself, it is very likely that your company accounts are prepared by either an internal accounts department or an outside professional. For small and medium enterprises, the latter option can be more appealing because employing a permanent, dedicated tax accountant is more expensive and sometimes unnecessary for a small company. However, whether you are employing a tax accountant in your business or outsourcing to a freelance tax professional, it is critical to choose the right accountant for your business. For example, when it comes to your annual tax return it may be prepared by someone else but ultimately it is you who is legally liable for any mistakes in it.

You therefore need to ensure that you find someone who has a meticulous eye for detail and who has experience working in a similar sized business to your own. An accountant who tends to work for small companies, for example, might do an excellent job for small companies, but may not be capable of handling the payroll for your 300 employees or of keeping an accurate record of your 10,000 monthly sales. Anyone can call themselves a tax preparer, but what you need is a true professional. There are various types of accountants so be sure that you know which one is right for you.

When interviewing or searching for accountants, find out if they generally carry out tasks such as preparing tax returns, if this is what you need them to do. Certain accountants may specialise for example in estate planning or financial forecasting and although they may have great qualifications, they are more likely to make mistakes than a lesser qualified accountant who has prepared hundreds of tax returns. There are walk-in tax preparation companies that offer very low rates for preparing your tax return. However it is best to avoid these companies wherever possible and to hire a tax accountant, as these companies use seasonal employees with only basic training to complete as many tax returns in as short a period as possible. Mistakes are therefore very likely and very common.

A good tax accountant will cost more but your tax return will receive more of their focus and attention. Using a cheap tax return service now only to receive a large fine later on will not save you money. Once you have decided on the type of tax accountant that you need, you still have to find him or her. If you know a friend who has used an accountant in the past ask for recommendations. The chances are, if they did a good job for your friend they will do a good job for you too. However if you do not know anyone who has used a tax accountant in the past, you can still find one online on sites such as LinkedIn, directories or a website that is there specifically to match up businesses with qualified accountants.

It is important that you do not rush into choosing a tax accountant and that you instead take some time to question them and find out if they have the qualifications and experience that you need. Do an online check for their name or the name of the company they work for if they are not freelance. Immediately disregard anyone for whom you are able to find complaints. Ask about their qualifications and if they belong to any professional accountancy organisations. It would also be a good idea to check references, especially ones from companies similar to your own, to find out if the person is reliable and has produced error free returns. Other questions to ask include finding out their fees and how they are calculated, such as hourly or a one-off price per tax return.

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In every industry, an important key factor in running a successful small business is making sure that financial matters are handled professionally and efficiently. Performing accounting and bookkeeping in house can tie up important resources, and take up a large amount of time. Accounting Outsourcing Companies can save a small business time and money, as well as offer business owners reassurance that the books are being kept properly.

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One unexpected benefit of taking advantage of Accounting Outsourcing Companies can be cost savings. If a small business has accounting and bookkeeping tasks performed in house, a full-time accountant or bookkeeper must be paid a salary. In addition to the savings on salary, outsourcing the job can save money on the benefits, such as health insurance, sick leave, and retirement accounts that would also need to be provided to a full-time accountant.

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Another way that allowing Accounting Outsourcing Companies to handle a small business's accounting needs can be helpful is by saving time. Simply put, time is money. A small business can turn a profit much more easily, and much less stress fully, if the owners do not have to work on time consuming bookkeeping and accounting. With the help of Accounting Outsourcing Companies, personnel that would ordinarily have to spend time focusing on accounting work could, instead, spend that precious time on other, more urgent, tasks.

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The realm of accounting is not a simple one. One very common reason for using Accounting Outsourcing Companies is that some small business owners just do not have the knowledge and experience necessary to perform accounting tasks both correctly, and in a timely fashion. Using an outsourcing company that specializes in accounting can provide a small business with access to experts who are familiar with the ins and outs of professional accounting.

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Along with this great benefit, Accounting Outsourcing Companies also often offer twenty-four hour support to their clients. Not only do these companies offer real representatives who can answer important questions over the phone, but online help is also usually available. This kind of access to accounting and bookkeeping information can keep a small business running efficiently by offering relevant and accurate information instantly.

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Many small business owners prefer doing their own accounting, thinking they can save money and have good control over their business's financial aspects at the same time. While basic bookkeeping may seem relatively easy to do, there are many reasons why small business owners are better off engaging the services of accounting and bookkeeping firms. Here are the most important benefits business owners can gain from choosing professional accounting services for their small businesses:

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When starting your small business, it might take a while to understand and become familiar with the rules and legislation regarding accounting and tax. This is why it is always a good idea to seek professional accounting advice from the outset. Mistakes such as misclassifying expenses, not keeping a good record of receipts or not reconciling your books with your bank statements can cost your business significantly by the end of the financial year, and it can all be avoided with the help of an accountant.

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Accounting professionals can help you save both time and money by keeping accurate and consistent records of your expenses and transactions, correctly inputting and keeping track of all invoices and bills in affordable accounting software, advising on deductible costs and expense claims available to small businesses and keeping a tidy paper trail of your accounting documents.

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Keeping timely, accurate bookkeeping records for your small business is not only mandatory but makes a sound business practice, allowing any owner to have visibility over their business's profit and cash. Having your accounts updated on a monthly or quarterly basis is the best way to achieve this kind of visibility and keeps all your paperwork in good order, before it turns into an accounting nightmare.

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This is where making use of professional accounting services proves to be extremely valuable, as they ensure your business's bookkeeping is done efficiently and in a timely manner. Most small business accounting specialists will assist you in collecting all your business's bookkeeping records on a monthly basis and quickly produce the yearly statutory accounts, including calculations of your corporation tax liability, at the end of the financial year.

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Done properly, bookkeeping can be quite a time-consuming activity. It accounts for up to 20% of the working hours in the case of a small business owner, and this percentage can go up if you take into consideration other related tasks such as filing tax returns and payroll.

Contracting the services of accounting companies has the benefit of alleviating small business owners of this somewhat distracting admin work, allowing them to spend more time on growing their business operations, meeting more clients or marketing their business. Even when bookkeeping records are kept in-house, small business accounting companies often offer valuable support by providing templates that help business owners organise their day to day finances, access to streamlined online accounts portals and accounting advice in real time.

A public accountant job description can be summed up in what most people envision as "typical" accountant's work. It involves performing a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, and individuals. Specialties in public accounting are often chosen. For example, a public accountant may choose to concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Other public accountants may choose areas such as compensation or employee health care benefits, or may design accounting and data processing systems. Still other public accountants may choose to specialize in auditing financial statements and inform investors and authorities that statements have been correctly prepared and reported. Public accounts are usually Certified Public Accountants (CPAs), and generally own their own businesses or work for public accounting firms.

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2. Management Accountant

Another accountant job description is that of a management accountant. Also called a cost, managerial, industrial, corporate, or private account, management accountants record and analyze the financial information of the companies for which they work. The management accountant job description includes a detailed listing of responsibilities, such as budgeting, performance evaluation, cost management, and asset management. Management accountants are often a part of executive teams involved in strategic planning or the development of new products, where they analyze and interpret financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stock holders, creditors, regulatory agencies, and tax authorities.

3. Government Accountant

A government accountant works in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulation and/or taxation. This accountant job description, while detailed, is much more specialized. Government accountants are employed by Federal, State, or local governments, and work to guarantee that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal government may work as Internal Revenue Services agents or in financial management, financial institution examination, or budget analysis and administration.

4. Internal Auditor Accountant

The accountant job description of an internal auditor can basically be summarized by the job title. Internal auditors verify the accuracy of their organization's internal records, and check for mismanagement, waste, or fraud. It is an increasingly important area of accounting, because internal auditors examine and evaluate their firms' financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations. The accountant job description of an internal auditor can vary with different companies, and may include job duties such as electronic data processing, environmental auditing, engineering, legal auditing, insurance reviews, banking, and health care auditing.

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Having your accounts done well is a crucial aspect of your business, as this will ensure that you can stay on top of your finances, avoid charges and fines, and even improve your cash flow so that you are better able to plan for your business success. Nevertheless, accounting is a skill that does not come naturally without training, and therefore finding a good accountant is essential.

Firstly, many people make the error of simply choosing the first accountant that they come across. It is easy to believe that all trained accountants should be able to handle the same tasks to the same standard, but this is simply not the case. Accountants - like any other professional in any field - will have areas of specialisation and will be more or less capable of carrying out certain work.

Another common mistake that many people make is hiring an accountant based on the low fees that they offer. Again, accounting is a real skill that is difficult to master for many, and the best accountants out there are likely to charge a little bit more for their services - cheap services are often likely to get you cheap results, unfortunately.

This does not stop many people from being reluctant to pay for their accountant's services, always looking to get a bargain and avoid these necessary expenses. This is not to say that you should not look for a reasonably priced service, but you should be wary of those who are offering significantly lower fees than everyone else, as the service might simply not be up to scratch.

The next common error that people make when they look for a tax accountant is hiring a firm to do the work, with no one particular person who is working on the accounts. This is sometimes the case in larger firms, where a group of individuals may be tasked with your accounts rather than a single individual.

Although there is nothing wrong with this per se, having one point of contact who is particularly knowledgeable about your situation, your business and your accounts is very important. This will mean that you have your questions and queries answered promptly when you need them to be, whether you are concerned about your taxes or have a question about expenses.

If you are about to start a business or have already got up and running, then you may not yet have thought about what happens when you reach the end of your first year of trading. It can seem a long way off and there are so many other things to worry about when setting up on your own so trying to find an accountant is not at the top of your priority list. But a good accountant, one that suits you and your business needs to be chosen carefully, not in a last minute rush as you approach the deadline for filing your accounts and completing your tax return.

So when you do have a spare moment in that busy first year do some research into your options for accountancy services. You can of course opt for a DIY approach, and this is perfectly possible if the business is fairly straightforward but even for simple companies, including one-man consultancies, do not under-estimate how time-consuming preparing your own accounts can be. Not only will it take plenty of your time but you may miss out on tax-saving advice that a decent accountant will include as part of their service. You will also be saved the hassle of completing your tax returns, both personal and business.

But just how do you know what constitutes a good accountant and where you can find one?You could, of course, simply do an internet search of your local area and phone a few likely companies. You could ask for personal recommendations from people you already know with businesses of their own. Some people also post on small business forums but if you do that you risk being inundated with messages from accountants selling their services rather than genuine recommendations.

Some accountants work independently from home and it is tempting to believe that these will be a cheaper option but that is not necessarily the case. The disadvantage of a home based accountant (or indeed a one-man band in an office) is that there is no-one to fall back on if they, for example, become ill and are unable to work when you need them. And if their charges are not significantly lower this may not be a risk worth taking.

Also make sure the company handles businesses similar to yours either by industry or size. You don't want to find you are using an accountant that predominantly deals with large corporations if you only employ 5 people or vice versa.

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Will you have a dedicated accountant so that you speak to the same person or see the same person each time? Remember that large accounting companies often do not assign your business to a dedicated accountant so there is little opportunity to build up a good relationship with your accountant and for them to truly understand your business and any issues it may have. This can be a distinct disadvantage especially as you may find yourself having to bring the accountant up to speed on your business each time you talk to them.

Accounting is one of the most crucial aspects of almost any business. If you intend to outsource your company's accounting functions to a third-party, it is absolutely important to carefully assess every facet of such company's activities before reaching a conclusion.

Here are core tips for choosing a professional accounting vendor for your business:

State your expectations and find out if they can deliver them

Your search for a professional accounting vendor should start with a clear definition of what you want from the vendor and the value you expect the relationship to bring to your business. Find out if the vendor you intend to partner with can deliver what you expect in terms of value and ROI. Do not conceal your expectations.

Discuss your expectations with the vendors. Tell them exactly what you want, how you want it and how you intend to measure their performance. This approach will prevent misunderstanding in the future if they fail to meet your expectations. Also, ensure all agreements are done in writing and signed accordingly.

Growth and size of the accounting vendor

Experience is crucial in accounting. Before outsourcing your accounting functions to any company, do some research on the level of growth of the company in recent years. If the company has shown a positive level of business growth, it could be an indication of the quality of services they render clients.

Find out about the internal structure of the company and the level of experience of the experts they can boast of. Outsourcing to a startup may not be such a good idea, although some may deliver beyond expectations. But outsourcing to an established professional accounting firm will ensure your business accounting is in safe hands and you wouldn't have to bother about ROI.

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Track Record of the accounting vendor

The track record of any accounting firm is a reflection of the quality of service it renders clients. Find out if the prospective accounting vendor has a track record of service commitment or if it has a recognized reputation within its own industry. Also, find out if the vendor tracks customer satisfaction level, which is a strong indication of the extent they are willing to go to ensure customer satisfaction.

Feedbacks from previous customers

Listen to what previous customers are saying about the prospective accounting vendors you are considering. One easy way to start is to go online and search for reviews. Find out if an unsatisfied client has written a piece about the vendor or if a satisfied client has recommended them. But do not stop there, ask the accounting vendors to give you a list if their previous customers. They will have no problem with providing you such list, if the quality of the services they are rendering is top-notch.

CONTACT US TODAY!

TJD Accounting Services

319 Keilor Road

Essendon, VIC 3040

Australia

+61 3 9379 4040

Website: https://tjdaccounting.com.au/

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Online Accounting is gaining prominence among owners of small businesses simply because it gives them the power to minimize their accounting and bookkeeping related expenses and is easily accessible. There are numerous firms that offer cost-effective online accounting outsourcing services. They provide businesses with their accounting data and information in a format that is easy to apprehend. One of the biggest benefits of online accounting outsourcing service is that business owners can seek the opinion and advice of expert bookkeepers/accountants as and when they require it. Business owners can either get in touch with them directly over a phone call or send them an email to get their instant response.

Firms that provide online accounting outsourcing services do not have a policy of charging you with any hidden fee. They offer affordable services that allow small businesses to spend less and get more out of their accountants. Online accounting outsourcing companies offer a range of quick and accurate bookkeeping and accounting services including managements of accounts payable and receivable, check your credit cards and reconcile it with your bank statement, record and manage your payroll transactions, analyze and manage your income and profit and loss statements, check your balance sheet and much more.

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