Bookkeeping Frequently Asked Questions
Why is having an accountant important?
A good accountant does more than just prepare taxes and prepare financial statements. They actively analyse, interpret and convert financial data into actionable business intelligence. Accountant services include tax planning, business consulting and personal financial advice.
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What should I take to my accountant to do my tax return?
We suggest you print off a copy of our individual or business tax check-list for a comprehensive listing of the things you might need. Some of the most common items you will need include: personal details (plus spouse and dependent), income (wages, investments), interest, work related expenses, charitable contributions, medical expenses and childcare expenses.
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What is the difference between an accountant and a CPA?
An accountant is educated in all basic accounting functions and will have an undergraduate degree in accounting or business. CPAs (Certified Practising Accountants) are individuals that have completed an undergraduate degree accredited by CPA Australia, work to a code of ethics, are up-to-date with accounting and business practices, and must take continuing education classes to retain their license.
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What is the difference between a bookkeeper and an accountant?
A bookkeeper handles the day-in-day-out financial record keeping and reporting. An accountant specialises in the interpreting of financial information provided by bookkeepers to make important financial decisions about a business entity. Accountant specialisations include: taxation, financial planning, business advice and consulting.
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Why should I outsource my bookkeeping?
Outsourcing your bookkeeping allows you to focus on your business. It frees up your time to allow you to focus on revenue generating activities. Outsourced bookkeeping services can result in improved efficiencies, cost savings, access to financial expertise not available in-house, and an improvement in being able to monitor your business finances.
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How often should I use a bookkeeper?
This will depend on your or your businesses needs. If you are a sole trader, you may only require the services of a bookkeeper on a quarterly basis or at year-end to help prepare your tax information for your accountant. Bookkeepers prepare financial reports and statement on a daily, weekly, monthly or periodic basis.
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If I hire a bookkeeper or bookkeeping service, will I still need an accountant?
Yes. Bookkeepers do not file or prepare tax returns or offer financial advice.
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Why is it important that my bookkeeper be certified in accounting software?
Making sure that your bookkeeper is certified means that you can be assured in the highest level of technical excellence in using the software. A certified (MYOB or Quickbooks) advisor is kept up-to-date with the latest product features and applications.
