In past times and even in modern’s day and age, one can see that accounting firms and this financial services industry always enjoy massive list of corporate clients. This is because everyone knows that their services are admired and acquired by almost every corporate entity. No matter one has to manage a start-up/newly incorporated entity or has to manage large scale business, you always need a professional accountant who would manage each and every financial matter. Some most common financial matters are keeping and maintaining historic record, preparing periodic and annual accounts, negotiating with financial institutions on behalf of a business, obtaining loans, managing investment decisions, assure compliance of a business with corporate laws and regulatory authorities, preparation and lodging of annual income tax returns etc. It would not be difficult to ascertain that all such services are highly important for any business. Although, accounting firms and accountants do not run your businesses directly but they play a major role in successful running and efficiency of any business.
Their services are not merely limited to recording accounting transactions. Many people confuse the role and duties of a business accountant. Attention should be given that they also take care of financial management of a business. In simple words, financial management means finding answers of 3 basic questions which are a) how to invest b) where to invest and c) when to invest. If any specialist grab right answers of these questions, note that your business would not endure any financial management crisis which can be an extremely painstaking dilemma for any kind of organization otherwise.
Preparation of financial statements
In exact terms, it should be termed as, preparing financial statements as per applicable financial reporting framework and accounting standards. Yes, accounting board federation has published accounting standards and every corporate entity is bound to prepare its financial statements as per their rules and regulations. It means that you always have to find extremely qualified and reputable accountant in Mount Gravatt who knows the technicality and complexity of accounting standards and so, your business would not have to suffer any unfavourable consequence.
Presentation before local authorities and legal bodies
Sometimes you might have to present your business before revenue authority, local bodies governing corporate entities and any other legal body which has right to challenge your financial data. Now, imagine, can any business think to present itself before these authorities without having a specialist person for this purpose? Of course not. Remember that professional business accountants always can present your financial data in most accordant and appropriate way before these authorities.