What Does a Tax Accountant Do?

Whether it’s a large corporation or a small business within Melbourne, an accountant is an integral part of it. One of the primary roles of an accountant is to monitor and record the flow of money in business. He/she verifies the accuracy of all monetary transactions that take place, ensuring that they comply with all the legal regulations and comply with the business’ guidelines.

Accountant calculating taxes
The roles and responsibilities of an accountant can differ depending on the size of the business/organisation that the accountant works for. Typically, in a small business, an accountant’s role is limited to financial data collection and report generation. But in bigger businesses and organisations, an accountant’s role extends to that of the financial advisor. Apart from the basic accounting responsibilities, the accountant may also be expected to analyse financial reports and advise the company on its future course of action.

Roles and Responsibilities

We asked Melbourne tax accountants InTouch Accountants for the main roles and responsibilities that an accountant undertakes, depending on the needs and requirements of the business/organisation.

  • Financial Report Generation

Analysing the financial data

One of the most basic responsibilities that an accountant carries out is the preparation of financial reports and bookkeeping. From preparing profit and loss statements to generating monthly and annual reports with the help of the financial data gathered, all financial data that give a bright idea of how the business is performing is produced by the accountant. Data thus produced is a valuable source of information, giving the management tangible proof of how the business is doing and where and how things can be improved.

  • Provide Financial Advice and Expertise

Another key role that an accountant performs is to provide valuable financial advice. As the person who’s been handling all the financial aspects of business, an accountant is well-informed about the financial situation of the business and the course that needs to be taken in the future. By analysing the financial reports and observing the patterns over time, an accountant can provide advice on budgeting and strategies for cost cutting/savings. An accountant can also counsel the board on whether or not a proposed course of action is advisable, given the current financial situation of the company.
Recommendations for improving the system and procedures when it comes to financial transactions can also fall into the realm of an accountant’s job description. A better course of action to resolve or avoid financial issues also becomes a part of an accountant’s job.

  • Process Payrolls

payroll process

Determining payroll requirements, preparing and processing payrolls, and maintaining payroll data also come under an accountant’s job responsibilities. In some organisations, payroll processing is done by the HR department in conjunction with the accounting department.

  • Ensure Compliance with Deadlines

Another key role of an accountant is to ensure that tax returns are filed on time, invoices are paid on time and ensure that all financial reporting deadlines are met. This is an important aspect of running a business. Failure to file tax returns on time can lead to penalties and fines. Similarly, not paying invoices on time can damage the relationship with vendors and other third parties, which can be highly detrimental to business.

  • Set Up and Maintain Accounting Practices and Procedures

While most businesses already have an established accounting system in place, a newly developed business will require the establishment and maintenance of accounting practices and control procedures. An accountant can help set it up, educate the concerned parties on how it works, and ensure that it functions efficiently to smooth out the financial aspects of the business. This involves anything from explaining billing and accounting practices to staff and vendors, to setting up a computer software system for the company’s financial accounting.

  • Providing Advice and Expertise on Business Deals

Whenever there is a business deal under negotiation, the accountant will be called upon to oversee the talks and provide his/her expertise on the matter. They may also help in drafting the final agreement and oversee the deal from start to finish. Having an accountant oversee a business deal will ensure that there are no loopholes or any cause for concern as far as the financial aspect is concerned.

  • Resolve Accounting Issues

calculating payroll process

Anytime there’s any accounting discrepancy; the accountant will be the one to look into and resolve it. Everything from a dispute over an unpaid invoice to any discrepancy in the bookkeeping is to be handled by the accountant. One way in which accountants ensure that any accounting issue gets resolved quickly is by diligently maintaining records. When you have records of every transaction and every financial decision that is made on a daily basis, resolving issues becomes a simple job of checking your files and getting the required information and evidence to solve or end the dispute.

  • Use Graphic Illustration to Explain Financial Outcomes

In some instances, the accountant will be the one to create a graphic illustration of the business’ financial situation. Using charts and graphs, the accountant will be able to communicate to stakeholders about the company’s profit and loss, expected expenditure and ways in which budgeting can be done to reduce costs. Summarising complicated financial reports and data into easy to understand illustrations is key when it comes to dealing with stakeholders.

  • Keep Management Updated

Keeping management updated on the financial situation is another important role to be undertaken by an accountant. The management needs to be made aware of the business’ current financial position on a regular basis. Doing this ensures that the administration take the financial aspect into consideration when making any changes to the business. Whether it is hiring more employees or investing in new machinery, the first thing that the management should consider before making any changes is the finances.
An accountant plays a crucial role in a business’ operations. From taking care of day to day activities, such as paying incoming invoices, to annual reporting functions, such as summarising the annual profit and loss statements, an accountant’s roles and responsibilities are quite vast. To run a successful business, having a competent accountant who not only knows how to manage the accounts but is also adept at predicting the future and providing risk analysis, is essential.

 

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When does your child need tutoring?

Tutoring may not be a strange topic for most parents today, across the globe. On the one side, the academic pursuit has come a long way compared to what we, as parents, have experienced in our younger days. Today’s academic pursuit has undergone a paradigm shift regarding content, focus and the amount of time that children are required to devote to their lessons. On the other side, parents, particularly the mothers are unable to spend quality time with their children to understand their performance levels at school, their learning difficulties if any and much less, critically evaluate the need for any additional help that the child/children may need.

Australian parents are spending billions of dollars annually on tutors

people in meeting and they are using laptop, notepad

Before you examine the need for a tutor for your child, one thing you would want to know is that Australians are spending billions of dollars on tutors for their kids year after year. There must be a good reason for this kind of spending. Today’s children need to face a world that is increasingly becoming competitive in nearly every walk of life. Therefore, when they grow up into adults and seek a career, only the best can survive the race, the second best can potentially be left behind. The situation, therefore, calls for a strong foundation early on in the academic pursuit to make career-oriented learning interesting and enjoyable.Here are some pointers that will help you understand if your child indeed needs help with a tutor or tutoring service.

Do you notice her/his grades slipping consistently?

With some children, it is likely that their grades start declining suddenly. There can be many reasons behind this. But, the first thing you can do is to speak to his/her teacher for their observations. Chances are that your child is good with subjects while he/she has difficulties with some others. Another scenario is where the attention of your child is drifting, possibly because of a lack of interest in that subject. The first task, therefore, is to identify the specific problem area that needs corrective action.

Difficulty managing schedules

As your child grows older, the workload also keeps increasing. In the normal course, children do learn to cope with the increased level of workload, but that is not always the case. What you need to look out for, however, is consistent procrastination, particularly when repeated reminders are ignored. Obviously, this also implies that as a parent, you can devote quality time monitoring the performance of your kid/s at school as well as at home.

Lacking confidence

boy in suit and thinking

When children start learning new concepts, it is but natural that they also go through an amount of uncertainty and confusion. But, branding the child as not smart enough is not a positive thing. When children are facing problems, they need help and cannot be expected to resolve their problems on their own. If your child is seen consistently getting stuck in some areas of learning that could be the first sign that he/she needs help from a tutor.

Parents can’t devote quality time monitoring the studies of their wards

This is a more widespread reason for parents to look for tutors to take charge of the academic pursuit of their wards. As your children grow up, their workload to increases and they expect parents to spend more time with them helping them wade through. But, interestingly, most parents to face a piquant situation because their levels of responsibility and workload tend to increase with time and age. Another side of the coin is that some mothers may not be familiar with latest changes in teaching methods and structure. Paul, managing director at Edu-Kingdom Tutoring College, says it becomes a great challenge to provide quality help to the kids with their homework or learning process in general.

Learning difficulties

Some children may also be experiencing some inherent learning difficulties. This could be in the form of visual processing difficulties, dyslexia, ADHD etc. which the parent may not be able to notice until the teachers report a problem or the kid is taken to a doctor, often for an unrelated issue. But, it should be remembered that kids experiencing learning difficulties need to work harder to keep pace.
If your child is known to have learning difficulties, you should also be identifying tutors specializing in tutoring kids with such difficulties. Many of these tutors are specially trained to handle kids with specific learning difficulties and engaging them early on will work to the advantage of your kid/s. Consequently, you will notice that learning becomes more enjoyable and engaging for the kids.And, here are a few things that you, as parents can do without much sacrifice

Inspiration is good nagging is not

Every child cannot be expected to find inspiration from the school environment, and therefore, parents are expected to provide that. Look up something interesting on a given day on you-tube with your child, explaining to him/her how it relates to his/her learning. Invent methodologies like this, so your child is not only involved but also appreciates your support. Always walk on the cautious side so that your support does not border nagging.

Help them develop reading skills

Book and glass on rug

How often do you read with your child? Research has shown that if a child reads well at the age of 7 years, he/she can do better in many IQ tests when they become teenagers. Parents can contribute significantly to developing reading skills in their kids at a tender age. Even a 10 minutes unfailingly every day where your child reads to you, and perhaps you do a bit back to her could be adequate. The trick is to set aside a specific time of the evening for this activity so that it becomes an essential routine and your child can’t complain.

Quality sleep is very important for kids

Ensure that kids get quality sleep even during the weekends. If your television cannot go silent earlier than midnight, you should ensure that your kids have an independent bedroom and they do go to sleep by 10 pm at the latest, though 9 pm would be better still.

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