Financial Services

Choosing a Tax Accountant

Are you looking for a tax accountant that can offer you expert assistance when it comes to your business?  Regardless of the type and nature of the business that you have, you will at one time need the services of a tax accountant.  Tax accountants Melbourne based have high levels of qualifications and extensive levels of experience that is needed to handle any form of accounting services ranging from taxing, auditing and business advisory services.  The tax accountants have strong financial management skills, strong planning skills and strong business relationship skills.

Tax accountants Melbourne

A tax accountant can offer you advice that is related to business. The accountants value customer satisfaction and trust, integrity and most of all accuracy. By adhering to all these principles, the tax accountants ensure that they offer their clients high-quality services.  The tax accountants offer services to different clients such as those that have private companies, those that are running family based businesses, public companies, and small to medium enterprises, individuals, traders and those that have start-ups, businesses and companies.  The tax accountants are always on service regardless of the size of the company or business. They also offer services to industrial sectors such as in retail, automotive and manufacturing industries.  They are always reliable and available to answer any client’s questions and queries.

Taxation services offered by tax accountants

Taxation services are crucial for any business and even individual, and hencetax accountants Melbourne market has today offer a range of different taxation services to their clients. Some of the areas of taxation that the accountants work on are capital gains tax, fringe benefits tax, goods and services taxations, land tax and payroll taxation. The tax accountants work alongside their clients in order to ensure that all deductions are maximized and accurately claimed. They also ensure that all sources of income are in good order and that all income tax returns are worked on in an effective manner.                                                                                                                                                                                                                         Tax accountants Melbourne wide also offer different taxing services to the corporate world.  Some of the services that these tax accountants offer the corporate clients include solving of the shareholders related issues,  preparing income and business activities statements, doing annual returns, work cover certifications  and also ensuring that their clients meet the government policies that are related to stamp duty.

Finding the right tax accountant advisor

Finding the right tax accountant is very important and each and every person needs to choose wisely.  One of the main attributes to look out for when sourcing for a tax accountant is professionalism and credibility.  The right tax accounts advisor should be approachable, honest and confidential. This is because he or she gets to handle crucial documentations of a person or company.  Using a trustworthy, keen on detail and a transparent tax accountant is very important because he can help a person wear out mistakes early enough so as to avoid tough consequences. If for example your annual returns are incorrect, the tax accountant should be keen enough to notice and rectify the problem so as to avoid scrutiny, should you find yourself subject to an audit.

For more inquiries, just visit http://www.moranaccountants.com.au/.

Financial Services

Accountant Professional Indemnity Insurance, an important prerequisite for accounting professionals

Accountants face numerous risks in their industry, even though you would give your best in your work; mistakes are inevitable, and accountant professional indemnity insurance covers both people in employment and those with private practices covering areas such as book keeping, tax consultancy, payroll professionals among others. It’s not uncommon to find accounting professional being in a position to defend themselves against negligence they committed in the course of work. Insurance companies today will provide the cover in two faces; one for chartered accountants and the other for non-chartered accountants.

This insurance will cover areas such as:

  • Gross negligence emanating from mistakes in the course of duty or failure to exercise due diligence.
  • Misrepresentation as a result of providing wrong information.
  • Defamation which covers making statements about a person which is not substantiated.
  • Breach of confidence which happens when a client’s confidential information is shared without them allowing it.
  • Civil liability

An accountant has the duty of providing professional advice to his clients, hence, the cost of providing wrong information, making errors of commission and omission can be considerably high. The level of cover therefore is different from one practice to another; either way, the highest amount per cover is often $1 million. It would be prudent to cover property belonging to a client but that gets lost or is damaged in the course of work and in the hands of a professional accountant.

Considering taking up a wider coverage

Public Liability Insurance is another area that an accountant should obviously consider alongside professional indemnity insurance; this is owing to the fact that accountant professional indemnity insurance may not cover the accountant holistically. Public Liability Insurance will provide cover against claims levied by the public and clients in general who rely on the professional advice provided to make decisions that turn out costly.

 Other areas of insurance to consider are: employer’s liability insurance, premises insurance and general contents insurance. By and large, professional covers are so intensive that cannot easily be exhausted. It would be crucial for an accountant to consult her insurance services company/provider to explore options of tailor making insurance services. An accountant committing a simple mistake (whether an error of omission or commission) could lead to serious financial losses on business hence is bound to have a liability to the client due to the loss.

On the whole, professional indemnity cover is becoming a necessity in business. For accountants particularly, it’s of paramount importance. The cover protects the accountant; the business together with the clients, besides, the professional has peace of mind while he transacts business. The business environment is becoming more complicated even for the accounting professional and due to competition; most insurance companies are offering competitive premiums which is an advantage. It’s noteworthy that insurance companies cover accountants officering scores of services including public accounting services, mergers and acquisitions, management consultancy, auditing, business valuations just to mention a few. Against this background therefore, it’s prudent to consider an accountant professional indemnity insurance cover for your practice.