Monthly Archive: April 2015

Does Your Business Really Need Financial Consultancy?

When you are starting off with a small scale business, the prime concern is the turnover and whether it is of the full potential. Handling a business can be a risky task as it involves a lot money transactions and somewhere or the other these transactions may go unnoticed. There may be other problems as well, which are hurdles to the success of your business endeavor. Such problems may not be visible on paper, but there might be unseen hindrances which are stopping your business from prospering. Hiring a competent business consultant in Perth will help your business in growing, as the consultancy will help you in finding out the overlooked problems in your firm.
How to find the right financial consultant?
Nowadays a number of companies are offering good quality bookkeeping and business consultancy services at nominal prices. You can check any search engine to find the best bookkeeping services in your locality. Going through the site is a good idea, you will be able to find out what exactly does the business consultancy offers and how can you appoint them. Most of these companies, share their philosophies and opinions, they might also have a testimonial page where their earlier clients have given feedback. Going through all this thoroughly will give you a clear idea, whether the company’s services are good enough to be hired. Once you figure out about the company all that is left to be done is contacting them.
Contacting companies which provide with financial services and consultancy
Once you have been impressed by the credentials of the company, you can contact them over phone or e-mail. Most of these companies provide with a helpline number, and mail id, where you can reach them. The competent staff will explain to you the procedure of hiring the consultancy services step by step, so that you have a proper idea of how to go about it. If you happen to send them an e-mail, they will promptly reply to your query.
What happens after hiring the services?
Once you have hired the services of a good financial consulting company, you will not have worry about the transactions made by your company, because you shift this burden on someone else’s shoulders. The bookkeeper will keep a keen eye on the smallest transaction of your company, making sure that all the money deals are being registered. This is a great way to check past records, to find out where your business was going wrong.
What are the different ways of bookkeeping?
Single entry system: this is an old method of bookkeeping; a single cash book is used to keep records of all the business transactions. Separate account records are maintained for accounts payable and receivable, petty cash, and other expenses.Double entry system: a set of rules are maintained for recording financial information. In this system at least two nominal ledger accounts change with every event or transaction.
Computerized bookkeeping: this is the most technologically advanced and perhaps the most used method of bookkeeping. All financial records of the business are stored in a number of folders and files within the computer’s hard disk.

Role Of Consultants In Tax Matters

When we talk of a tax consultant, it is usually in reference to experts who can assist with different tax problems. One could face problems preparing their tax returns or need someone who can act as a representative or give advice as a specialist in such matters. In such ways a consultant on taxes operates. Indeed, taxes can be of different kinds, from income tax, property tax planning, business and commercial taxes and so forth. One needs to find a consultant in the right sphere as per the area they are facing problems with. Consultants practice in different areas as per the kind of license they own. Their services and fees vary accordingly.
Filing tax returns
Most often one approach a tax consultant in order to get help in preparing as well as filing their tax returns. Such a service is valuable as a taxpayer needs to file their taxes on time as well as know the different clauses in order to save themselves from having to pay extra taxes. Indeed, when a taxpayer fails to file their returns, they are liable to pay penalties to their government. For avoiding such problems, one usually approaches a consultant in such matters. 

Expertise of tax lawyers
Usually consultants who are experts in individual tax returns are well aware of the different rebates that one can avail of. Every country has its specific personal tax filing system and getting hold of an expert in such matters will help an individual to plan their finances accordingly. Many consultants help their clients to file their advance taxes and then claim rebates at the end of a financial year.
Individual vs corporate consultants
There are different roles that consultants in taxes can play. They can specialize in assisting salaried individuals to file their tax returns. In case of companies, they usually appoint chartered accountants to take care of the business tax matters. Small businesses and commercial ventures usually need to consult experts in filing of their taxes. They outsource such work to outside consultants as and when required. If you want to learn more knowledge about chartered accountants visit this link for complete details.
The value of a tax consultant’s advice
One can also refer to a consultant not only for filing taxes, but also in how to arrange their finances so that minimum of taxes need to be paid. Such consultants offer advice on tax matters which can be for salaried individuals or for businesses. For the latter, it would involve changing the set up of a business, rearranging the income and payments so that minimum filing is done.For individuals, such expert advice on investment and insurance products which would help them to get good returns and save on taxes at the same time. Such individuals charge for their services accordingly. Some price their service as per the time spent on each project while others have a fixed rate for every kind of tax matter that is handled. Individual tax experts tend to charge less than professional firms in such matters. Again, commercial or business tax matters are priced higher for consultation services than services provided to individuals.