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Tag: sydney tax accounting services

What is the Importance of bookkeeping?

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In the accounting process, bookkeeping is the first step, and you can say it is the most important one. From transactions to wages, a bookkeeper will combine almost all the financial data of your company and give you an easy-to-understand report for you to analyze in the future.

Some of the benefits of accounting bookkeeping services Sydney:

  • Dedicated records- An experienced bookkeeper can keep detailed records of all the transactions in the company.  Besides helping you to supervise your accounts, these records will also help you with your financial statements. In simple terms, the detailed descriptions will make your audit process quick.
  • Compliant with the laws- A perfect good bookkeeper will ensure they comply with the latest regulations. It is because the bookkeeper is accountable for all the work they do.
  • Easy planning- It is relatively easy for you to plan and predict the future if you have a detailed recording of the company's accounts. If you confide in your data, you can solve any issues and also grab opportunities as soon as possible.
  • Better tax prediction- When the tax officials demand a financial statement from your organization, you can accurately predict if you have detailed financial statements in time. Additionally, you can also keep an eye on the trends prevailing in your company and have an estimate about the taxes which you have to pay by the year-end.

Hence, almost all kinds of businesses are likely to benefit from bookkeeping services.

How will the accounting profession look post Covid19?

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As per a recent survey, it could be concluded that the accounting firms which were using cloud-based technology and offered virtual collaboration tools to their clients were able to respond to COVID-19 successfully. The ongoing pandemic has made it compulsory for accounting professionals to accept virtuality as the new normal. With the quarantine and lockdown measures adopted by the government, it is quite essential for accounting firms to be flexible with new working methods, including work from home, flexible working hours, and alternate shifts in the office, and flexible working hours.  The new normal has to be accepted by one and all.

Post covid19 impacts on the accounting profession:

  • The shift to cloud-based accounting- Professionals who work at Sydney accounting services states that almost all professionals have accepted cloud-based accounting solutions. Hence, it is the right time for accountants to take the cloud as a significant opportunity to grow their business. The changes would be in terms of servicing the clients anytime, anywhere and providing exceptional data security. Cloud-based accounting will minimize the chance of misusing the accounting information.
  • Virtual communication- As working remotely is the new typical, accounting professionals need to revamp their working styles. In the future, accounting experts would have virtual meetings instead of physical meetings. There are a plethora of tools which will help in conducting meeting virtually.

Thus, all these technological advances will require accounting experts to make adjustments in the structure of the organization.

Tips that will help you Acquire Tax Accounting Clients

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Pursuing a career as a tax accountant is considered as one of the best. Majority of accountants immediately start working in reputed accounting firms as a kick-start to their career. However, there are a few who prefer to go solo by working as a freelancer. Although, there’s no harm in going solo however, it is still best to work from a reputed firm to get some knowledge and experience. If you feel that you’ve got what it takes to work as a freelancer, then these are a few tips that will help you to acquire clients.

  1. Experience from the Company you’ve Worked – As mentioned earlier, you may want to get prior experience by working in an accounting firm. This way it makes it easier to work as a freelancer along with gain a ton of information on getting a few recommendations on clients.
  2. Offer Free Work – Once you’ve got the experience from working in a company for a few good years, the next step is to get a few clients. After getting a few clients, you should consider giving free work in order to create a positive impression and a way to build trust.
  3. Offer your Clients a Chance to Save their Money – This is where serious work starts. Every client wants to save money when it comes to paying their taxes. It is your job to come up with various solutions that will allow your client to save more on their original taxes.

With these ways you can get hold of clients. You may also want to head over to accounting bookkeeping services in Sydney to learn more tips.