Think of accountants and what comes to mind? Probably someone dutifully entering columns of numbers in a ledger (or nowadays, a computer screen). Financial record management (bookkeeping) is at the heart of Sydney accounting services but reputable firms offer other specialised services for both individuals and businesses. Here’s a look at two of them.
Forensic (Investigative) Accounting
At times, you might need to thoroughly investigate your accounts to determine if some malfeasance has taken place. For example, you may have suffered losses through fraud, theft or negligence. Forensic accountants can carry out a deep audit of your books to uncover the facts and determine what really happened. This way you can plug the leak, ensure any individuals are brought to justice, and stop such things from happening again.
Another occasion when you could need forensic accounting services is when business relationships go awry. The result can be costly and time consuming litigation. At such times, it’s a good idea to bring in forensic accountants to clarify the fiduciary aspects of the relationship. Effective investigative accounting demands both accounting and legal knowledge and forensic accountants are also experienced in appearing as witnesses in court cases.
Self-Managed Superfunds
Whether you’re an individual or a business, it’s essential that you properly save for your retirement. If you’re interested in gaining better returns than you would from a mutual fund or pension scheme, you may be interested in self-managed super funds (SMSFs).
With SMSFs, you team up with 1-3 other individuals to act as trustees and make investments. The main attraction of SMSFs is the healthy tax allowances they offer. However the regulations covering SMSFs are complex and your really need professional advice from a Sydney accountant.
So the next time you get in touch with accountants in Sydney, to enquire about bookkeeping and business accounting services, don’t forget they offer a lot more besides. Be sure to ask about these services, as they could be just what you need. Reputable Sydney accountants can provide tailored solutions to let you get just the services you need.
When you’re in need of a Sydney accounting service that puts the needs of its clients first, call City Tax Accountants at our Sydney CBD offices on (02) 9023 9977.