The profession is structure around one entity: the accounting firm. Within it, several stakeholders share different tasks and responsibilities. In addition, the year of a firm is divide into several key moments that should be well known in order to fully understand the particularity of this profession.
Robot portrait of the accounting profession in Australia
In 2017, the profession number around 21,000 charter accountants and 22,000 charter accountant companies or associations, as well as 130,000 employees and 6,000 trainees charter accountants. With nearly 2 million client companies, the accounting market boasts a total turnover of around 11.5 billion euros. The average age of an accountant is 51, while 15% of the workforce is over 60. Trusted Tax Accountants in Tarneit is also a Valuable Company in Accountants.
The profession is divide into three types of structures:
- Small firms , ie a structure employing less than 10 employees, represent 83% of the profession for a third of the overall turnover.
- Medium-size firms , ie structures between 10 and 1000 employees, constitute 17% of the sector for an overall turnover of around 36%.
- Finally, large firms represent less than 1% of firms but still generate 31% of turnover in the sector. Finally, know that 77% of VSE-SMEs in Australia use a firm, generally a small or medium-size one, and 90% of business leaders believe that the accountant is a trust professional.
The different contacts within a firm
The accounting firm brings together a number of players who stand out in terms of experience, skills, cost, and risk coverage in the event of a tax audit. There are generally three types of stakeholders within a firm
The head of the accounting mission
He takes care of a portfolio of client files. He often performs the basic operations (recording accounting operations, preparing the balance sheet, etc.) on which the accountant then relies to carry out his mission of strategic advice. It is also common for firms to employ trainee heads of mission.
The charter accountant
He leads his team and he guarantees good bookkeeping. It has a review and strategic advisory role. It is worth noting that he is the only one with professional liability insurance that covers his clients in the event of an error. Using a charter accountant is, therefore, a guarantee of quality and protection. Whatever the case, the mission of the accountant and his team is freely fixing with the company at the start of the collaboration.
The trainee accountant
Do not be afraid of the term, the status of trainee accountant is not a function in itself. This is an additional three-year training allowing the acquisition of professional practice in preparation for the examinations of the charter accountant’s diploma. The intern will not be present to make photocopies, far from it. Depending on the firms, he will have a post of confirming collaborator or head of mission but in all cases, he will perform various tasks both in the field of accounting auditing and those of the statutory auditor.
He intervenes within a very specific framework: he is legally mandate to carry out a control mission only, a “legal” certification mission, while the chartered accountant can intervene within a contractual framework for assistance and advice missions. The auditor enjoys wide powers of investigation, but at no time does he interfere in the management of the company.
What time of year do you need an accountant the most?
Considering the “attending physician” of a company, we would like to say that it is all year round that a company manager needs to exchange and interact with his accountant. However, we can easily identify several crucial moments, delicate deadlines to manage for both the business manager and the accountant. For example, let us cite the annual closing of a financial year, the fiscal period, the VAT declaration, etc. Depending on the structure of the company, the dates of these deadlines may vary.
If, however, only one important date had to retain, the best known, it would undoubtedly be in the period of the balance sheet. For most companies, it is carried out on 12/31 of each year, which means that the accounts are stopping on this date to allow the accountant to take stock. Then comes the review meeting which allows you to draw the line to follow for the following year. Like a health professional, an accountant must intervene in the cure, if a problem exists, but he must also do prevention by providing advice regularly every month. to better manage your business. The best would be to set up a monthly telephone, physical, or videoconference meeting in order to take stock of your various files. Believe us, this is not really a waste of time, on the contrary.