Cairns Accountant welcomes Accountix, in Redland Bay for all your General Accounting financial and taxation needs, contact your friendly provider today.Having your businesses books maintained correctly is a cornerstone for building a successful business. A common feature of businesses that fail is many of them had poor bookkeeping and record keeping practices. There are many reasons why business bookkeeping needs to be of a high standard. Some are blatantly obvious, however most don?t become evident until a problem presents itself and bites you at the worst possible moment. Motivations for keeping properly maintained books include: Tracking business performance ? day to day decisions of running a business need to be made from up to date and reliable information. Without this, business owners are making blind decisions. Bank or financial institution loans ? one of the first things that that a bank or financial institution will ask you for when applying for loans and overdraft is up to date financial statements Tracking of amounts payable and receivable ? at the click of a button, you can see how much you owe to suppliers or customers owe you. Tax planning ? errors in bookkeeping can lead to increased tax payable if accountants are not using accurate figures when doing end of year tax planning Selling business ? just about every business sale requires 3 full years financials as part of the due diligence process. Incorrect bookkeeping can lead to either: a. undervaluation of business for sale, b.overvaluation of business for sale, which sounds like a pretty good thing until the misrepresentation legal letter arrives. If you have any doubt as to the accuracy of your existing bookkeeping arrangements we can be of assistance
Accountix has found some interesting facts about accountants that may surprise you. Mick Jagger, Robert Plant of Led Zeppelin and comedian Eddie Izzard are just a few of the famous names who worked in accounting before their showbiz careers took off. It was accountants who brought down Chicago crime boss Al Capone. Although believed to be guilty of everything from bootlegging to murder, he was ultimately arrested and convicted of tax evasion.
copyright © 2019 Cairns Accountant. All rights reserved.