MYOB have published an article providing information for business owners on how to find the right financial professional for their end of financial year (EOFY) affairs.
MYOB strongly recommends that business owners know what their EOFY requirements and needs are before they start looking for a financial professional, specifically whether to search for a bookkeeper and/or an accountant.
MYOB states that a bookkeeper “can implement business management and accounting software and systems, facilitate payroll, enter data, take care of petty cash, keep records and reconcile bank accounts.” Bookkeepers can also “lodge activity statements, payment summaries and taxable payment annual reports, if they are a registered BAS agent, and can lodge tax returns if they are a registered tax agent.”
In comparison, MYOB recommends accountants for those who are looking for more “strategic business advice” as they are degree qualified, can provide advisory services and “are able to discuss trends and opportunities for the next financial year.”
MYOB recommends that business owners have questions to ask financial professionals before making a final decision, specifically if they have the skills and expertise work for their business. They also recommend that business owners look out for any EOFY red flags and ask people within their professional and social networking circles for recommendations.
MYOB’s article can be read in full here.