Responsibilities of an Accountant

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Responsibilities of an Accountant
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Post 1
26th Feb

SMSF accountants have provided cooperative services and advice to fund trustees for years. Their knowledge and extensive experience helps trustees establish their funds, invest in the right area and take care of administration accounting and audit requirements.

  • While we know what accountants do, lets take a look at what are the key responsibilities of an accountant
  • They are responsible for providing fund accounting requirements
  • They are required to prepare annual financial statements along with full reconciliation schedules to support accounts
  • Accountants are responsible for managing their relationship with trustees and their financial adviser
  • They are responsible for tax calculations that need to assist corporate actions with tax return preparation
  • They prepare actuarial certificate requests for ABP and DBP
  • When necessary they conduct tax research
  • They are responsible for assisting trustees and advisers in resolving compliance breaches
  • They are responsible for preparing a written correspondence to trustees, advisers, the ATO and other interested parties as required
  • They look into investment administration as and when required
  • They work in liaison with the auditor to finalise the audit
  • Administrative work includes drafting trustee minutes and pension documentation
  • Assisting the team administration assistant with more complex quarterly tax reporting i.e. BAS and IAS
  • They guide the team during the transition of new clients to the administration service
  • The are responsible for assisting the team with complex issues concerning the requisition and collation of legal documents that are prepared by external lawyers
  • The also prepare mid term investment holding summaries when requested by clients

When you have a responsible accountant there isn’t much to worry about. Outsourcing your accounting helps you get all this done, enabling you to focus on your business. Have any questions about accounting outsourcing? Reach out to us and have our experts guide you. Call us on 1300 707 326 or email us at [email protected]

Categories: Accountant
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