Investment Property Owner
Role of accounting practices towards investment property ownership;
Stakeholders in business are interested in its activities because they’re affected by them. The purpose of accounting is to help stakeholders for taking business decisions along with financial information. Obviously, no body will run their business without accurate information and it’s the accountant who prepares this information. Qualified accountants make sure that stakeholders should know about financial information for solving business
Management Accounting
Accounting practices helps to make reports for individual managers, while these reports are used for supplying relevant, accurate, timely information for aiding managers in making decisions. In preparation, for such information, accountants work with individuals from all the functional areas of the organization—human resources, operations, marketing, and finance.
Financial Accounting
Financial accountants are responsible for preparing financial statements—including the income statement, owner’s equity, the balance sheet, and cash flows. In preparation of financial statements, financial accountants adhere to a uniform set of rules called generally accepted accounting principles (GAAP).
Owners and Managers
Accounting firms are helpful for summarizing the results in the form of profit and loss for a company’s financial activities over a specific period, because financial statements are in fact report cards for owners and managers. Qualified accountants for example, help to allocate the company did or didn’t make a profit and furnish all other data for the company’s financial and economic condition. They also provide information that managers and owners can use in order to take proper corrective measurements for the company’s survival and profit.
Investors and Creditors
Accounting and finance practices are helpful to solve the problems related with several issues that if somebody loaned money to a friend to start a business, then they want to know about the progress of their business. Investors and creditors can get help of accountants for furnishing the money that a company needs to operate, and not surprisingly, they also feel the same way. As they know that it is not possible to make smart investment and loan decisions without accurate reports on a company’s financial health, there financial statements need assessment for a company’s performance and to make clear decisions about continued investment.
Government Agencies
Accountants help businesses to furnish financial data for several government agencies. Publicly owned companies, for example—the ones whose shares are traded on a stock exchange—must provide annual financial reports to the Securities and Exchange Commission (SEC), a federal agency that regulates stock trades. Companies must also provide financial information to local, state, and federal taxing agencies, including the Internal Revenue Service. For above mentioned obligatory measures, companies should satisfy the government agencies with the help of accountants.
We are a Registered BAS Agent, which means we have met all the qualification requirements of the Tax Practitioners Board. Therefore we will be able to: Prepare BAS, IAS and Lodge your BAS and IAS electronically. We understand that as a sole trader, you are accountable for all the operations from day 1 till now. It is a huge responsibility to take care of the business along with all other accounting duties.
