Can you imagine the world without accountants? A paper recently published by the Social Party of Great Britain described such a situation. The paper, titled World Without Accountants, explores a future where accountants are redundant as common ownership becomes prominent in society. There’s no need for the market sale of goods and services, and so the accountants are phased out. The good news is that such a bleak future is highly unlikely due to Australia’s love of private ownership. So why do so many citizens trust their accountants?
Reason 1: Accountants Know the Tax Laws
Navigating tax law can be very challenging. The laws are always changing, making it nearly impossible to do it all on your own. Business owners must remain compliant. Most people do not have time to study law and keep up with their career or company. Accountants provide access to that knowledge as well as guidance when applying it to your situation.
Reason 2: Accountants Self-Regulate Well
There is a misconception that accountants are just out to grab as much cash as possible, whether the methods are ethical or not. This could not be further from the truth in modern day accounting. Most accountants hold high standards and will make decisions that are moral and ethical. Former Goldman Sachs executive director Greg Smith chose to resign because the culture of the firm had changed to a focus on profit over anything else. He chose the moral high ground, serving as an example of the attitudes and priorities of many accountants throughout the world.
Reason 3: Accountants Influence Legislation
Not only do accountants know tax law, they influence it. Chartered Accountants Australia and New Zealand along with other accountant organisations share recommendations and views with legislators to help shape the laws that affect us all. They are on the front lines, giving the government valuable insight into what works and what doesn’t. Their opinions are invaluable when it comes to making big decisions that can effect whole communities.
Reason 4: Accountants Provide Strategic Advice
Today, accountants do so much more than core bookkeeping. They can still perform the basic tasks of the job, but many also offer expanded services that cover more aspects of your professional and personal life. Some offer business advice and other services.
Reason 5: Accountants Help Clients Achieve Personal Dreams
Accountants may deal with cold, hard numbers, but their job isn’t without feeling. Clients often come to accountants to figure out how to make their personal dreams a reality. The accountant must review their resources and come up with a plan that will allow their client to fund their goal, whether that goal is a big wedding, a once-in-a-lifetime vacation, or a comfortable retirement. Find out why so many Australians trust their accountants by contacting Brian at Bis Cosgrove.