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Certified practising accountants (CPAs) manage money for businesses and individuals in Australia. They handle finances and pay bills. Accountants also make sure that there is enough money in a business' accounts for payroll. Certified practising accountants are bookkeepers, keeping financial records for companies. These records often determine the amount of money that individuals and organizations must pay for taxes.
Accountants who have passed specific certification exams that have been set forth by an Australian society of accountants are officially called certified practising accountants. They are members of this professional society of accountants, one of the largest groups in the world, with more than 100,000 members. The organization was called the Australian Society of Practising Accountants until the name changed to CPA Australia.
Large companies and small, home-based companies alike have a need for accountants. These businesses require accountants to keep track of receipts and income. They might keep daily logs and deposit income made by the company into the bank. Accountants investigate financial discrepancies and authorize refunds.
Businesses count on the expertise of accountants when they need to borrow money or are seeking to obtain additional credit. Furthermore, accountants know how much a company is worth. They know the value of the company's assets. Accountants also can give businesses advice on pricing items for retail. They can let a company's chief executive officer (CEO) know if the business is financially fit or if the company is losing money because the cost of running the business is too high.
Accountants who work for individuals are likely to handle tax records and help them file taxes. These accountants also might make sure that an individual's bills are paid. People seek personal accountants to help them plan for the future and meet financial goals.
Certified practising accountants typically are experts in math and are skilled computer users. They are also analytical. Accountants who have businesses as their clients know how businesses are run. They are knowledgeable about their client's businesses and other businesses in the industry.
Accountants are sometimes called upon to develop financial systems for start-up businesses. Good accountants can also troubleshoot and inform business owners of previous accounting errors that went unchecked. They can alert clients to fraud and theft within the company.
Certified practising accountants can specialize in different areas, including external auditing. These professionals will conduct financial audits for the company to make sure that the company's records are correct. Accountants can also work for government offices or nonprofit organizations.