FAQs
Many people have questions related to accounting, bookkeeping, financial planning and business advisory services. We have compiled a list of answers for your benefit:
- What is financial planning?
- Are financial planners regulated?
- Do financial planners have to be licensed?
- What do the letters CFP mean?
- Why should I choose a financial planner over another type of financial adviser?
- How do I find a qualified financial planner?
- How are financial planners paid?
- What disclosure documents should I receive from my financial planner?
- When should I start financial planning?
A good accountant does more than just prepare taxes and prepare financial statements. They actively analyse, interpret and convert financial data into actionable business intelligence. Accountant services include tax planning, business consulting and personal financial advice.
We suggest you print off a copy of our individual or business tax check-list for a comprehensive listing of the things you might need. Some of the most common items you will need include: personal details (plus spouse and dependent), income (wages, investments), interest, work related expenses, charitable contributions, medical expenses and childcare expenses.
An accountant is educated in all basic accounting functions and will have an undergraduate degree in accounting or business. CPAs (Certified Practising Accountants) are individuals that have completed an undergraduate degree accredited by CPA Australia, work to a code of ethics, are up-to-date with accounting and business practices, and must take continuing education classes to retain their license.
A bookkeeper handles the day-in-day-out financial record keeping and reporting. An accountant specialises in the interpreting of financial information provided by bookkeepers to make important financial decisions about a business entity. Accountant specialisations include: taxation, financial planning, business advice and consulting.
Outsourcing your bookkeeping allows you to focus on your business. It frees up your time to allow you to focus on revenue generating activities. Outsourced bookkeeping services can result in improved efficiencies, cost savings, access to financial expertise not available in-house, and an improvement in being able to monitor your business finances.
This will depend on your or your businesses needs. If you are a sole trader, you may only require the services of a bookkeeper on a quarterly basis or at year-end to help prepare your tax information for your accountant. Bookkeepers prepare financial reports and statement on a daily, weekly, monthly or periodic basis.
Yes. Bookkeepers do not file or prepare tax returns or offer financial advice.
Making sure that your bookkeeper is certified means that you can be assured in the highest level of technical excellence in using the software. A certified (MYOB or Quickbooks) advisor is kept up-to-date with the latest product features and applications.
Financial planning is the process of helping you meet your life goals through the proper management of your financial affairs.
The Australian Securities and Investment Commission (ASIC) is the body responsible for regulating and administering legislation regarding the financial services industry.
Yes. By law a financial adviser must have
a license or must be an authorised representative of an business that
holds an Australian financial services (AFS) license in order to
provide financial advice. Our article on Choosing
a Financial Planner
provides details of what you should look for when choosing a financial
planner and information for checking credentials.
CFP stands for Certified Financial Planner. CFP certification is the globally recognised mark of professionalism for financial planners. CFP members are bound by a code of ethics and rile of professional conduct higher than those required by law, and commit to achieve required levels of continuing professional development.
Most financial planners have been trained to take a broad look at your financial situation. Other financial advisers such as accountants or stock brokers may only focus on a particular area.
Why not try Quotify
Finance's FREE online referral
service. We are independent of the
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There are many different payment
schemes for financial planning services which we detail in our article
the cost
of financial
planning advice. Generally,
some planners charge either a fixed fee or an hourly fee to develop a
financial plan, some are paid by commissions on the products they sell,
and some are paid by a combination of both. Information about fees and
charges should be outlined in your financial planner's Financial
Services Guide.
A. There are three documents you should receive.
- Financial Services Guide (FSG) - This document will help you evaluate whether to obtain the services of the financial planning firm .
- Statement of Advice (SOA) - This outlines the advice you are receiving from the financial planner.
- Product Disclosure Statement (PDS) - This outlines the details of the financial products you are being recommended.
Financial planning is recommended at all ages. Whether your goal is early retirement, paying off your mortgage or wealth creation, financial planning can help you achieve financial and personal goals.
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