Top 10 accounting firms in Australia

Businesses recognize the importance of accounting services for various reasons. As a result, businesses often allocate a large amount of both financial resources and time to their accounting departments. Although there are different approaches that businesses can adopt for their accounting requirements, it is always a good idea to thoroughly explore all available options and make an informed decision that maximizes benefits without causing too many financial burdens.

People tend to hire an accounting firm to manage the financial aspects of the business. This arrangement allows you to concentrate on your core tasks, increasing growth and sales, while the accounting firm assumes responsibility for accounting needs and tax matters.

What Does An Accounting Firm Do?

Among the many services provided by accounting firms, two important key functions are auditing and accounting for your business. These firms are designed to compile your financial records and offer valuable insights into your overall financial well-being.

Understanding your break-even point and assessing cash flow requirements helps you in long-term planning, such as acquiring additional machinery or upgrading infrastructure.

While doing audits, accounting firms review financial records in detail and assess the effectiveness of well-established procedures, and guarantee accurate record-keeping. They make sure your papers are in compliance with policies and align your financial strategies with your business objectives.

Additionally, accounting firms excel in handling tax services. Their skilled accountants can assist in determining the tax returns to make sure your financial reports align with current IRS regulations.

They also guide your company's tax liability, ensuring compliance with filing requirements and deadlines.

Selecting the Right Accounting Firm for Your Small Business

Whether you are an individual in need of tax advice, or a business that requires a complete accountancy service, choosing the right accounting firm is of utmost importance.

1. Understanding your business requirements: When it comes to hiring an accounting firm, you first need to figure out what kind of services you will need from them. If your requirements are up to just handling monthly financial records and basic bookkeeping, then a regular accountant is more than enough. However if your needs surpass these, and you require someone to handle services such as tax planning, prepare your tax returns, and check your financial statements details, then you will need a certified public accountant.
   
2. Seek small business experience: Large accounting firms tend to charge lump sum fees compared to what mid-sized firms will charge you. If you have a small business then it might be more beneficial and cost-efficient as mid-sized firms can give you the attention and details you may require that big firms may overlook.
   
3. Fees: Considering fees is crucial – the charges of your accounting firm must align with your business or personal budget. Most firms collect their fees in two different methods, either a fixed rate or per hour. It completely depends on the firm on how they calculate the overall amount charged.
   
4. Find Out What Accounting Software They Use: When choosing an accountant, you will want to know what software they recommend to their small customers. You may find an accountant still using the old methods that may not suit your needs and may refuse to change to the latest accounting solutions.
   
5. How To Choose Between Hiring an Accountant or a CPA Firm: When choosing an accountant, you will want to know what software they recommend for small businesses to begin small and manage their finances. In modern times it has become easier for business owners to do their bookkeeping with tools such as Convert My Bank Statement . However, after a certain time, you may need to hire a professional or a team of professionals to handle your payroll, tax responsibilities, and accounting. So while choosing between CPA or accounting firms, you may want to consider the scale of your business.
   
6. Variety of Accounting Services Offered: It is always a good idea to pick an accounting firm that can offer you a variety of services, especially the ones you may need such as auditing, cash flow analysis, and succession planning. These types of firms can offer you more than just your tax returns, they can also give you financial advice. 

Australian Accounting Firms: A Quick Look

In Australia, three recognized professional accounting firms determine the rules and regulations for Australian accounting firms. 

These three firms are:

• Institute of Public Accountants (IPA)
• CPA Australia
• Institute of Chartered Accountants of Australia (ICAA)

When you hire a mid-sized regional accounting firm, you can get the same expertise and often the same service for lower fees compared to the large accounting firms

Here are the 8 top accounting firms in Australia

Allan Hall Business Advisors

Allan Hall Business Advisors which was established on the Northern Beaches in 1957 stands as a reputable firm of Chartered Accountants and specialized business advisors. The firm has eight partners, and approximately 90 staff members, and currently has opened satellite offices in Brisbane and Adelaide. This has propelled Allan Hall to become one of the largest integrated chartered accounting and business advisory firms in the region.

Their services include: 1. Business Advisory2. Taxation and Accounting3. Bookkeeping4. International Services5. Superannuation6. Financial Planning7. Audit and Assurance8. Finance

Charltons Accountants

Charlton's accountants, based in Sydney, bring 35 years of expertise in specialist tax, accounting, and business advisory services. Serving clients across the nation. Charltons supports businesses at every stage, helping in growth and navigating transitions, while also ensuring compliance with tax and financial obligations. Chartered Accountants, a leading firm with forward-thinking practices reflects their commitment to staying at the forefront of industry advancements.

Their services include: 1. Cloud Accounting2. Tax Advisory, SMSF, Structure, and Estates3. Forensic, Audit, and Valuation4. Strategic Advice5. Wealth Education and Coaching6. Finance Strategies

Melbourne Accounting Partners

Situated in the central business district, Melbourne Accounting Partners is a proactive and forward-thinking firm. They help you make strategies to increase the success and growth of your business, which emphasizes their dedication to clients by serving as both a business advisor and a business partner.

Their services include: 1. Taxation2. Accounting3. GST4. Superannuation5. Business Consulting6. Succession Planning

NumbersTalk

At Numbers Talk, a team of seasoned and forward-thinking accountants, tax experts, and business advisors is dedicated to delivering top-notch service, ensuring the highest standards of client service excellence.

As a reputable business accounting services provider and a full member of the Certified Practicing Accountant, Numbers Talk has extensive experience in serving numerous small to medium-sized businesses across various industries like retail, wholesale services, property development, investment, international trading, hospitality, IT, and migration agencies.

Their services include:1. Annual Financial Statements2. Periodic Management Accounts 3. Accounting Advice and Setup4. Bookkeeping5. Maintaining PAYG and GST Records and Associated Returns

Accountants Automated

Established in 2013, Accounts Automated focuses on providing thorough bookkeeping services through a combination of software-based and manual approaches. The experts at Accounts Automated prioritize attention to detail and consistently prioritize the client's interests in their services.

Their services include: 1. Bookkeeping 2. Payroll3. BAS Services 4. End of Year Services.

Accru

Accru is a top-notch award-winning accounting firm. By blending the personalized service of a local firm with the capabilities and extensive networks of larger organizations, they craft effective financial solutions for their clients. Accru has six offices located in major Australian capital cities and is also a proud member of CPA Associates International (CPAAI), one of the largest independent accounting and advisory associations globally.

Their services include:1. Accounting2. Taxation3. Wealth Management4. Business and Corporate Advisor5. Audit and Assurance6. Business Support7. International Business8. Finance and Insurance

ShineWing Australia

Shining, an Australian-owned advisory and accounting firm with 80 years of experience, believes that strong relationships are the foundation for creating opportunities and achieving excellent results for clients. They operate globally, with a team of over 10,000 professionals spread across 57 offices in 13 countries. Shining's assurance advisors work alongside you, examining your business operations and financial health.

Their services include:1. Assurance and Advisory2. Corporate Finance, Business Services3. Private Clients4. Wealth and Taxation

Hall Chadwick

In Australia, Hall Chadwick, one of the largest accounting firms serves clients in almost every major capital city and many regional centers. Hall Chadwick uses leading-edge techniques while exercising their services of business advice and compiling your tax reports. Not just in Sydney, they have offices in Melbourne, Perth, Darwin as well as Adelaida.

Their services include:1. Auditing2. Business Services3. Financial Planning4. Insolvency and Business Recovery5. Personal Insolvency6. Taxation7. Corporate Services8. Property Industry

Conclusion

In summary, when exploring accounting firms in Australia, businesses and individuals must assess their specific requirements and preferences thoughtfully. The top accounting firms in Australia—Hall Chadwick, ShineWing Australia, Accru, Accountants Automated, Numbers Talk, Melbourne Accounting Partners, Charltons Accountants, and Allan Hall Business Advisors—each bring their unique strengths and specialized services to the table. 

Covering areas like audit, taxation, business advisory, and financial planning, these firms address a variety of needs, providing tailored and efficient solutions. As businesses strive for financial success and adherence to regulations, the choice of the right accounting firm becomes a strategic decision, ensuring a partnership that aligns with individual goals and fosters long-term financial well-being.