How to Provide Quality Services for Australian Accounting Firms

With over 2 million active businesses in Australia as of 2023, being able to provide to Australia’s varied industries has become priority for finance and accounting service providers.  

However, Australian accounting standards and their tax regulations presents its unique challenges and opportunities and if you are looking to provide quality services to help Australian Accounting firms with the finance and accounting needs of the Australian market, you would need to note the different standards circling Australian accounting.  

What are the Accounting Standards in Australia? 
 

In Australia, businesses need to adhere to standards set by The Australian Accounting Standards Board (AASB). This is why as you provide services to Australian firms; you must be proficient in the Australian Accounting Standards (AAS) and how it applies to financial reporting, auditing and tax compliance. One key benefit of being well-versed in the AAS is that Australia’s adoption of the International Financial Reporting Standards (IFRS) also ensures that if you are compliant with Australian Accounting Standards, you are also compliant on a global scale.  

How to Become well-versed in Australian Accounting Standards? 

As a finance and accounting service provider, compliance with Australian accounting standards is not only a legal requirement but a testament to your services’ reliability and ability to provide financial reports and outputs with integrity. With the 58 different AASB Standards, studying each standard helps you deal with the different aspects of financial reporting in the Australian landscape. 

An example of this is the requirements needed to ensure the adherence of financial statements in accordance with AAS. This involves understanding the specific disclosure requirements, recognition criteria, and measurement principles outlined in the standards. Whether it's preparing balance sheets, income statements, or cash flow statements, adherence to these standards is paramount for compliance and credibility. 

By studying AAS, make sure that you are adopting a proactive approach to learning and implementation, always on the lookout for regulatory changes of the standards that fit the different industries you are servicing and noting any deadlines for filing for compliance.  

Tailoring your Services for Australian Firms 

As a finance and accounting provider, here are some practices that help you offer tailored support for Australian firms. 
 

• Technical Proficiency: Before providing services to Australian firms, make sure that you are not only well-versed in international standards, but the standards set by AAS and the guidelines of the Australian Taxation Office (ATO) to make sure that there is no knowledge gap in your service delivery.  

• Customized Solutions: Note that if you are an outsourced offshore provider that there will be differences in time zones, workplace culture and workflows so ensure that your team can adapt to the needs of Australian firms in terms of these aspects to make sure that there is a harmonious relationship during the engagement. 

• Continuous training: The guidelines for Australian Standards and Australian financial reporting has changed over the years and, as the economy continuously evolves, make sure that you not only keep watch for any changes in Australian Accounting Standards but are immediately offering training for your team to handle any changes and assure the continuous quality of your services.  

• Technology Integration: Do not underestimate the power of accounting technology. As you provide quality services to Australian firms, choose the right accounting software that can help in making sure you secure the financial information entrusted you, help you spot anomalies and irregularities for accurate financial reporting and even help you be on the lookout for any regulatory changes. Employing the right accounting technology software will help you be able to provide quality services to Australian accounting firms. 

One thing to note among all this is that, as you provide services to Australian firms and their constantly-evolving market, you and your team must also adapt – to be flexible to any changes in the needs of Australian firms.  

By being knowledgeable of all the financial reporting, accounting standards and tax compliance needs of the firm while tailoring your solutions to cater to these standards, you will be able to provide finance and accounting solutions that will add value to Australian firms servicing both their local and foreign clients.  

Need Support in Handling your Australian Accounting Needs? 
 

D&V Philippines provides scalable finance and accounting solutions that can adapt to any landscape. If you’re interested in learning more about our services, schedule a free consultation with us or download our Employees to Partners whitepaper to see how we value our talents! 

This article has been written in collaboration with Aly Tagamolila, a content specialist at D&V Philippines.