Why Accountants Offer The Best Estate Planning Services

In the past, estate planning services focused on planning for what would happen to a person’s assets after they died, but that isn’t necessarily the case anymore. Now, it has more to do with how a person’s wealth will be managed while that person is alive and how everything will be handled after death. Long gone are the days when someone could simply pass down a business or estate to a child or trusted family member. Now, people need to ensure that their estate is healthy and that there will be something to pass on when that time comes.

For those with a business to pass on, it is important to ensure that the business changes with the times and that what is left behind is profitable. To achieve this, you need estate planning services that will help you to reach your financial goals, plan for retirement, and keep your family safe. Accountants are the best option for this – let’s explore why.

Accountants Know Estate Tax Laws

Remember that estate tax laws in South Africa are very complex and change on a regular basis. When tax laws change, accountants are the first to know. As this happens on a yearly basis (if not more often), it is a job in and of itself to stay on top of not only what those laws are, but how they will impact businesses and families. Legislative changes are so common that the best accountants know how to work around them and provide estate planning that will withstand the ebb and flow of regulations.

Accountants know that time is of the essence when it comes to estate planning – nothing is promised. That is why, at the first whisper of a change in the law, they are likely to reach out to make changes. For those who don’t stay abreast of changes, too much time could pass and a change might not be possible.

Even if you are able to track these tax law changes on your own, estate planning services can help to devise new strategies that will complement them. 

Estate Planning Services for Succession

The goal of every business owner is to create something that will last for generations – no one builds a business in hopes that when they die, the business will too. In estate planning, business succession is essential. Often, businesses that do not have clear instructions for succession will fall apart due to conflicting opinions. Planning for business succession early can help immensely.

By working with an accounting firm that is also an estate planning service, you will give yourself ample time to prepare for succession and other future challenges. An accountant will be able to audit your assets and get a better understanding of your business. This accountant may already know about your taxes or at least have an idea of what you will face. He can help to come up with an estate plan that will minimize taxes and conflict. IC Quantum, for example, has helped businesses from many sectors avoid costly business and estate taxes thanks to careful planning.

Top Estate Planning Services in South Africa

The truth is that an accountant is the best possible person to handle estate planning for many people in South Africa. While talking about what will happen after we pass on may seem morbid, it is a necessary part of life for so many people. In particular, if you have a business, children, or loved ones that you want to provide for, this is one final way that you can take care of them. You will be able to save them a lot of stress and confusion – and potentially even money. In some ways, it is comforting for them to hear about what you wanted. 

It is never too early to start estate planning, even if you don’t have a great deal of money in your bank account or you aren’t ready to give up your business just yet. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed.

To get started, schedule an appointment today.

3 Things South African Accountants Do That You May Not Know

Many people don’t realize that accountants do more in a day than just sit and look at numbers. In fact, the traditional role of an accountant is becoming less and less of what they do and becoming more complex and, in some cases, creative. Accountants have an important role in the finance and business industries across the world. People know that it is important to have an accountant, whether it is for their personal uses or for their businesses, but they do not realize what an accountant does. In short, it is a lot – they have to juggle many things and wear many hats. That is why it is important to find a reputable South African accountant who will become a partner.

In general, accountants look at the financial records of a person or a business, ensure that those records are accurate, and then prepare reports on those accounts. Some of their other activities include: preparing taxes, finding investments, and helping plan for the future.

Accountants Provide Far-Reaching Advice

Accountants can act as analysts. After looking at financial data, they can help business leaders make decisions about expansion, hiring, scaling, or consolidation. There are many smaller details that accountants can provide insight on as well, like which kinds of supplies to order, payroll, or even just advising on products. Advising on business operations can help you to explore trends, financial commitments, and even what to expect moving into the future.

An accountant can also look at existing financial data to try to resolve certain discrepancies and irregularities that can sometimes occur. These recommendations can help businesses to be more efficient while providing specific recommendations for specific financial problems.

Accountants Help With Financial Report Preparation

For some accountants, one of the most exciting things to do is help to prepare financial statements. These may be monthly reports, quarterly reports, or annual reports, as needed. The information provided in these reports is compiled and analyzed, providing important insights and information. The preparation of these reports may be used to make business decisions, approach funders, or even plan for the future. They can also be used for the support and management of budgetary forecast activities.

These types of reports help financial directors make decisions and quantify what they do. A practiced hand gets the information correct and ensures compliance.

Accountants In South Africa Ensure Compliance

An accountant is responsible and organized, something that not all people and businesses are – and it can be difficult to stay on top of regulations if you aren’t organized. An accountant is responsible for knowing what all financial reporting deadlines are and ensuring that they are met, both internally and externally. For example, there may be semi-annual or annual reports that need to have specific deadlines and specific information. If that information is not readily available, it can be almost impossible to meet those deadlines. Accountants help to keep everything organized throughout the year to ensure that when the time comes, businesses and individuals are compliant.

While hiring a leading accountant in South Africa won’t magically make someone more organized, it can help them to have at least the numbers organized. It will also help accountants to do all of the things that they do on a normal basis. Accountants also look at the record keeping of your companies tax returns, financial statements and other secretarial records, like your share register and company registration records. They keep backups of this in hardcopy and softcopy making sure that your life is organized

Need An Accountant in South Africa? Contact Us Today

IC Quantum Accountants is registered with the South African Institute of Professional Accountants (SAIPA) as both an accounting practice and an Accredited Training Centre (ACT) for accounting trainees. At IC Quantum Accountants Hub (Pty) Ltd, we are committed to building long-term relationships with our clients by providing excellent client service and embracing high ethical standards.

If you need an accountant in South Africa for any services, personal or business, give us a call today and we can schedule an appointment with you – +27 87 980 0000/+27 81 403 5948. You can also fill out the form below and we will contact you.