Trust Accounts Service
Protect and manage your Trust accounts with HHAccountant
HHAccountant offers you a chance to protect and manage your trust accounts and streamline your business purposes. These trust accounts are easily available for estates of all sizes and different kinds of trusts, this account will have all the amazing features of brokerage. Moreover, it will prepare you for easy and simple management and offer maximum protection of different assets within the trust account after passing. We also deliver trust account services to businesses that need to maintain a trust account for clients’ funds under Australian law. Every business has to follow the rules and legislations of these accounts to save their business from heavy penalties.
HHAccountant has a team of bookkeepers who have years of experience in managing trust accounts, they also know how to deal with the legal requirements. We use the latest accounting software to manage trust accounts efficiently. If your trust accounts are maintained properly it will show your good business sense. Many companies have to face theft problems, compliance issues, fraud and mismanagement of trust accounts. Our team has worked with many organizations and have the sense to control all the theft and compliance issues. They will provide you with the best advice to have better control over your accounts.
How it works…
By using the latest cloud-based accounting software, we manage our client’s file on a secure server. Our clients just need to send us documents such as receipts, online banking reports, journals, etc. We organize all the received data into relevant files and after every month client’s trust account will be reconciled and the report of reconciliation will be sent to them so that they can file for month-end certificates. Through our online database system, our clients can access their accounts whenever they want.
We provide a diverse range of financial accounting services to trusts and charities. Our flexible approach and unique services make us different from other accounting firms. With our help, clients are able to properly manage their accounts and save their money. Properly managed trust accounts can help in reducing the high tax rates. Our accountants will help you in setting up tax file number which will be used for the lodgment of the tax return.
Streamline the process of transitioning
Trusts are usually made to preserve wealth but they are also useful in the smooth transition of wealth from one generation to next. By taking into consideration both benefits, we work to find out the ways that will prove best for your trust. We provide accounting service in different states of Australia and every state has its own tax policy, we understand these policies and work accordingly.
Requirements for opening a trust account
Here a few requirements are mentioned business or individual must follow
- License for trust account
- The trust account must be in the name of a person or corporation
- If the trust account holder is not an individual or corporation then it must be in the name of license.
- Account must be named as Trust Account and the same name must appear on all cheques drawn
Trust account management for real estate firms
We also offer our trust account services to real estate agents, as they are so busy in their estate property matter they need someone to look after their trust accounts and keep the track of every transaction and expenses. Our team with a wide range of experience in dealing with a trust account has an objective to take off the burden from your shoulders with their unique strategies. With the help of our accountants, you can save your time and find more time to deal with other business activities. Our services for real estate trust accounts involve; identifying any fraud attempt, bank reconciliation, end of month financial report and audit.
If you own a large enterprise or firm and want to have a permanent solution for your trust account then contact us, we have a team to outsource to manage your accounts.
Types of funds that are included in trust accounts
- Settlement funds
- Unearned income
- Advances for costs
- Judgement funds
- Thirty-party funds
Funds that are not part of a trust account
- Personal account
- Earned account
Our services include
- Reconciliation (daily and monthly) with the bank through an electronic system
- Positive pay verification
- Daily account management to balance the account properly
- Daily disbursement
- The client can daily review transactions before the transfer
- Daily reporting
- Updated record of daily income
- All financial reports comply with the regulations
- Email or message notification on overdrafts
- Third-party audit control
Trust Account Audit Services
Different types of clients want to open trust accounts to benefit the next generation. For example, in Australia may grandparents open the trust account to give benefits to their grandchildren. A real estate agent will open a trust account to reduce tax liabilities and other purposes. Whatever the purpose of opening the trust account is, it must be in compliance with the laws and regulations. To ensure this, the account holder must audit this account. Our experienced auditors at HHAccountant are always available to perform an audit of your trust account to make sure everything is complying with the laws. It is the legal requirement that a person or business must undertake their account for an audit every year. The trust account audit shows that your financial reports are valid and complete. We provide trust account services to different organizations and individuals as well.
What do I get with trust accounts?
- All kinds of benefits
- Easy management and also consolidate the assets
- Decide how your assets could be managed
- 24/7 help and support
- Reduce accounting expenses
HHAccountant is committed to providing professional accounting services in any area where numbers are involved. With our accounting services, you will be able to have better control over financial management. We value your money and time. Book an appointment today and start saving money and time.