External Professionals for Businesses

This set of vocabulary flashcards covers the roles and importance of external professionals, specifically focusng on accountants, financial advisers, and ICT specialists as described in the lecture notes.

External Professionals

Experts who work outside the business and are hired to provide specialised knowledge that the business owner may not have.

Accountant

A professional who manages, records, analyses and reports a business's financial information to help owners understand income, spending, and debt.

Financial Reports

Important documents prepared by accountants, such as the Income Statement, Balance Sheet, and Cash Flow Statement, showing the financial position of a business.

Legal Compliance (Accounting)

The process of ensuring taxes are paid correctly and records meet Australian taxation laws to avoid penalties such as fines or forced closure.

Budget

A report that estimates the income and expenses a business expects over a certain period to evaluate performance.

Financial Adviser

An expert who provides advice about money, investments and financial planning, focusing on future goals and reducing unnecessary expenses.

Superannuation

A component of personal financial management that financial advisers help owners manage alongside investments and retirement planning.

Financial Goals Assessment

The process where a financial adviser analyses if a business's goals are realistic and suggests alternatives with a higher chance of success.

Information and Communications Technology (ICT) specialist

A professional who develops and manages business technology, builds websites, and protects data from cyber threats.

Customer Databases

Technology created by ICT specialists to store information about customer preferences and buying habits to improve customer service.

Security Software

Programs such as antivirus and firewalls installed by ICT specialists to protect private customer information and maintain trust.

Cyber Threats

Risks such as phishing emails and weak passwords that ICT specialists train employees to recognise and avoid.