HomeTRUST & CONFIDENTIALITYBusinessTaxTRUST & CONFIDENTIALITY

TRUST & CONFIDENTIALITY

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WHY IT’S IMPORTANT

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Establishing trust with our clients is crucial, now more than ever. The continuing expansion and development of what’s possibly within the technology and internet age increases greater exposure risk of confidential client information. As trusted advisors, we must stay savvy with latest technology trends and utilise stronger security measures in order to safeguard our clients.

The importance of creating strong trust relationships with clients creates better collaboration and allows  more information to be presented on the table without clients worrying that it will be exposed to third parties. With more available information, this gives advisors more to work with and creates better opportunities for improved tax and accounting advice.

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PROTECTING BUSINESS & FINANCIAL INTERESTS

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Finding an accountant you trust therefore, can help increase the performance of your business. An accountant that values this principle and shows the ability to continue their professional growth in order to uphold the performance of your personal and business situations are paramount.

Our role at Steven Wong Accountants ‘Accounting for Growth’ is to provide the best possible growth for your business. Protecting your vital information is one of many things heavily considered when it is presented to our firm. This allows the opportunity for longer lasting relationships and improved collaboration between both parties.

With more information presented to your accountant, we are able to better understand your personal and financial plans including how to work with your core strategies. As accountants we must always be mindful of client privileges to such information, even when the business relationship ends.

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BREACHING CONFIDENTIALITY

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Accountants are legally obligated to protect financial information from third parties; our duty is to take utmost care and protection against unauthorised disclosures.  Breaching this confidentiality, can mean serious charges and implications on accountants. Some examples include lawsuits, fines and the cancellation of tax agent licenses.

In some cases, however, accountants may be presented with a legal duty to disclose. These scenarios occur commonly with the following entities below where a direct order to receive client information is required;

  • The Tax Practitioners Board (TPB)
  • A court or tribunal to a direction, order, or other court process
  • The Australian Taxation office (ATO)

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TIP

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Find an accountant that you can trust. Trust in your advisor is one area of significant importance and time spent screening your accountant is time well spent. Remember that accountants are your advisor who are like your business partners. We guide and help you to grow, so forming a strong relationship is a tip I recommend not only for accountants but for both ends of the spectrum.

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Steven Wong Accountants

‘Accounting for Growth’

0401150894

sw@swaccoutants.com.au

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