Accountant, tax advisor and auditor: who does what?

Starting a business in Belgium is an exciting but complex adventure, especially from a financial and tax perspective. To meet these challenges, you must surround yourself with the right professionals. This guide will help you understand the role of accountants, tax advisers and auditors so you can choose the right partner.

Accountants, your company's permanent partner

Accountants are specialists in accounting, taxation, and financial management, working at various levels:

• Accounting: maintaining records, preparing annual accounts, and providing advice on the company's accounting management.
• Company law: selecting the legal structure for your company, determining the necessary insurances, preparing a financial plan, applying for grants and subsidies, and finally registering as an entrepreneur with relevant authorities such as CBE and VAT.
• Taxation: assisting with compliance regarding legal obligations, including VAT and tax returns.
• Business management: conducting profitability analyses and offering practical advice to enhance business outcomes.
• Social law: aiding in the timely and proper fulfilment of legal obligations.

With their extensive knowledge, accountants assist both start-ups and established companies in achieving financial strength and adhering to regulations.

In Belgium, these numerical professions are registered with the ITAA (Institute for Tax Advisors & Accountants) and must meet strict quality and ethical standards.

Tax advisers

If your financial situation is intricate due to complex investments, specific expenses, or deductions, it is prudent to engage a tax adviser. This is relevant for individuals, private limited companies, partnerships, and foundations alike. A tax adviser can assist with:

• Tax strategies: optimising the tax burden within legal frameworks.
• Assistance in disputes: representation with the tax authorities or support during a tax audit.
• International taxation: guidance on cross-border tax issues for internationally active companies.
• These experts aid in developing tailored tax strategies and ensuring compliance. 

In Belgium, these professionals are registered with the ITAA (Institute for Tax Advisors & Accountants) and must adhere to strict quality and ethical standards.

Corporate auditors

Corporate auditors are the only professionals in Belgium authorised to conduct statutory audits of annual accounts. These audits provide security and confidence to investors, banks, and the government.

• Statutory audits: they verify whether financial statements comply with Belgian and international standards.
• Risk analysis: they identify financial weaknesses and offer recommendations for improvement.
• Assurance reports: they provide an opinion on the reliability of financial information, which is essential for maintaining stakeholder confidence.

Company auditors are members of the Institute of Company Auditors (IBR) and are recognised for their independence and structured approach.

How do you choose the right professional for your business?

• Assess your needs:
  For small businesses, an accountant is often a good starting point. For tailored tax optimisation, a tax advisor may be the optimal choice. While accountants typically provide broader strategic advice, the focus of company auditors is on statutory audits and independence.
• Consider legal obligations:
  If your business is subject to statutory audits, as is often the case with larger firms, you must appoint a company auditor.
• Select an accredited professional:
  Refer to official registers to collaborate with accredited experts. Utilise the ITAA register for accountants and tax advisers or the IBR register for company auditors. This ensures that the professional is qualified, participates in regular refresher training, and is insured in case of any issues.

Conclusion

If you prefer to leave your bookkeeping to a financial expert, begin by selecting the type of expert you require. Arrange an appointment with several accredited professionals - the initial meeting is typically free - and then determine the best option. You will discover that an expert will not only assist you with your accounting and legal obligations, but also optimise your income so that you pay fewer taxes.