At some time, even the smallest business will need professional accounting assistance to keep the books. There are a lot of important choices to make for your business, and the sooner you hire best small business accountants in Melbourne and Sydney, the better.
Accountants play a crucial role in the success of businesses of all sorts, from sole proprietorships to multinational conglomerates, in the roles of counsellor and facilitator, most frequently in the domains of tax processing and compliance. Accountants can be a valuable resource for advice on a wide variety of business issues, such as cash management, long term planning, and more.
That’s why it’s crucial to go into a meeting with a prospective accountant prepared to discuss about your company and answer questions about theirs.
The best way to find the right accountant is to interview at least three candidates. We have compiled a list of relevant questions to put forth to prospective accountants.
1. How many different services do they provide?
You need an accountant who is knowledgeable in every facet of financial bookkeeping. Your accountant should manage all of your accounting needs, including keeping accurate records, ensuring regulatory compliance, creating a sound financial plan, and providing expert tax advice. Reduce your workload by taking advantage of as many of your accountant’s services as possible. Hiring an experienced accountant will save you from the burden of keeping track of your finances and filing your own taxes.
Verify that any prospective accountants you’re considering have the expertise to handle your specific needs, no matter how difficult they may be. Better yet if they already have experience in your field and know how your business structure affects you at tax time.
2. What are their credentials?
In Australia, there are two accounting credentials: the Certified Practising Accountant (CPA) and the Chartered Accountant (CA). These credentials are issued by credible accounting firms. It’s important to note that these two credentials are not interchangeable. In contrast to the CPA, whose focus extends beyond accounting and taxation to include business strategy, a certified public accountant (CA) is more likely to be focused with auditing and taxation. It is also wise to ask for references from people you trust when looking for an accountant. It’s important to keep in mind that an accountant knows more than a book-keeper or tax agent.
3. Do they offer customised services?
There is no “one size fits all” approach in accounting. One customer’s success rate is not indicative of another’s. An accountant you choose should provide you with accounting services that are tailored to your specific needs and circumstances. When you tell your accountant what you need, they should give you a quick rundown of how they plan to fulfil your requirements and which of their services will be the most beneficial to you.
4. What are their charges and hidden costs, if any?
Asking an accountant how much they charge is a must, but you shouldn’t stop there. Verify each and every charge to ascertain if there are any ‘hidden’ costs you should be prepared for. This may include the cost of employing specialised accounting software, the price of photocopies or postage, and so on, as well as any other expenditures incurred due to the urgency with which the work must be completed.
Get as much information as you can so you can make an informed decision when comparing accountants’ rates.
5. How can they assist you in achieving your financial goals?
The assistance you receive in making long-term plans is a major benefit of using an accountant’s services. Have you been contemplating about making a big purchase? Are you thinking about investing in, or selling, a company? Or do you care only about protecting your wealth in the long run?
Your potential accountant won’t be able to help you until you first explain what you hope to accomplish. It is important to lay out your objectives right away, no matter how lofty they may seem. (Read: Tips to help grow your small business).
6. How well-versed are they in technology?
If you currently have accounting software set up for your business, you should verify that the accountant you choose is conversant with these programmes. In order to view or modify your information, they will need to create a user account. Find out up front if your accountant has experience with the online accounting software you plan to use.
Finding an accounting firm that doesn’t fully embrace cloud-based financial management tools is a sure clue that they’re not up-to-date on industry trends. Accounting services, including advice and direction, can be provided virtually in today’s fast-paced business world through cloud computing.
7. How easily accessible will they be?
To wait for your quarterly get-together could be counterproductive. Failing to get in touch with the person in control of your finances is one of the most nerve-wracking things that may happen.
Inquire as to the turnaround time for responses and the time it takes to complete reports and filings if you decide to hire this accountant. If something unexpected comes up and you need to make quick decisions, can you get ahold of them quickly?
Make it clear to a prospective accountant that you may need them to help you outside of regular business hours, but keep in mind that accountants have lives outside of work too. Find out the most effective means of contacting them quickly.
Answers to these seven questions should help you zero in on the tax accountant who will best meet your needs. Whether you’re talking on the phone or in person, it won’t take long to discuss these important traits and determine whether or not you’ll get along.
It’s crucial to keep in mind that this is a long-term commitment, so take the time to articulate your hopes and dreams and make a well-considered decision.
Erika Rhein, a professional writer and blogger by profession. I write on various niches, however, I prioritise writing on (related to blog you are writing, e.g. home improvement, lifestyle, health etc.). I always strive to provide users with useful and informative articles in a readable format. I aim to achieve a difference through my writing.