Tips for finding a good accountant can make a significant difference in your business’s growth and stability.
Finding the right accountant is not just about numbers—it’s about building a relationship that will help your business succeed. Here’s how to go about it.
Start by Finding a Busy Accountant
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
A busy accountant often signifies that they are trusted and well-regarded by their clients. For small business owners, hiring an accountant with a strong client base can mean that they have the experience necessary to understand your business’s unique needs. Busy accountants are also likely to be organised and have a proven track record of providing excellent service.
How to identify a busy accountant:
- Look for accountants with a well-established reputation.
- Ask other small business owners for recommendations.
- Check online reviews to see how clients speak about their services.
Look for Proper Qualifications and Registration
“An investment in knowledge pays the best interest.” – Benjamin Franklin
It’s essential that your accountant has the necessary qualifications and registrations to legally practise in Australia. This ensures they are well-versed in the rules and regulations affecting your small business. An accountant with proper certification gives you the peace of mind that they have the expertise to manage your finances effectively.
What to check for:
- Look for qualifications such as a Certified Practising Accountant (CPA) or Chartered Accountant (CA).
- Ensure they are registered with the Tax Practitioners Board.
- Verify if they are a member of relevant professional bodies.
An accountant with the right credentials will be able to guide you through tax and compliance matters while helping you grow your business with strategic advice.
Tips for Finding: Interview Your Accountant
“You don’t build a business—you build people—and people build the business.” – Zig Ziglar
A face-to-face meeting (or a video call if distance is an issue) is an essential step in the selection process. This is your opportunity to gauge whether the accountant aligns with your values and understands your goals. During the interview, ask questions that will help you assess whether they are the right fit for your business.
What to ask during the interview:
- What sort of businesses do you work with? Have you worked with small business owners in my industry?
- How familiar are you with the current financial regulations affecting my business?
- How do you communicate with clients? Will I hear from you throughout the year, or just during tax season?
This conversation will help you determine whether you feel comfortable with their communication style, personality, and level of expertise.
Tips for Finding: Evaluate the Costs and Services Provided
“Price is what you pay. Value is what you get.” – Warren Buffet
The cost of an accountant is an important consideration. You need to know whether they charge a fixed annual fee, hourly rates, or a monthly retainer. Understanding their fee structure helps you decide whether their services are affordable for your business. However, the value they provide in return should be the main factor guiding your decision.
Factors to consider:
- Fee structure: Do they offer fixed fees or hourly rates? Which one aligns with your business budget?
- Range of services: Beyond tax returns, do they offer services like business strategy advice, financial forecasting, and assistance with loans or investments?
- Ongoing support: Will they help you stay updated with changes in tax law and business regulations?
A good accountant will not only help you with tax filings but also offer valuable advice to help your business grow and avoid common financial pitfalls.
Ensure Regular Communication and Compatibility
“Good communication is the bridge between confusion and clarity.” – Nat Turner
The best accountants keep in regular contact with their clients, offering updates and advice throughout the year, not just during tax season. If an accountant only gets in touch once a year, it might be a sign that they’re not as committed to supporting your business as they should be.
Key questions to ask about communication:
- How often will we meet or communicate throughout the year?
- Will you keep me informed about changes to tax laws or financial regulations that could affect my business?
- Are you available for consultations or advice outside of scheduled meetings?
It’s also important that you feel comfortable working with your accountant. A strong relationship built on trust and open communication is key to ensuring a successful partnership.
Compare at Least Three Accountants
“The way to get started is to quit talking and begin doing.” – Walt Disney
Never settle for the first accountant you come across. It’s essential to compare at least three potential accountants to ensure you’re making the right choice for your business. This comparison allows you to evaluate different services, fee structures, and personalities to find the best fit.
How to compare accountants:
- Review their qualifications and experience.
- Consider how well they understood your needs during the interview.
- Compare their prices and the range of services offered.
Taking the time to compare options means you can make a well-informed decision, ensuring you get the best value for your money.
Making the Right Choice for Your Business
“Don’t be afraid to give up the good to go for the great.” – John D. Rockefeller
Finding the right accountant is a crucial decision that can shape the financial success of your small business. By following these tips for finding a good accountant, you’ll be in a strong position to make the right choice. An experienced, qualified, and communicative accountant can help take your business from confusion to confidence, guiding you through financial challenges and turning roadblocks into revenue.
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