Running a business can be challenging without professional help. A qualified accountant can take care of your bookkeeping, tax planning, BAS and financial statements preparation, allowing you to focus on running your business. Here’s a guide to help you select the appropriate right small business accountant for your business.
1. Understand Your Accounting Needs
Before starting your search, it’s essential to understand what you need from an accountant. Different accountants provide range of different services, such as bookkeeping, tax preparation, and business advisory. Determine whether you need help with day-to-day accounting tasks, business advisory, or simply if you need a business accountant on a transactional basis to lodge BASs and/or tax returns. This will narrow your search to those who are the best fit.
2. Check Qualifications
A crucial step is to ensure that your accountant holds the appropriate qualifications. Look for professionals with:
- CPA (Certified Practicing Accountant) or CA (Chartered Accountant) qualifications, which indicate a high level of training and expertise (the best of the best!).
- Registered Tax Agents, especially if you need assistance with lodging tax returns or dealing with the tax office. A registered tax agent (who is also a small business accountant) will be up-to-date with ATO rules and regulations.
3. Get Referrals from Trusted Sources
One of the best ways to find a reliable accountant is through referrals from other small business owners. Ask around in your network or business groups, as people are often willing to share their experiences, good or bad, with respect to small business accountants. This can save you time and effort in finding someone trustworthy and experienced.
4. Use Online Resources and Reviews
Online platforms like Google and LinkedIn offer reviews that can help you assess an accountant’s reputation and ability. Reading client feedback will allow you to gauge whether the business accountant delivers quality services, communicates effectively, and provides value for money. Note that sometimes negative reviews are given by competitors and alternatively positive reviews are given by friends. Reading through all the reviews should give you an indication of what you’ll get in dealing with your chosen small business accountant.
5. Conduct Interviews
Once you have a shortlist of potential accountants, interview them to ensure they’re the right fit. Ask questions such as:
- What experience do you have with a small business in our industry?
- How do you charge for your services?
- How do you plan to communicate with me throughout the year?
- What accounting software do you recommend, and can it integrate with my existing systems?
The interview is also an opportunity to see if the accountant can explain tax and business matters in a simple way for you to understand – which will be important for a productive working relationship.
6. Consider The Business Accountant’s Use of Technology
A modern accountant should be familiar with cloud-based accounting software like Xero, QuickBooks, or MYOB. These tools make managing your books efficient by offering real-time data. Ask each prospective accountant about the technology they use and whether they can help you set up or improve your accounting systems with the use of cloud accounting software.
7. Discuss Pricing and Services
Accountants generally charge hourly rates, fixed fees, or a combination of both, depending on the services you need. Be clear to communicate about your budget and your expectations during your discussions. Ensure that you specify what services are provided. It’s actually important to strike a balance between cost and quality; the cheapest option is generally not the best. Keep in mind that good accountants are expensive to employ so a cheap price is likely to mean you will receive a poor level of advice from your newly chosen business accountant.
8. Build a Strong Working Relationship
The relationship with your small business accountant should base on trust and open communication. Your discussions are likely to be sensitive, so the preference is someone who you feel comfortable talking to and who understands your business goals. A great business accountant will not only help you manage your books but also offer advice that helps your business grow.
In conclusion, finding the right small business accountant, like Nobel Thomas, requires them to understand your needs, requires you to check their qualifications, to seek referrals, and to conduct interviews. Once you’ve chosen an accountant, you both will need to ensure the relationship is built on trust and transparency to maximize the benefits for your business. The right accountant is crucial in ensuring your business’s future success.
