Running a Small Business in Australia: Choosing the Right Accountant
Finding a good accountant is a crucial process for any small business in Australia. This professional can provide help in key financial areas such as bookkeeping, taxes, and investments, while ensuring you remain compliant as well. However, not every accountant will be suitable for your company. You need a trustworthy and dependable person who understands your small business and how they could support long-term growth and success. With that in mind, here are some simple tips you can follow when choosing the best possible accountant for your small business:
Do extensive research
When looking for a qualified professional, it’s common to begin with a simple Google search. This can be a great solution for finding accountants in your area, but don’t make the mistake of choosing the first person that comes up. Instead, try to find reviews from previous clients and narrow down the choice to the individuals with the best track record. Asking your business partners and other professionals in your industry for recommendations can also be a good method of finding an excellent accountant. Once you’ve narrowed down your options, carefully research each individual.
Check the qualifications
In order to remain compliant, you must ensure the accountant you choose is qualified to perform the role. This can be checked online, along with the professional organisations they might be part of. See whether they are registered at the BAS agent and online tax register to make sure they are able to do your tax return. If you need the accountant to advise you on self-managed super funds, however, check if they hold an Australian Financial Services License. In any case, doing your due diligence will help you choose a suitable professional and stay on the right side of law.
Choose the specialisation
Choosing an accountant with extensive experience working with small businesses similar to yours can help to establish a good professional relationship early on. But don’t overlook their specialisation either. Like any other profession, an accountant can specialise in a number of areas. For small businesses, it would be best to choose accountants from Sydney who are able to offer a complete service package. From taxes and bookkeeping to payroll and superannuation, these experts can handle any aspect you might need.
Consider the expenses
Naturally, the cost of services will be a crucial factor for small business owners as well. Consider the fee, the services that are included, as well as the factors that will need to be paid separately. Then, think about the payment plan the accountant suggests. Will you be paying an hourly rate or according to the project or service? Select the solution that suits your business the most, but never make the mistake of going for the cheapest option — this will rarely turn out well for the health of your finances and the success of your business.
Although often overlooked, it’s vital to choose an accountant whose goals and values align with your own. This will be essential to streamlining processes and building a good relationship. Go for an individual who is willing to explain procedures to you in plain language instead of financial jargon to ensure compatibility. Prioritise the person who can quickly deliver their services when needed, and promptly respond to emails and phone calls. An accountant with a strong network that could support you in their absence will also be a valuable asset.
Think about the location
Depending on your needs, you can either choose an accountant that’s situated in your area or a professional in a different location. Local accountants are great for face-to-face interactions and quickly responding to changing requirements. If your business has these demands, limit your search to your city or town. If not, you could hire any Australian accountant as well. With financial software, cloud accounting, and video conferencing tools, they will be able to provide an equal quality of service to your small business.
Selecting the right accountant for your company’s needs is never an easy task. But by following the helpful advice above, you will be able to make a better, more informed choice to suit the needs of your small business.