Tips for Choosing a Small Business Accountant

After you decide to hire an accountant, the next step is to choose which accountant to hire. Take your time and consider a few things before making a decision. Think about factors such as where the accountant will work, how the workload will be divided, and what kind of accounting software you would like to use. Think about how much you will have to pay your accountant, and whether they can assist you in reducing your business tax burden.

Investing in an experienced and capable individual to manage your finances is in the best interest of your company. Over time, this will save you both time and money. To help you choose an accountant, here are some things to keep in mind.

Consider The Location, If It Matters

Once upon a time, having the small business accountant of your company located close by was essential. Today, more businesses are collaborating online, using cloud-based technology to manage their business. This means that location does not matter as much. Using cloud accounting, you and your accountant can view identical real-time data at the same time – no matter where you are.

However, when it comes to selecting an accountant, it all boils down to what is best for your company. The location of your accountant is determined by how you handle your finances. If you and your accountant feel comfortable working via email, phone conversations, video conferences, or secure accounting software, you and your accountant can work from anywhere. All you need to do is discover someone who understands the specifics of your industry or business.

On the other hand, you may enjoy face-to-face interaction and find it beneficial to have someone accompany you to business meetings. In this scenario, you should narrow your search to accountants who reside nearby or who are willing to visit your business on a regular basis.

Find an Accountant with Relevant Expertise

Ideally, you should hire someone with experience preparing tax returns and financial documents for companies of a similar size and revenue to yours. For a company that relies heavily on cloud-based software, you’ll probably need someone who knows how to work with it.

Choosing experts that have worked with firms similar to yours is even more preferable, since they will be more familiar with your specific requirements. Look to check whether they have a huge clientele. If they do, it’s a positive indication since you’ll know they’ll be able to meet your changing demands over time. You may also request a list of their clients, including revenue and personnel numbers. Analyse how their clientele has evolved and developed over time to determine if they can meet your changing demands.

Select Only Certified or Chartered Accountant

Several professional bodies oversee the qualifications of accountants and try to maintain high standards of professionalism. In different countries, accountants may be called Certified Public Accountants or Chartered Accountants. Professionally qualified CAs have completed the degree-level study and a program of professional competence in addition to having work experience.

With the greater experience and knowledge that a certified or chartered accountant has, they’ll be able to add value to your business right away. Assuming that your company will grow, hiring a professional accountant at the beginning would be a good idea. It may be possible to employ accountants who are not certified, chartered, or registered, but this might be a risky move for your finances.

Interview Several Accountants Before You Decide

Don’t accept the first offer you receive. Things can change at any time. Organise things so that clients can compare accountants easily. It will be easier to choose the right one for your company if you know what suits it best.

An interview is a great way to see whether you can get along well with a person. A series of interviews will not only allow you to better define what type of accountant you need, but will also provide you with free advice. You might even be able to determine your own business requirements by doing so.

The following are some questions you could ask during an interview:

• What are their connections?
• Is their network of professional people strong?
• What is the way they describe their services?
• Do they show enthusiasm and interest in their work?
• Do their clients recommend them?
• What is their experience?
• What qualifications do they have?

Perform Background Checks

If you are planning on hiring your accountant, you should speak with some of their clients before you sign any paperwork. If there is a genuine accountant, he or she may be willing to provide you with references if you ask.

This will confirm some information provided by your accountant. Also, the accountant will be able to tell you about their relationship with their other clients. Make sure you are reasonable when contacting referees. You don’t want to overwhelm them with a lot of questions. Ten minutes on the phone is likely to give you much more insight into your accountant than a form full of bland written answers.

Consider Cost

You may be charged per hour, a retainer, or a percentage of your turnover, depending on the accountant. If you interview multiple accountants, make sure to get written proposals from each one and then carefully compare them. When your company is small, one pricing structure may make sense, but as it expands, it may become less appealing.

There are no set rules. There are several options available to you, including a sliding scale based on turnover or a combined method of charging. You might not get the accountant’s agreement on your proposed fee structure, but you will never know if you do not ask.

What’s more, you’ll need a partner you can trust, who comes with enough experience and is available when you need them.

Good accountants help businesses thrive by managing complicated financial tasks and providing realistic business advice. This will undoubtedly save you money in the short and long run.

In addition, our QBA team can connect you with the best accountants. Qualita Business Accounting in Sydney is a team of professionals who care about your success and look out for your best interests. As a company, our reputation has been built on providing exceptional customer care. Our accounting firm provides accounting services in Sydney with the help of expert professional accountants who focus on providing a personalised services approach.

Hence, if you have any other questions, visit https://www.qualitaaccounting.com.au/ or call 02-9734-6660. We are here to help.