Given the crucial role an accountant plays in your business, it’s important to find a qualified professional who has the right experience and expertise, so they add value to your business. When you’re sharing so much personal and financial information with them, finding someone you feel comfortable with is just as important.
How do you determine if an accountant is the right one for you?
Recommended
To save you having to make cold calls and hope for the best, ask other business people you know if they can recommend an accountant to you. Ask them why they chose their accountant and what they have experienced working with them.
Qualified.
Always choose an accountant who is a member of a professional body such as CPA Australia because they will have the appropriate tertiary qualifications. As a member, they are required to comply with professional industry standards.
Check if someone is a CPA public practice licensee.
https://content.cpaaustralia.com.au/FindACpa/Locate.mvc/Index
Check that the accountant is a registered tax agent. This allows them to perform functions in relation to the collection, recording, analysis, and preparation of individual or business financial operations. You can check their registration status with the Tax Practitioners Board Register. https://www.tpb.gov.au/registrations_search
An accountant must hold an Australian Financial Services (AFS) license in order to provide you with advice about investing or planning for your retirement.
Ask Questions.
The best way to determine if an accountant meets your requirements is to ask them:
- How can they add value to your business?
- Are they proactive?
- What qualifications and registrations they hold.
- Whether they hold membership with any professional bodies.
- About the services they offer and their area of specialty.
- The kind of businesses that make up their main client base.
- How they deal with communication such as complaints from clients.
Here’s a great five-point tick list to use when researching the best accountant for you:
1. Regular communication and quick response.
An accountant who is proactive about their communication with you and responds within a reasonable time to your calls or emails, shows you they are interested in you and your business. They demonstrate professionalism and a commitment to keeping up to date about your business and your financial needs. This applies to their office staff as well.
2. Not just at Tax time.
A good accountant plans throughout the year and not just when big deadlines are looming. A common complaint from business owners is that their accountant is more reactive than proactive. By maintaining your financial records throughout the year, they stay aware of your financial circumstances and help you make appropriate adjustments before any situation spirals and jeopardizes your financial circumstances. They assist you with strategic planning so that you gain the greatest financial benefit. It also keeps you accountable for supplying information to your accountant in a timely manner. The end result is reduced stress and confidence in your financial management.
3. They educate you.
If you know how to budget, you can improve your financial management. A great accountant will show you how to set out a budget, set aside funds for unexpected situations, make sure you are paid from the business, and helps you avoid painful, expensive, errors which could place your business in jeopardy. They will also sit down with you to discuss your goals and help you create a plan around them. They show you how to create a healthy cash flow, maintain a good credit history, and grow your business so you get to achieve your personal and business goals.
4. Constantly learning.
It is important that your accountant keeps abreast of changes in legislation requirements and tax codes as these are constantly changing. To this end, a great accountant is constantly learning and sees ongoing professional development as part of their service to their customers. Business skills also need to be developed on an ongoing basis. A great accountant makes this kind of learning a part of their strategic planning and where appropriate, they pass on their understanding and skills to you. Whenever you have a question about the financial aspects of your business, a good accountant can provide an appropriate, extended answer. This proactive approach to learning shows they know how to support your business well and help you to grow your business.
5. No stupid questions.
Your accountant is there to help you manage your business. While they may take on many of the tasks, you are ultimately responsible for understanding what’s going on in the business. A good accountant works in collaboration with you and your success becomes their success. That’s why they will encourage you to ask questions when you need current information, assistance with planning, and whenever you need sound, reassuring advice. They will take the time to explain your financial reports and statements and to discuss the next best step forward in your business planning.
Working with the right accountant is important to your business success. Take the time to find one with the right attitude as well as knowledge and experience.
If you’re looking for an accountant in Melbourne or near your local area, contact Rick & Mon Business Consultants on (03) 5902 7090. Let’s have a chat and get acquainted.