As a business owner, there’s no doubt that the thought of hiring an accountant has crossed your mind at some time or another. Owning a business comes with a lot of financial responsibilities. You’ve got to keep your books in check, calculate and pay taxes correctly (and on time) and meet various legal requirements. These are just scratching the surface, so hiring an accountant might be wise. But how do you hire the right accountant for your business?
What is an accountant, and what do they do?
Accountants can fulfil many roles within a business. They usually serve as a financial guide, overseeing the business's financials. This includes keeping records, bookkeeping, tax planning, and preparing financial documents for tax returns and certain transactions. Accountants also help businesses avoid financial mistakes by providing sound financial advice, pinpointing opportunities to save money and reducing losses by identifying risks.
How can you find the right accountant for your business?
If you’re considering hiring an accountant for your business, you make a wise choice. But don’t dive in and hire the first accountant you meet with. You need to find the right accountant for your business. Here are some tips that can help you:
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Consider your needs
Before you line up a few interviews with accountants, work out your business's goals and priorities. Ideally, you want the accountant you hire to be able to handle all your finances well. Still, you may need an accountant who specialises in specific areas of finances based on your business goals.
For instance, say you’re concerned about your tax liability and need an especially talented accountant to help you devise a unique tax plan to help you legally reduce your taxes before they are due. While most accountants know the tax system fairly well, there are some who excel in these areas, and they’re the ones you want to hire.
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Ask people for suggestions and referrals
This goes without saying, but you need to do a bit of research about the accountants you’re considering. One effective way to learn more about an accountant is to ask people within your network if they’ve worked with that accountant before and their experiences with them. You could also make use of online reviews if need be, especially if the accountant has a Google My Business Page or website that allows online reviews. This will give you an idea of how they work and what others think of them before you go into a meeting.
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Meet with a few accountants
You also want to meet with a few accountants before you sign with one. Once you have a list of accountants you may want to hire, meet with them in person whenever your schedules match up. An in-person meeting is important because you get to build rapport with them and pick up on any red flags that may indicate that they’re not the accountant for you.
In these meetings, don’t be afraid to ask them questions. Remember, they are going to be managing your many after all, so you need to know that you can trust their advice. If you can, bring a business partner or a senior-level employee with you so that you can both take notes and check them against each other later.
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Compare the costs and services
Cost is an important factor to consider. Some accountants prefer to work on a retainer basis, where you pay them a set amount each month for their services, while others work on a per-service basis, which requires you to pay them based on the services they provide when they provide those services.
This is also when you get to check out how much they charge in comparison to other professionals in the industry. Avoid looking for the cheapest option if you can. The better approach is to consider the overall value of the accountant and their services as opposed to the price they charge. Generally, premium services are going to cost more. You also need to factor in what you can afford. There’s not much point in hiring an accountant whose fees match the amount of tax they might save you.
Where to find an accountant for your small business in Brisbane
Eventually, accountants will be a necessary business expense whether you like it or not. Regardless, you want a reliable, affordable, and trustworthy accountant with integrity. If you’re looking for a good accountant for your small business, here is a helpful page from Walkerhill. Here you’ll be able to get in contact with some of the best small business accountants in Brisbane and find out more about how they can help you.
Final thoughts
There are many accountants in Australia, all ranging in price and experience. Your goal should be to find an accountant with a good reputation amongst other businesses and with experience to back them. If you can tick these two boxes and afford their services, you may have found the right accountant.
