A good accountant is essential for any business but can be hard to find. Whether it is a large, medium or small business, accountants can assist in setting up accounting systems (eg. Xero, MYOB), maintaining financial records, preparing budgets, providing guidance for business growth and resolving taxation issues.
Some businesses have an internal accountant to manage their financial transactions while some outsource to accounting firms or have a mix of both to perform different functions.
What is small business accounting?
Accounting for small businesses deals with day-to-day business transactions. It pays close attention to the money that comes in and out of your business. As a small business owner, this is important in ensuring your company stays afloat and enables you to make more informed business decisions.
Here are some of the benefits of hiring an accountant for your small business:
- Maximise business tax deductions and increase savings
- Implement effective cash flow strategies
- Quickly identify growth opportunities and issues affecting the business
- Ensure accurate financial data
- Prepare tax returns on time and stay up-to-date on current tax laws and ATO requirements
How to Find a Good Business Accountant
If you are looking for a business accountant or considering changing your current accountant, then there are a number of things that should be considered. Here are some tips to help you find a good accountant:
Identify the kind of services and help you need from your accountant
Before anything else, ask yourself what you need your accountant to do for your business. Do you only need bookkeeping services or are you looking for broader business tasks? Do you need tax experts who can not only prepare tax returns but also provide advice on how to improve your business and look at effective tax planning strategies?
It’s crucial to identify your needs so you can find an accountant that offers these services. Each accounting firm has different services and specialisations– be sure to hire one that checks all the boxes.
Check their credibility and experience working with a business like yours
Credibility is an important aspect of hiring an accountant as they will handle all your financial statements and guide you in growing your business. A good business accountant is someone who can be trusted and is known to provide quality work. You can check this by browsing looking for testimonials from their clients and reading Google Reviews.
Some accountants are also certified by Australia’s accounting bodies (CPA Australia, Chartered Accountants Australia and New Zealand and the Institue of Public Accountants) which means they have high professional competence. This makes them an ideal candidate for a business accountant.
Aside from credibility, it’s best to find an accountant specialising in helping small businesses or even your specific industry. This gives them the necessary knowledge and experience to support your business.
Accounting firms like Craig Allen & Associates, for example, is a CPA practice and have worked with numerous business owners and directors. They have a diverse customer base with clients in the medical, legal, construction, entertainment and manufacturing industries.
Ask about their availability and communication methods
A good business accountant will partner with you in growing your business and– in any partnership– communication is crucial. Having an unresponsive accountant can disrupt your workflow and affect your business. When choosing an accountant, you should consider how you can ensure constant communication and how often they are available to address concerns.
We at Craig Allen & Associates believe that timely, hassle-free support is vital for your business and peace of mind. We are distinct from other accounting firms, promising to respond to clients’ concerns or queries within 24 hours.
Meet the accountant face-to-face or through an online meeting
Once you’ve done all your research, it’s time to meet your prospective accountant face-to-face or through an online meeting. This meeting will help you gauge your accountant better and ask relevant questions like their rates, certifications or accounting software used. The meeting can also tell you a lot about your accountant’s demeanour and personality which will ultimately help you decide if they’re the right fit for you.
Make sure you are comfortable and get along with your accountant
Finally, having a business accountant you can trust and are comfortable with is important in building a long-term business relationship. You need an accountant you can talk to about your business and financial concerns. Make sure they are approachable, understand your business needs and are committed to helping you achieve your goals.
Craig Allen & Associates is a team of certified practising accountants that is committed to helping clients get the best possible outcome—now, and in the long term. We take our clients’ needs seriously and pride ourselves on being open, approachable and flexible.
We’re in the Business of Making Yours a Success!
If you are looking for an experienced accountant to help you navigate your business toward success, schedule a free, no-obligation consultation by contacting our team at 039 558 7316 or emailing us at craig@craigallen.com.au.
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