The Australian small business market is highly active. Cloud technology is constantly evolving to affect the way businesses interact with their clients. The business owners must have a team of modern and innovative accountants in Sydney to ensure they’re maximizing their potential.
A good tax accountant will go way beyond knowing the amount of tax you have to pay for the current financial year. They will keep a close eye on the pulse and be an impartial source of information for any business decision that involves hiring new employees, buying equipment, or signing the lease of a new one.
An accountant in Sydney who is competent and reliable is an essential source. Here are our suggestions to help you select the most suitable accountant for your company.
Your Accountant Must Understand Your Requirements
Before you begin looking to hire an accountant you should think about the services you would like to be handled. Perhaps you need someone to handle the reins of payroll, bookkeeping BAS, BAS filing and income tax returns, budgeting, cash flow or maybe your annual tax preparation. If you’re like many people, you’ll want to find an accountant who is able to utilize your accounting software. Perhaps you are seeking to upgrade or implement cloud-based accounting software.
Even if the accountant is simply taking care of your taxes. They must be aware of the nature of your business to aid you in making educated choices. Other factors to consider include the ways you’ll collaborate when you meet (in person or via phone) and if they outsource or not, and how quickly they can respond to your queries.
While accountants typically work with a wide range of types of customers, some focus on specific areas like manufacturing, trades and retail, hospitality, and construction. It is essential to ensure your accountant is knowledgeable about the industry you work in and knows the requirements for reporting.
Small Business Experience is important
The issues small-scale businesses face can be numerous and complex. There are times when problems arise that shift the attention from cash flow hiring to the information needed to apply for loans. It is therefore essential that your accountant has previous experience with small-sized businesses that operate in various sectors and in different organizational structures to satisfy your requirements.
A majority of small companies use an accountant to assist with retrospective income tax calculation and preparation. The accountant’s role has changed to the business advisor as more small business owners turn to their accountants for help with the expansion of their business, such as managing cash flow marketing, recruiting new employees, and opening more places. An experienced accountant will be able to offer advice in these areas.
Accounting & Bookkeeping Qualifications
One crucial, yet often neglected aspect to consider is their professional credentials. An accountant should be certified as well as registered by the Tax Practitioners Board and have the required tertiary credentials. Your accountant should have the technical expertise to file your tax return as well as the soft skills to explain the tax laws to you in a clear manner.
The tax agent near you who prepares and files tax returns has to be registered. To determine whether the accountant you’ve selected is registered, search the tax agent’s registry here.
Through our experiences within the field, we’ve seen several bookkeepers that aren’t registered or are close to the owner of the business. Here’s a summary of the reasons this could result in more time and money than you realise.
Cloud Technology Cloud Technology Xero, MYOB, STP and saving you time
The advantages of cloud technology are vast and the reason it is becoming more well-known is. Benefits include remote access to data as well as workplace flexibility with data security, as well as various other features such as electronic invoicing. In all instances, you’ll require access to your financial data as well as require your accountant to be quick to access the data to discuss urgent concerns.
Xero & MYOB are the leading cloud accounting software right now. We believe that every business can benefit from the availability of real-time data and so we build our business by providing you with the benefits of having constant discussions to your accounting professional.
Communication with your accountant is Important
Your accountant must be at the top of your to handle all business issues. It is essential to find out who you’ll work with every day. What happens if they’re away on vacation? Do you have a support system that can help you? Smaller companies may pair you with a partner that may be the right fit for you in your quest to build a long-lasting friendship. The larger firms might not offer the same level of personal service.
It can be difficult to assess the efficiency of an accountant in initial interactions. If you’re a potential client, they must be able to respond quickly to messages and calls. If they fail to do so it could be a warning signal of things to expect. Accounting firms that are good at their job adopt the ‘within 24 hours’ policy, which means they’ll do all they can to return calls and respond to messages within 24hrs.
Language is yet another important aspect of communication. Tax jargon can be extremely complicated rapidly. It is not necessary to know everything in taxation, but your accountant needs to be able to explain the basics in layman’s terms in order to give you an accurate understanding. Inability to do this creates a difficult communication, resulting in a sloppy and unhelpful exchange that may hinder the pace of your accounting tasks.
If your accountant isn’t able to explain your tax and accounting numbers easily and promptly, it’s likely that they will not have any part of your accounting until the very end?
Value for money what is the cost of an Accountant Cost?
Initial consultations are free and accountants must be honest and transparent about the fees they charge. Fees are typically not due at the time of consultation because the nature of your accounting issues will require ongoing work. Historically, accountants have been paid by the hour, but more recently we’ve noticed a trend towards monthly ‘all-inclusive’ plans.’
An experienced accountant will provide you with an engagement document that outlines the charges you will be charged, and you will receive it before they begin work. An understanding of the accountant’s fee structure lets you plan your budget on their fees, understand whether their offerings are priced competitively, and understand what you’re getting before they agree to work together with you.
Qualita Business Accounting is able to work on packages as a primary source of contact. This eliminates the notion of “if I call my accountant, they’re going to cost me more” We wish you to be comfortable contacting us as your choices affect your business.
Final Thoughts
Selecting an accountant is among the most crucial decisions that a small-business owner can make. Make sure to take your time in your search. Don’t simply jump into a partnership in tax time. Make a plan, and evaluate your requirements quickly. This is a significant step for your business’s growth… Don’t put off this task until it’s too late.
If you’re in search of an accounting firm or think it’s time to make changes, contact us at 049-7068-685. With more than ten years of collective experience with a wide range of clients, Qualita Business Accounting can support your company.
