There are many reasons why you may need to hire an accountant. Obviously, if you own a small business, having an accountant to help with taxes and bookkeeping is a good idea. However, individuals can also benefit from accountants for tax help, if they have several income sources, or you need help with investments or your credit rating.
Nevertheless, not every accountant will be a perfect fit for your specific needs, and hiring the wrong accountant could result in costly mistakes. Before hiring an accountant, ask some questions to ensure the one you hire is the best one for you. Questions you should ask include,
What are Your Qualifications?
Before you hire an accountant, make sure they have the appropriate qualifications and are a member of a reliable accounting body. If you hire a tax accountant, he or she can only give tax advice. If you want financial planning advice, you will need to hire an accountant who holds an Australian Financial Services licence, or an authorised representative of a licence holder.
How Long have you Been With the Practice and How Long has the Practice Been Open?
If the practice has been in business for quite some time, do they have a succession plan? You should try not to start a relationship with an accountant that might leave you hanging if they retire or sell their business.
What Type of Clients do you Have and What Services do you Provide?
Do they help clients with similar needs to you, and have experience in the services you need? Ask if you can talk to a current client to find out if they are satisfied with the service provided.
Do you Provide any Other Services?
If you need an accountant to help grow your business, you will need one who has expertise in business planning, estate planning, strategic planning, cash flow management and budgeting.
How do you Keep Track of Changes in Circumstances?
A good accountant will perform regular checkups to see how things are going and find out about any changes in circumstances.
Who will Take Care of My Business?
It is a good idea to choose a practice that Is a similar size to your business. In many cases, smaller practices are best suited for smaller businesses.
What Sort of Access will I be Given to the Data you Hold About my Business?
Make sure that whichever accountant you choose will give you full access to all of your data. This will allow you to keep up-to-date with what is happening, and make it easy for you if you have to change accountants at some point.
If you are looking for a reliable accountant in North Sydney, you can also try one from our Tradebusters Connect local North Sydney business directory. The details of our pick of the top 3 accountants in North Sydney are listed and you can contact them directly.