Choosing the right accountant for you
Choosing the right accountant for you, it’s not as straightforward as it may seem. It’s not just about finding someone who can find your tax savings. Don’t get us wrong, compliance (or keeping the ATO happy) is important but there is far more to accounting than just compliance. You need to have a think about what is important to you.
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Are you after an accountant to just do your tax?
Is compliance all that is important to you? Are you happy to get your tax and see your accountant in a year’s time? Or are you keen to understand your numbers? To see where you can improve and how you compare to others in your industry?
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Do you want somebody who provides full service accounting solutions?
Is it important for your accountant to provide you with a full suite of services from bookkeeping, and data entry to BAS and analysis? Or does it work for you to do your own data entry but your accountant does the bookkeeping and BAS?
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Do you want your accountant to be a part of your business?
To have a solid and open relationship with you to help you to understand your business. Someone that gets to know the strengths and weaknesses of you, your business and your income streams?
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What is important to you?
Is customer service to you? How important is it that your accountant gets back to you promptly? Are you happy to shoot off an email and get a response when they have a moment or do you need a response within the next 24 hours? What do you value in business? Are your accountant’s values and ethics important to you? Would it help you to be guided by an accountant with a great deal of experience or do you have a lot of experience yourself?
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What fee structure suits you?
A lot of people think about fees in terms of “where can I get the best deal?” or the cheapest price, forgetting that you get what you pay for. Accountants have a great deal of experience and have high level qualifications so remember you will pay a different fee for a graduate or bookkeeper compared to a fully qualified CPA and tax agent with 15 years experience. Do you need an all inclusive package? Do you have a lot of small questions you would like answered? Would a monthly retainer fee work best for you or do you work better on a quarterly or annual basis?
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Find someone that is upfront about their fees
It can be difficult to understand the fee structures of some accounting firms, so look into your quote and get an explanation of what is included. You should receive a letter of engagement which outlines everything you can expect from your accountant or accounting firm and everything that they need from you.
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Do they charge for a quick email or phone call?
Quick emails and phone calls can be deceiving, particularly when you are just starting out or getting your head around a new software package. Be certain that your accountant (or accountant to be) doesn’t charge for every 2 min phone call, or worse yet charge a minimum fee of 15 mins per email or phone call. These costs can blow out or even worse make you think twice before asking an important question.
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What are your values?
It is essential when choosing an accountant that you consider what is important to you? Is your business all about making money for your family or do you dream of building an empire? Is it important that your accountant sees you? Or that they understand your family and what they need? Are your goals set in stone or are you happy to change them as time passes?
Finding the person that’s right for you, could be the difference between success and failure for you and your business. So take the time, understand the value and ask the questions that could help you launch your business into a prosperous future.
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Any advice in this blog is general in nature and is intended for information purposes only. For personalised advice please contact your accountant.