Whether you are the owner of a small startup or an established business, you need to manage your finances in a proper way. Whether it comes to managing your cash flow or handling annual tax returns or ensure compliance of your business with existing tax regulations, you have to keep your finances in proper order. You can find the services of a reliable Property Tax Accountant Sydney invaluable in such cases. When you are looking for the right professional, here are some tips to help you to do a careful evaluation and make an informed decision for your business.
Understand the Needs of Your Business
First of all, you need to have a clear idea about what your business actually requires. Are you in search of an accountant who will help you to handle payroll and basic bookkeeping or do you need more complex financial advice management?
Keep in mind that various accountants have various expertise areas. Some specialize in property-based ventures while others can be experts in startups. Others may specialize in corporations or small businesses. You have to consider the specific financial tasks that you need assistance with, to find someone suitable, and having the appropriate skill set.
Check the Qualifications and Credentials
Once you are clear about your business requirements, you have to look for an accountant who comes with the right qualifications. In Sydney, you have to look for an accountant who is registered with a professional body like CPA Australia (Certified Practicing Accountant), Chartered Accountants ANZ, or the Institute of Public Accountants.
Such credentials are indicative of ongoing professional development, high ethical standards and a superior level of training. If you are seeking the services of a tax professional specializing in a specific area of expertise, make sure that your preferred accountant has enough working experience in that domain.
Look for Relevant Industry Experience
It will also be a good idea to hire an accountant with relevant experience in your industry area. That way, he will understand the regulatory requirements and specific financial challenges associated with it.
For example, if you are a property investor or developer, you need to choose an accountant who has worked with clients in the real estate industry. That way, he will be able to provide you with important insights into how government incentives and local tax laws apply to your property dealings.
Assess his Communication Style
Make sure that your accountant communicates clearly and consistently. You will definitely like to work with someone who can easily explain all complex financial topics and aspects to you in simple language. Ask potential accountants how they prefer to communicate, through in-person meetings, video calls or email, and how often they will provide you with updates. You have to look for a professional who can feel like a business partner, give prompt responses to your queries and offer proactive advice on business growth opportunities, compliance deadlines and financial strategies.
Check his Tech-Savviness and Software Skills
Today, accounting has gone digital in many ways. It is important to hire an accountant who has proficiency with the latest software tools and technologies. Choose one who is adept at handling cloud-based accounting platforms like QuickBooks, MYOB and Xero, and can give you real-time access to your financial data. With a tech-savvy accountant by your side, you can expect better collaboration. If you are accountant is an expert at using all these tools, he can also train you or your business team, if needed.
Ask about Fees and Billing Structure
While hiring an accountant, you should also obviously consider the cost factor. Some of them have fixed annual or monthly packages while others charge by the hour. It is important to have a fair idea about how your accountant would charge and what kind of services he would provide you with. Get a clear breakdown of costs and make sure that your investment in his services is justified. Your accountant should have reasonable charges for his services.
Look for Reviews and Testimonials
You also need to do some background research before making a final decision. Check client testimonials, online reviews or even case studies that show the quality of services and expertise of the accountant that you plan to hire. If possible, you should ask for references from other companies or business owners in your network or industry.
Consider Long-Term Compatibility
Finally, you need to think whether you will be able to work with your preferred accountant over the long term, to grow your business easily. A trusted accountant can provide you with relevant advice, help your business adapt to your evolving needs and take major decisions that can put you on solid financial ground.
Conclusion
The right accountant can make your business go forward and grow in a big way. Look for one who can be a strategic ally for your business and help you to drive growth easily. With the assistance of a company like Prowess Business Advisers, you can get a specialist accountant for your needs in Sydney.