What is an Accountant and How Do I find a Good one?
Did you know ‘how do I choose an accountant’ is one of the most frequent financial services-related Google searches?
There are many things to consider when choosing an accountant, many benefits to choosing the right person for the job (and numerous potential perils if you select someone who is not up to the task!). So, it makes sense that choosing an accountant can be one of the most important financial decisions you make.
Rather like a business partner, the right accountant will serve as a trusted advisor, providing advice and guidance you can depend on, growing and evolving with you over the course of your lifetime and the lifetime of your business, and saving you time and money year on year. Here are our tips for finding the right accountant for you.
What’s an accountant?
As a business owner, there is a wide range of financial service professionals you might enlist to support you. Understanding the scope of your accountancy needs is the first step in establishing what type of accountant you need.
- Find an accountant for a medium or large business: If you’re a business owner, a good accountant can assist you with tax compliance, helping you manage every aspect of your personal and business finances and accounting needs, by creating an integrated taxation and wealth creation strategy that creates peace of mind and protects your personal and business finances in the long term. Select an accountancy firm that also offers business advisory services and you’ll also be able to access business advice that supports your business’ growth and innovation. The business advisory remit extends far beyond traditional accounting services, offering strategic, results-driven evolution that enables business owners to build a foundation, map their future, and transform their efforts into wealth.
- Find an accountant for a small business: If you work for yourself as the owner of a small business, your needs will extend beyond a personal accountant. An accountant can help a small business owner with business activity statements (BAS), pay as you go (PAYG) tax instalments, and super contributions, and they can identify tax deductions and ensure tax compliance.
- Find a personal accountant: If you are a sole trader, an accountant can help streamline the process of completing your tax return, ensuring you’re compliant and that you claim all the tax deductions you’re entitled to. If you have multiple employers, or you also earn income from investments, an accountant can help to simplify the tax return process. If your income is derived from a single employer, and you don’t have other investments, your tax return may be less complex and you may be able to complete your tax return yourself.
How do I find an accountant for my business?
Working out what type of accountant you need, and trying to find one who meets your business needs perfectly, can be a daunting task. If your business is constantly expanding, key questions to ask yourself are whether a prospective accountancy firm has the capacity to grow with your business, the capability to meet the needs of your business as they evolve and change, and the ability to leverage the wide range of government grant and financial assistance programs available to medium and large businesses located in Victoria, and Australia-wide.
When you’re deciding whether a particular accountant suits the needs of your business, there are a number of things to consider:
- What are their specific accounting registrations, qualifications and capabilities? Ensure you choose an accountant who is a member of a professional body, has accredited tertiary qualifications, and is compliant with professional standards. Only tax agents registered on the Tax Practitioners Board Register can legally prepare and lodge tax returns, and only accountants with an Australian financial services (AFS) licence are registered to provide investment advice.
- What accounting services and business advisory specialisations they offer?
- Are there any specific industries they provide specialised accounting services to – who or what type of business – comprises their primary client base?
- What fees do they charge for the various business accounting services they offer?
- What are their accounting admin processes? (Do they utilise specific accounting software, how will they process documents, how do they manage day-to-day communications, and any other practical considerations.)
- Which team members, specifically, you will deal with?
- Is their accounting firm located conveniently for your business?
How do I find a good accountant?
A good accountant will provide you with peace of mind around compliance, while helping you manage your tax bottom line, creating a bussiness framework that enables you to achieve your business and wealth goals, and helping take your business to the next level.
When you’re searching for an accountant, try to identify candidates that offer accounting services that meet your personal or business accounting needs. They may specialise in tax returns for individuals or for businesses, or offer accounting expertise in a field of taxation, or advisory expertise in a particular industry.
The right accountant for your needs has the potential take your business to the next level. Once you understand the scope of your accounting needs, a good way to find an accountant is to speak to business associates to see if they can recommend an accountancy firm. They will be able to provide you with insights into the capabilities and strengths of the accounting and advisory practices they work with, and any specialisations that may be of benefit to your business
Testimonials and reviews are another great source of intel when you’re searching for an accountant, providing you with unbiased, first person experience of accountants and their services.
Is it worth getting an accountant to do your tax?
From a compliance perspective, an accountant can certainly help you prepare and lodge your tax return, reducing tax time stress, improving the accuracy of your tax return and securing your tax refund entitlements. And, the right accountant for your business can offer you considerably more than tax planning, tax compliance and tax advisory, including:
- Strategic planning and development.
- Implementation of accountability.
- Corporate governance guidance.
- Establishing structured business and personal financial goals.
- Establishment of advisory committees and boards.
- Succession planning.
- Coaching and mentoring.
- Mergers and acquisitions advice.
- Strategic financial analysis and recommendations for profit maximisation, improving business performance and monitoring.
- Restructuring and asset protection strategies.
- Three-way forecasting, financial analysis and cash flow management programs.
- International subsidiary management, and reporting.
- Financial management reports.
- Virtual CFO services.
- Distressed business turn-around services.
- Government grants and tax incentives applications and advice.
- Financial education via the MS Catalyst program.
- Strategic direction setting via the MS Strategic Focus program.
- Product and cost analysis.
At Matthews Steer we offer Melbourne-based accounting services and business advisory services that provide a full suite of taxation services, comprehensive business strategy and planning, and meticulous management and measurement of financial performance. We work with our clients to develop effective strategic plans and implement strong financial reporting processes essential to business optimisation. If you think Matthews Steer Accountants and Advisors is the right fit for your Melbourne accounting needs, call us on 03 9325 6300 or email info@matsteer.com.au and a member of our team will contact you.
The information in the Matthew Steer website is of a general nature only. It does not take into account your personal objectives, financial situation or needs. The information on this website does not constitute financial, investment or taxation advice and should not be relied on as such.
Before making any decisions involving financial products or services, you should read the relevant Financial Services Guide (FSG) and any applicable Product Disclosure Statement (PDS) before making any decision. We also recommend that you seek independent professional advice as to the suitability of the products or services which is relevant to your particular financial circumstances.