Denis Cummins

How to Choose the Right Accountant for Your Business Needs

best accountant for small business

When running a business, having clear financial records is not just useful—it’s necessary. A skilled and competent accountant can provide this and more. They can offer valuable insights into your business’s financial well-being, assist with tax preparation, and guide you on reducing costs or seizing growth opportunities. The problem, however, is that finding the right accountant for your business can be challenging. That’s especially true if you own a small business and want to be more mindful of your expenses on third-party hires. So, today, we’ll share practical and easy-to-follow tips on choosing the best accountant for a small business in Australia.

Tip #1: Assess and Specify Your Business Accounting Needs

Every business is unique—and so are its accounting needs. So, before beginning your search, take ample time to assess your specific business requirements. Are you looking for a business accountant to handle basic bookkeeping or tax preparation? Do you run a niche company and require an accountant specialising in that niche? Do you need financial planning or more comprehensive business advisory services? 

Understanding your business accounting needs and its specific pain points will help you find an accountant with the right skill set. With such clarity, you can effectively assess multiple candidates before hiring the most suitable for your company. 

Tip #2: Pick a Certified or Chartered Accountant

Leave your business accounting needs only to the most capable hands. Trust only a Certified Practising Accountant (CPA) or a Chartered Accountant (CA) in Australia. Both are professional accountants with specific qualifications. CPAs are highly competent professionals who can assist with accounting, taxation & financial management. On the other hand, CAs focus more on technical accounting, such as auditing. Nevertheless, these designations ensure the accountant has met rigorous educational & professional standards and adheres to a strict code of ethics.

How can you verify these credentials? You can do it online. Or you can ask for an accountant’s accreditation number and verify it with the relevant organisation. 

Tip #3: Look for Relevant Expertise or Niche

Consider accountants who have experience in your industry or business type. Do you run a growing eCommerce company? Pick an accountant focused on eCommerce because they will understand and navigate sales tax nuances better. Simply put, a small business accountant immersed in the realities of your niche or vertical can offer more tailored guidance. Plus, they probably have built networks with other professionals who can also be of great help to your small or local business. 

You can ask for recommendations from your industry networks to find an accountant with relevant expertise in your niche. You can also search for accountants for a small business online. It’s not impossible to discover firms offering accountant services near you have dedicated teams for specific verticals or sectors.

accountants for small business

Tip #4: Consider Technology Compatibility

If you’re already using accounting software to manage your finances, ensure that the accountant you hire is also familiar with it or can, at least, import data from it.

If your software is outdated or you don’t have any, you can ask an accountant you want to hire about the accounting software they use. Some cloud accounting software provides real-time financial reporting and can connect to various data sources. You can access your company’s financial status and the latest information whenever and wherever you need it. More importantly, you must ensure their software is compatible with your business systems for seamless processes.

Tip #5: Get Quotes from Multiple Candidates

How much does an accountant cost in Australia?

Accounting fees can vary significantly. Some small business accountants charge hourly, while others prefer a monthly retainer. It’s vital to ask about their fee structure & included services and ensure that cost aligns with your budget. So, don’t settle for the first Australian accountant you meet. Interview several candidates or accounting firms, compare their services & request detailed quotes or fee structures. 

Also, remember that the most expensive option isn’t always the best, and the cheapest may not offer your required services or be specialised in your vertical. 

Tip #6: Perform Background Checks 

Before making a final decision, conduct thorough background checks. Spend ample time verifying their qualifications, checking for disciplinary actions, and reading online reviews. 

Also, consider speaking with a few of their past clients. You can use professional services to help with this, but most sincere Australian accountants will happily provide you with a list of references. Speaking with these references can confirm the information provided by the accountant and give you a firsthand account of their interactions with clients. When reaching out to references, try to be considerate. A brief phone call can give you more insight than a lengthy written questionnaire.

Tip #7: Hire an Accountant Who Has Your Best Interests in Mind

Your accountant should be more than just a number cruncher. Look for someone who shows genuine interest in your business’s success and offers forward-thinking advice. They should be willing to explain complex financial concepts in simple terms and give proactive insights to help you take advantage of growth opportunities. 

So, when searching for the best accountant for your small business in Australia, prioritise candidates who focus on offering value-added services rather than just meeting basic requirements. Ultimately, you need a partner dedicated to your success and will tirelessly work to help you achieve your objectives.

Consider Denis Cummins Public Accountants for Your Business Needs

If you’re a small business owner in Narellan, New South Wales, looking for expert accounting services, consider Denis Cummins Public Accountants. With years of experience serving local businesses, we offer a full range of accountant services. Our team of certified professionals is committed to helping you navigate the complexities of small business finance and reach your milestones and goals.

Simply put, we’re to meet your current accounting needs while providing ample support to your business as it grows and evolves. Contact us today to learn more.

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