Running a small business comes with a multitude of decisions and responsibilities – one of which is finding a savvy accountant to help you manage your finances. Seeking the advice of an accountant can be beneficial at any stage of your business journey, whether you are starting, buying or selling a business; expanding your business; or simply wanting to better manage your finances.
It’s important to find an accountant who you can develop a good working relationship with and who suits the needs of your business. So, to help you on your quest to find the right accountant here are some considerations.
Understanding Your Business Needs
First, it’s vital to comprehend your specific business needs. Each business is unique, and so are its accounting requirements. Are you in the early stages of your venture, needing assistance with business structure and tax registrations? Perhaps you’ve been operating for a while and now require more sophisticated services like financial reporting or cash flow forecasting? Having a clear understanding of your needs can guide you towards the right accounting services.
Professional Credentials Matter
Only registered tax agents can lodge returns with the Australian Taxation Office (ATO on behalf of your business. Check if your accountant is registered on the Taxation Practitioners Board. Likewise, only Australian financial services (AFS) licence holders can provide financial planning advice, so make sure your check to if they’re a licence holder on the Australian Securities and Investments Commission (ASIC) website.
Small Business Experience Is Essential
Your accountant must have previous experience working with small businesses for them to truly understand your requirements. Small businesses often require more individualised approaches, which is why you should choose an accounting firm that can offer personalised and tailored solutions.
While many small businesses hire an accountant for no other reason than assisting them in preparing for and lodging their taxes, it is good to find an accountant who can do more. You never know how your business will grow and you may eventually need assistance with management of cash flow, marketing, the employment of more personnel and the establishment of other sites.
Communication is Key
The right accountant is one who communicates effectively and in a timely manner. This ensures that you are always in the loop about your business’s financial health. You want to find an accountant who is happy to answer your questions and provide ongoing guidance. Ask for recommendations from family, friends and other small business owners and check online reviews to gauge their professionalism and commitment.
Look Locally
Having an accountant who understands your local business landscape can be a significant advantage. If you’re on the Central Coast, consider an accountant from the same region so they can better understand your business’ unique challenges and goals.
Cloud Accounting
Ensure the accountant you choose is familiar with cloud-based accounting software. These tools can simplify your financial processes and provide real-time access to your financial data, which can aid in decision making. These days Xero and MYOB are the two most prolific cloud-based accounting software and offer a great number of benefits.
Looking For an Accountant on The Central Coast?
Contact the team at
Blue Orchid Accounting. Our team works with both individuals and business clients throughout the Central Coast and Lower Hunter, providing a comprehensive range of tax advice and accounting services. Whether you’re a
sole trader or business owner, we can help you tackle all financial matters. From finding ways to minimise tax to registering ABNs and ASIC renewals, our team is here to help. Connect with us today and see how we can guide your business’s financial journey.
