Are you a small business owner facing your first tax season? Or are you an established operator looking to get more from your next tax return? Either way, choosing a tax accountant is one of the most important parts of operating a successful business.
Your choice in tax accountant plays a large role in dictating your level of financial success. The right accountant will not only make sure that you are adhering to ATO regulations, but can also help you make smart decisions that improve your long-term financial health.
With that in mind, continue reading to discover top tips for choosing a tax accountant in Sydney.
Consider their experience
As is the case with any type of professional, the more experienced your accountant is, the more you will benefit come tax time.
Tax problems can be complex, but they are rarely unique. Even the most complicated issues have a solution, one that an experienced accountant has probably implemented before.
When meeting with an accountant, ask about their experience. This includes how long they have been operating, what type and size of business they typically work with, and their qualifications.
Ask about their area of expertise
Closely tied to experience, make sure you understand your tax accountant’s area of expertise. There are many different types of tax accountants, each equipped with different skills and knowledge.
For example, you might be facing an audit from the ATO. In this situation, you will want to seek out the services of an accountant who has previously prepared documents in response to ATO questioning, to prepare your business and give you the best chance possible of returning a positive result.
Seek recommendations
You can do all the research in the world, but nothing beats a good word of mouth recommendation. Ask other companies in your industry what accounting firms they have used in the past and have been happy with, as well as which teams they would steer clear of.
Don’t rely entirely on recommendations — it’s best if you can meet the accountant yourself to discuss your needs. However, they’re an excellent way of narrowing down your list of potential tax accountants in Sydney.
Understand their fee structure
Some accountants charge by the hour while others prefer to work via a flat rate fee structure. Before deciding on an accountant, make sure that you fully understand how much their services will cost you.
Working with an accountant is always worth it, particularly if you operate a large and complex business. However, it’s important that you plan and budget in advance so you can access all the services you need.
Get a grasp on their operational makeup
No matter how well you have kept financial records, it is likely that your accountant will have further questions for you when it comes time to complete your tax return. This is the mark of a good accountant — one who makes sure they have all the details to get the best outcome possible.
With that in mind, make sure you understand how your accountant operates. This includes what methods of communication they will use, whether they lodge your return via paper or electronically (the latter is definitely preferred) and how they deal with ATO-related problems.
Be prepared to spend a bit of time research tax accountants in Sydney in order to find the best option for you and your business. In the end, you will be glad that you did!