Small business owners in Australia rely heavily on their accountants for the right advice and direction during every stage of their venture, from start-up to selling. Choosing the right accountant can be a difficult but very important decision.
Business owners should look for an accountant they can trust. It should be someone who can manage the financial side of the business while owners handle the day-to-day operations. Finding an experienced accountant you can rely on is invaluable and it contributes to the overall value of a business.
To get the most out of your accountant, be thorough during the hiring process. Below we list some ideal characteristics you should consider when interviewing accountants.
You should look for an accountant that will communicate with you regularly about both your finances and your business in general. You also want them to talk in plain English rather than using financial jargon all the time.
As a basic test, try having a conversation about basic small business accounting. Ask about starting or running a small business. Go with someone who seems trustworthy and knows what they’re talking about while being friendly and understanding.
Will your accountant provide a good service that is convenient for you? Ask about their availability and whether they will take regular phone calls from you and answer emails on a timely basis.
An accountant who is proactive is an even bigger plus. Many business owners don’t have time to sit back and think conceptually about how business operations can be improved. A proactive accountant will monitor this and alert you to things that can help.
Advancements in accounting technology over the years have changed the way accounting services can be delivered.
It’s this technological change that has allowed accountants to take on a greater advisory role rather than crunching numbers all day. You want an accountant who uses the most recent technology. It should offer full transparency and valuable insights into your business while being free enough to offer advice.
You want an accountant who is relatively affordable but you don’t want to go for the cheapest option. Try to find an appropriate balance to best benefit your business.
More importantly, you should ask how they structure their fees. Many accountants offer a flat rate fee structure with payment options that won’t come with any end of year shocks. A flexible payment approach eases the burden at tax time for business owners.
Buying or Selling a Business? Talk to an Expert Broker
If you’re thinking about buying or selling a business in Sydney, get in touch with LJ Hooker Business Broking. We are Australia’s leading business broking team with extensive experience buying and selling quality small businesses and franchises.
Call 02 9552 1111 or contact us online to find out more.