The accounting firm you choose should be one that you feel comfortable dealing with. You may choose to hire an accountant for bookkeeping, business activity statement (BAS) preparation, applying for an Australian Business Number (ABN) or even advice on budgeting or the legal structure of your business.
Whether you hire just one accountant or a company team of accountants, you, as the owner of a company or professional service, should be assured of their competence and their efforts on your behalf. You may not know much about accountants, but you know your business. It’s important to understand how the company makes a profit and does not confuse profit with cash flow in managing a business. If you’re looking for If you’re unsure of what to look for in an accounting firm, keep reading.
The first thing you should look for in an accountant is whether they are licensed and are part of a professional body. In Australia they may be registered with Chartered Accountants Australia and New Zealand (CA), Institute of Public Accountants (IPA) and Certified Practising Accountants Australia (CPA). If you’re looking for business tax returns, ensure that your accountant is registered with the Tax Practitioners Board register as well. Look for an accountant with relevant experience within your area of business and make sure they are able to handle the size of your business.
When it comes to accountants, they should know the law concerning business taxes and what best to do for your company’s financial security. In Australia, financial reports must be compliant to the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC). Incompliance to the Australian law can lead to fines so it is important that your accountant knows the relevant pieces of legislation and is up to date.
Whether your company’s accounting employees work from their company headquarters or come to your company, they will act as advisers or do the actual accounting work itself. It would be best if you felt confident in their ability and genuine concern for your company. Make sure they get to know you or your business better and give you a personalised solution for your business. If you feel that your accountant or their firm is not giving your financial concerns the right amount of interest and time then you should consider choosing another firm.
Another thing to look out for is reviews. These can be found on Google reviews, Product Review or Trustpilot. Have a look at what other clients are saying about the firm and whether or not they will be a suitable option for your business. Check to see what clients rate the firm and what the lower star reviews are for. Google Reviews are rated out of 5 stars with 5 being excellent service so look for a firm with a higher number of stars. You also ideally want to look for an accounting firm that explains its methods to you without waiting for you to ask questions about how they will take care of your accounting needs.
Overall when choosing the right accounting firm for your business, ensure that they are registered with CA, CPA or IPA and make sure that they know the Australian law well. Choose an accounting firm that cares about your business’ best interests in mind. If you’re in Sydney, consider Lin Leo Beak Accountants (LLB). LLB is an accounting firm servicing Sydney with over 10 years experience within financial statement preparation, business taxation, bookkeeping and business advisory.
