How do you know you have the right accountant for your business?
Having the right accountant for your business can help you to simplify tasks, create efficient processes, find areas of growth and highlight the best path forward so you can make good business decisions.
Accountants can have all different kinds of specialities, which is why it is crucial to find an accountant who meets your needs. Some accountants specialise in doing individual tax returns, while others have a deeper focus on businesses. Some business accountants focus on tax work, bookkeeping and helping you run your business smoothly, while others specialise in advisory services, such as exit planning, business health, forecasting and business grants.
There are several factors to consider when choosing the right accountant for your business:
- What are your needs?
- What are your values?
- Qualifications and expertise
What are your needs?
What do you need help with? Is it preparation of annual accounts and financial statements, payroll, business advisory, or something else? Once you know what you need, conduct some research and look for accountants that specialise in this.
Are you looking to grow your business? Sell your business? Research and development opportunities? Export grants? Engage an accountant that matches your needs.
What are your values?
Take a moment to reflect on your values. Do your accountant’s values mesh with your own? Having similar values helps when working towards a common goal. What is most important to you? Are you willing to pay more for an accountant with more experience and expertise, or are you leaning towards a cost-friendly option that may lack the same level of experience?
Qualifications & Expertise
Look for accountants who are certified and part of professional accounting organisations such as Chartered Accountants (CA), registered tax agents on the Tax Practitioners Board, and Certified Practicing Accountants (CPA). Verify these credentials and conduct your own research on what type of qualifications would suit your needs the most.
Seek recommendations from family members, friends, and colleagues who have good relationships with their accountants. It is best to follow the recommendations of colleagues that have similar needs or interests as you. If you are a medium sized business owner that needs weekly accounting work, you won’t necessarily want to go to your friend’s accountant who lodges their individual tax returns once a year. Although reputation is great, it is still important that your needs, values, and the accountant’s expertise align with what work you need done.
Look for an accountant who is trustworthy, maintains confidentiality, and adheres to professional ethics. Your accountant will be handling sensitive financial information of yours, so trust is essential. If you want an accountant who can grow with your business and provide ongoing support, you need to find one that is willing to do so. You also need to get along with your accountant or else it will be difficult to successfully collaborate. It is recommended that you book a meeting with the accountant you are considering and get to know them first.
Remember, selecting the right accountant is an important decision for your business’s financial health, so take your time and choose wisely.
Is your accountant helping you to build a profitable and healthy business?
If your goal is to grow and build a profitable and healthy business you need your accountant to be actively involved and advising you on how to do this. At Pretium Solutions that’s what we do!
Pretium Solutions focuses on working with small and medium businesses who want to grow profitably, be more efficient, and achieve the goals and objective of creating freedoms for business owners. Contact us to learn more about our services.