3 Useful Tips for Finding the Right Tax Accountant
Updated: Dec 12, 2019
Whether you’re handling a small-scale start-up or a high-street firm, investing in a tax accountant is crucial to the financial health of your business. Preparing for taxes is a stressful ordeal for anybody, as it is time-consuming and confusing. For that reason, you can benefit from a professional as they will guide you through filing back taxes, paying off tax debts, and even fight an ATO audit.
With that in mind, many organizations hire the services of tax accountants, but a full 80% of people fail to consider the proper essentials when finding the best prepare for your business. Investing in the wrong one can lead to costly consequences, but the right tax accountant has the potential to save your business a significant amount of money down the road.
To that end, we’re here to give you a rundown on the qualities you should consider when looking for the ideal tax accountant to hire:
Tip #1: Hire a Tax Accountant with Credible Tax Education and Experience
A well-seasoned tax accountant will know the ropes of the industry through experience. However, you can get the best of both worlds by ensuring you select prospects that also have a tax advisor’s education. This will lead you to a list of accountants that have impressive credentials. This includes a license, a CPA, or even an enrolled agent that has completed the ATO’s Annual Filing Season program.
Be critical of their background as this will determine the quality of their services. Additionally, you have more room to maximize their abilities as they are reliable sources that can keep up with the ever-changing regulations on taxes.
Tip #2: Prepare for Interviews
Conducting interviews with your list of prospects is vital. Not only will this be a chance to see their skills and qualifications up close, but it’s also the time wherein you can determine if their personality and working style suits your company.
After all, they will eventually have access to your organization’s books, which is why you need to check their background information as thoroughly as possible. To that end, here are some questions you should ask:
What licenses or designations do you have?
How long have you been in the tax business?
What tax issues do you specialize in?
Do you outsource any of your work, or do you perform all work personally?
Approximately how long will it take you to finish my taxes?
What are your fees? Are they negotiable?
Tip #3: Ask for Referrals
Asking for referrals is one of the easiest and best ways to find a trustworthy accountant. With that in mind, go beyond the pages of Google and ask friends, family, and other business owners for a list of recommendations on who to hire.
More often than not, their suggestions will lead you to a reliable list of prospects as you already have credible proof of their skills and performance. Additionally, this is also the best time to discover if one of your choices has any disciplinary actions taken against them.
They will be in charge of the heart of your financial health, after all, so be sure to take the extra mile and check whether what they say is true.
Reliable and trustworthy tax accountants are crucial for your business as they can keep you from running into complicated tax situations. While it can be a costly investment, every penny is worth it is the accountant’s responsibility to help your company prepare for the future.
If you’re looking for the right tax accountant for your business, get in touch with New Wave Accounting to see how we can help!