5 Tips When Hiring an Accountant for Your Small Business
Updated: May 24, 2021
If you’re running a small business, managing and growing your finances is one of the most crucial aspects you’ll need to handle. As much as possible, you must have proper bookkeeping and accounting in place to record and monitor your finances. Along with these is to make sound business decisions based on accurate financial reports because you will surely want to grow and expand your business in the long run. And this is where hiring a highly trusted and reliable accountant becomes imperative.
In this article, we will share five valuable tips when hiring the right small business accountant:
1. Know where to find an accountant
The first step to take is to know where to find an accountant in Australia. The good news is that there are various accountants with different fields of specialisation that you can tap into. All it takes is to search online by typing in small business accountants in your area. Another reliable digital platform is social media, where you can get recommendations from Facebook and LinkedIn. Furthermore, you can contact various professional bodies, such as Chartered Accountants Australia and New Zealand (CA), Institute of Public Accountants (IPA), and Certified Practising Accountants (CPA) Australia.
2. Assess the type of services you need
Now that you know where to find prospective accountants, you should come up with a list of prospects. To do so, you must first know what types of services you may need. Typically, there are three major areas of general accounting—tax, accounting/bookkeeping, and advisory. As far as financial management is concerned, once you know what you need, you’ll be able to have a list of accountants who can cater to your small business needs.
3. Check their qualifications, expertise, and experience
At this point, you want to further narrow down your options by checking their accounting knowledge and skills, as well as their field of expertise and industry experience. All you have to do is visit their websites, check their credentials, and assess their portfolios. You can even go the extra mile by checking online reviews and contacting past clients, and making sure that they have licenses to do accounting work. From there, you’ll be able to filter your options into a few worthy prospects.
4. Set an interview with a few prospects
After performing due diligence, you now have a list of few prospective accountants that you can schedule an interview with. First, present your financial status and ask what they plan to do for your small business. Also, get well-acquainted with the types of accounting and bookkeeping services they offer. Finally, determine their qualities and attributes that will help your business grow profit and thrive in the long run so that you’ll know who the right fit is for your business.
5. Choose and settle on the terms and conditions
At this point, you have now made the final decision in choosing and hiring the best accountant for your small business. But keep in mind that the process doesn’t stop there. Be sure to come up with a contract agreement where both parties will sign. Also, you must be very specific with the terms and conditions as far as accounting and bookkeeping works are concerned. Once the contract is signed, only then does the real accounting work begin.
At this point, you now know what it takes to select and hire the right accountant for your business. Be sure to know where to find an accountant, assess the type of services you need, check their qualifications, expertise, and experience, set an interview with a few prospects, and settle on the terms and conditions. With all these crucial steps, you’ll be able to make the right decision and end up hiring the best accountant for your business!
We’re an accounting firm on the Gold Coast that helps businesses maximise profits and reduce taxes. If you’re looking to hire a professional small business accountant, get in touch with us today to learn more about our services!