Factors To Consider When Choosing a New Accountant
Updated: May 24
It's never an easy decision when it's time for you to hunt for a new accountant. Regardless of the time you've spent with your current accountant, making the switch to work with a new one can have an immense impact on your business in the long run. For this reason, you must consider several factors before hiring a new accountant.
So, if you're ready to roll your sleeves and start looking for the best business accountant on the Gold Coast, grab your pen and list down these factors that could help you find the perfect one!
Factors You Need to Consider When Choosing a Business Accountant
You need to keep in mind a few known factors while you're on the hunt for a business accountant. Consider what you want, where you want your accountant to be, how many tasks they'll handle, and of course, your budget.
When you ask yourself these questions and find the right answer, you'll have a better guide and solution to matching yourself with a great accountant. Besides that, working with the right company can help you save loads on business expenses as well as improve your company's operations.
So without further ado, here's a rundown of all the factors you need to consider:
Factor #1: Your Accountant's Location
When you're considering your accountant's location, ask yourself these questions:
Do they have to live or work nearby?
Are you working remotely?
Do you use a cloud-based system to manage your business?
These questions can help you determine whether you're looking for someone who's in the same location as your business establishment or if you'll do well working with them remotely.
However, accounting requires decision making, exploring options, budgets, and more. For this reason, you need to ensure that communication is possible whatever type of location work you choose.
Factor #2: Relevant Expertise
Just like any profession, before working and hiring someone, you need to ensure that they know exactly what they're doing and have a certain level of expertise.
When they're qualified, they'll understand your market and the type of business you run. This information will be incredibly beneficial when it comes to finance-related decisions.
Check if your potential business accountant has worked with reputable companies in a similar sector as yours. This way, you'll know if they can handle your business growth and if they'll be able to keep track of your finances in the long run.
Factor #3: Proactive Personality
Although some accountants may do a bit more to help manage your finances, the best business accountants will have a more proactive approach, giving you more insight and guidance with your finances.
Ideally, you want someone who can predict future issues just by understanding your business's financial health. This way, you can guarantee that they'll identify potential pitfalls, allowing you to avoid these expensive mistakes.
Factor #4: Acceptable Charging Fees
In the accounting market today, different accountants will have different ways of charging for their expertise. Some accountants will only charge by the hour, while others charge a fixed fee or a monthly retainer.
With that being said, you should first know how you want to be charged. Keep in mind how much time you need to work with them and base your charging fee decision on that. Also, it's important that your accountant doesn't have hidden fees; this is why it's important to communicate your budget and what you expect from them.
The Bottom Line: The Perfect Accountant Can Take Your Business to Another Level
The business accountant you choose will be your partner for the coming years. With that being said, they'll be pretty much involved in your company, and a level of trust must grow in your relationship.
This is why it's essential to take accountant hunting seriously, factor in these considerations, and work with a reputable accounting firm. This way, you won't have to worry about your business finances for the years to come.
How Can New Wave Accounting Help You?
If you're looking for a business accountant in the Gold Coast, look no further because New Wave Accounting has a solid team that could help you.
New Wave Accounting provides end-to-end accounting and bookkeeping services that can help scale and grow small businesses. Over the years, we've worked with over 600 businesses and various industries, giving us more than enough knowledge that could help your business flourish.
Learn more about our services today!