Our Guide to Finding the Perfect Accountant
Updated: Dec 12, 2019
When it comes to running a profitable real estate business or excelling as a real estate investor, having an accountant to advise and manage the finances of your properties is non-negotiable. During the process of finding the right accountant, however, most real estate investors and businesses tend to struggle. Some real estate professionals believe that an accountant is an “unnecessary expense,” but the truth is that having one can yield a wide range of benefits, such as (but not limited to):
- Finding and utilising as many tax benefits and incentives as possible (you’d be surprised as to how many there are for real estate investors!)
- Easily keeping track of constantly-changing tax codes to avoid any conflict with the government in the long run.
- Better documentation of day-to-day operations and business transactions
Enhanced organisation in terms of financial record-keeping.
The reason why accountants are so important
Accountants are regarded as assets and vital components of a business for a reason. They track and handle money well enough that they end up making more of it for your business. While it might seem reasonable to run your business’s accounting needs on your own, the chances of burnout, counter-productivity, and leaving more money on the table make it far from being a reasonable decision. Having an accountant can prove to be highly beneficial, especially for a business such as that of real estate where cash and property change hands faster than ever.
Initially, the process of finding an accountant and hiring one can prove to be a bit costly, but finding the perfect one can repay those expenses a hundred-fold, making them an asset more than a sunk cost. When done right, the hiring process can become your company’s stepping stone to success as a skilled accountant can help whip your finances into shape.
As much as we’d like to talk about how important it is to hire an accountant, there might be one question that you have in mind: “how do I hire one in the first place?”
A two-step guide to hiring the right accountant for your business
The process of finding the right accountant, as previously stated, is often considered a complicated and difficult process. However, with the right knowledge and proper steps, seeking your business’ moneymaker can turn out to be a breeze. Here’s what you’ll need to do:
1. Set up a proper interview process
Accountants are abundant anywhere you go, but the good ones that will help you set the pace financially are a dime a dozen. The best types of accountants for your business are the ones that are up-to-date on their knowledge, can save you heaps of money, and are a breeze to work with simply because they already know what they’re supposed to do.
In order to really weed out the bad ones from the good ones, however, you’ll have to set up a proper interview process. This involves getting the word out and settling on a place and time to meet.
2. Run through two of the most important concepts
After setting up your interview time and place, expect to have a flock of accountants come in with high degrees of interest in the available position. The questions that you’ll be asking during the interview process are going to make the difference between hiring a good accountant or having to deal with a bad one, so make sure to ask questions that go along these themes:
Their general background: When it comes to inquiring about a prospect’s background, ask questions about the businesses they’ve worked with, the specialisations they have, any niches they serve, their past experiences with clients similar to your business, and their current position (standalone practice or firm).
The level of expertise they have: When assessing a prospect’s level of expertise, however, questions should be pertaining to their CPA license, certifications, offered services, years of experience in the field, and a number of successful clients.
If you’re looking for an accountant on the gold coast, get in touch with us today for a free consultation.