Accounting and Tax

Questions to Ask Before Settling on a Tax Accountant

By March 5, 2018 No Comments

What questions should you ask before hiring a tax accountant Gold Coast?

We bet that you are in need for a tax accountant Gold Coast who can help you save money and probably steer clear of trouble with the government’s tax collection agency, as well as able to provide you advantageous information for your business. Accountants do more than just figuring the numbers for they can also impart what the numbers actually mean. However, there are things that you need to consider before finally settling on a tax accountant.

Here are questions to help you in deciding on an accountant:

What are usual clients your prospect tax accountant works with?

Of course, you want to make sure that your chosen accountant fully understand the type of business you have. With regards to restaurants, such businesses have particular rules to follow for tips and wages. While in construction businesses, they must deal with issues that are related to contract workers and also, real estate firms should have criteria on how the income is reported. Simply, your prospect accountant should have worked with businesses similar to yours and knows all facts in the industry you are in.

Is your accountant available all year round?

Businesses, especially those that are small-sized, definitely need help all year. With some accounting firms closing their doors after a period of time and only reopen on the following tax season, it is necessary to determine their availability ahead of time.

Who will do the work?

Oftentimes, accountants contract out from a third party. Though this doesn’t really denote that their services are not good, the important thing is that you are aware of who is doing the work. For it would be difficult to speak with a third party

Is your prospect tax accountant Gold Coast more aggressive or conservative?

Some accountants consider utilising a more conservative approach, while some want to write off every single thing they can. In finding the perfect tax accountants, it is important to think through whether they agree with your philosophy.

How your accountant charges for its services?

Some of the tax accountants bill a flat rate while others by the hour. If you want to focus on a more hands-on approach, especially to your booking, you can have such service at an hourly rate. Make it sure that you can get an estimate of the fees of accountants. And once hired, provide them with a copy of the tax returns your business had in the previous year and then have them familiarised with your business before providing a quote.

How can your prospect accountant handle multiple entities?

In case you have more than one entity that is under your name, make sure that your chosen tax accountant will able to manage them at the same time. Let’s say you own a retail store and a rental company. Your accountant should be able to coordinate and monitor money moving between the said entities.

What can your accountant tell about medical expense reimbursement plan?

One of the deductions that could save your money for your business is through such plan. This plan allows you to deduct the medical expenses of your family on your return. If an accountant is unfamiliar with it, you should consider raising the red flag.

Should you have more concerns regarding questions you should consider when hiring a tax accountant Gold Coast, comment down below.

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