How to choose an Acc
Spending the time to find the right accountant is immensely important. The right accountant will become a trusted partner and has the potential to take your business forward in ways that you never considered doable.
Fixed Fees – Some accountants charge by the hour or charge a monthly retainer. Make sure you get a fixed fee for your work or a fee that they won’t go beyond without your agreement,this will ensure that fees do not become an issue in the relationship.
Planning for growth – the majority of accountants offer tax and auditing services but do they offer strong management information, bookkeeping, payroll services, estate planning and advice on financial software? Have they expertise in all stages of growth to contribute to your business’s development. Have they experience within your industry?
Chartered or not – Accountants are regulated by professional bodies and Chartered Accountants are highly qualified professionals with a great amount of experience and knowledge. Not all accounting practices require a Chartered Accountant but you will need the experience of one for business growth and more complex work. In addition, having a Chartered Accountant who is also a Business Advisor will give you the expertise to further develop your business.
Is location important – As technology advances, the accountancy world is also evolving, for many years, traditionally, an accountant had to be on your doorstep. But in today’s world, with cloud based technology you can share data with your accountant in real-time. Communication through email, Skype, phone calls, secure accounting software has transformed the world of accounting. You could potentially work with anyone here or abroad.
How to choose a tax accountant
With the start of a new financial year comes the annual task most of us have to do – lodging a tax return. A lot of us will engage the services of a professional to help ensure we complete our tax returns properly and to the law. How do you ensure you get the best tax time help available?
How to find the right accountant for you
There are a few ways to find an accountant, whether it’s through an online search or word of mouth from family or friends. However you find an accountant,
there is some due diligence that you can do to ensure they are the right fit for you:
Firstly, your accountant should be a registered tax practitioner. Can check the Tax Practitioners Board to see if they are on the register.
You should ask a potential accountant what qualifications they have and what professional bodies they belong to, such as Institute of Chartered Accountants, Certified Practising Accountants Australia or the Institute of Public Accountants. By belonging to a professional body, they have obligations to adhere to codes of practice.
If you work in a niche industry or have complex tax issues, you will want an accountant who understands your industry. Ask whether they have any specialised experience that may be a good fit for you.
Before you engage an accountant, be sure to ask about their fee structure, so there are no unexpected surprises or hidden costs.
Ask how they work. You may want to know how they plan on communicating with you: face-to-face, email, over the phone. Ask if you will be dealing with a specific accountant in the firm or will there be a number of people assigned to you. This may help you decide if they are the right accountants for you.
How to optimise your accountant’s time
If you’re working with a new accountant, you can use your accountant’s time more efficiently by having the right documents ready for them. The best one to start with is your last tax return, this will have all the important personal details required such as tax file number, types of income and previous deductions. This will give your accountant a good head start
What constitutes as negligence as an accountant?
Unfortunately, there are times when an accountant does not do their best for a client. An accountant’s negligence can have significant financial and emotional impacts on your life or business. An accountant has a duty of care to a client and they must do their job competently. If they make a mistake and a client suffers a financial loss as a result, the accountant may be liable to compensate the client for that loss
Do You Need a CPA? Find Out How to Choose the Right One
Every business, regardless of size, needs a trusted advisor to help with the planning and achievement of financial goals. As strategic business consultants, Certified Public Accountants (CPAs) have the advanced training and experience necessary to advise on a variety of tax and accounting matters.
Among their other qualifications, CPAs must pass a rigorous state examination, and keep their knowledge up to date by completing a requisite number of continuing education hours each year. CPAs are a particularly valuable resource when your business is in startup mode. But working with a qualified CPA is a good idea any time for benefitting from operational improvements that could save your company money.
Bookkeepers perform organizational and data entry tasks that include recording the figures related to your company’s income and expenses. This input is often accomplished with the help of financial software
Accountants review a bookkeeper’s record-keeping with the aim of preparing and analyzing financial reports, such as your company’s income statement and balance sheet. Accountants are financial and tax professionals who follow the very stringent rules outlined in Generally Accepted Accounting Principles (GAAP)
CPAs are accountants, but not all accountants are CPAs! Certified Public Accountants are the most qualified professionals when it comes to performing detailed and strategy-based analysis and forecasting around your company’s financial data
How to Choose the Perfect Accounting Career Path for You
Starting a career in accounting is a smart choice – with forecasts for significant growth in the industry, a high median salary, and a demand for qualified accounting professionals, the time has never been better to join the field. However, once you’ve decided that you’re going to pursue an accounting career, you’ll quickly find that the field is much larger and more diverse than you might have thought, with opportunities to apply your skills in a number of different areas.
Learning About the Various Career Fields in Accounting
While most people think about accounting as one homogenous industry, the reality is, there is no one set accounting career path. There are a number of different fields of accounting that you can pursue, each with its own area of focus and specialization. While almost all accounting careers will require a basis of fundamental technical accounting skills and capabilities, from there, you can go in any number of directions based on your interests. Here are just a few of the career fields in accounting that might be available to you.
Public Accountant
If you’ve obtained, or plan to obtain, a CPA certification, you are eligible to work at a public accounting firm. A public accounting firm generally provides auditing, tax, consulting, and accounting services for a number of clients across a range of sectors, including businesses, individuals, nonprofits, and governments. A job in public accounting will give you experience in many different facets of the accounting field, from the preparation and review of financial statements to analyzing budgets to tax work to consulting and advice on a range of financial issues
Tax Accountant
As the name suggests, a tax account focuses solely on tax-related accounting work, preparing quarterly and annual tax returns (local, state, and federal) for individuals and companies
Forensic Accountant
Forensic accountants examine companies’ financial statements and provide analysis for legal cases, investigating crimes such as embezzlement or fraud.
How to Choose the Right Accountant for Your Business
For every business owner, it is vital to have someone who can give timely, accurate, and beneficial advice throughout the life of your Company, from inception to succession. But picking up the right certified and licensed accountant is a critical business decision, so it is great to arm yourself with the right tips.
EXPERIENCE
Hiring an experienced accountant is a good start but consider looking for the one with years of experience in your industry. They may be well equipped to provide you essential insights, customer referrals, and even professional contacts. Don’t forget every industry has its own concept when it comes to taxes and keeping records
BUSINESS NEEDS
Before hiring an accountant, ask yourself why you need an accountant and in what aspects of your business can they help in? Does your Company need a full-time bookkeeper or an accountant to review the bookkeeping on a monthly or Quarterly basis? Are you looking for a tax preparer only or someone who can also prepare and issue financial statements with an attached accountant’s report? Does your Company need financial consultation or are you looking to sell your business?
REFERRALS
Choosing a qualified accountant does not have to be a task you should do yourself. Speak to other business owners, your lawyer, family members, colleagues or friends and ask for their advice and listen to them. They might recommend you a trusted accountant. Also, read the reviews that are found online. Get an idea of what current customers are saying and then compare them to what is represented in any initial consultations you may go to.
TECH-SAVVY
It is a big plus if the accountant you choose is familiar with new technology. This can make all your accounting operations efficient and easier. And, if you are searching someone for cloud computing, make sure they have required cloud computing expertise like we do here.