Talking Cents

Do I Need to Prepare Anything Before Hiring A Business Accountant?

If you’re reading this, you probably have considered or are thinking about hiring a business accountant for your small business. The process of hiring a business accountant is very similar to any acquisition process. But just in case you haven’t experienced some sort of recruitment process, here are some things you should prepare first before hiring a business accountant.

Set A Budget And Stick To It

Often, setting a budget for acquisition goes unnoticed but really, it is as important as budgeting in other business areas. Having a budget for a business accountant can be quite tricky because usually, these accountants would be the ones offering the prices. But still, it is crucial you’re not looking for business accountants blindly. There is no exact rule when it comes to this specific budgeting because it depends on how willing you are to spend on having a business accountant on board with your business. But if you don’t have a budget and recruit an accountant, this may affect your financial performance as you have allocated too much money on hiring one when it was not financially feasible. Therefore, it is recommended that you look through the prices and draw them down to a price range that is within what your business can afford. This will help you look for one in a more realistic light.

Know What A Business Accountant Does And What You Need

This may come as a surprise to you but sometimes, small businesses may not need a business accountant because they are able to track their purchases and transactions quite effectively enough for when it comes down to preparing taxes. That’s why it is important that you know what a business accountant does, what your business needs, and if a business accountant is truly someone you need. But also, saying you need a business accountant doesn’t cut it. You will need to know what you need the business account to do for you so that you are maximising efficiency. If you are only leaving the taxation tasks to your accountant and drawing up your financial statements yourself, you are not using your accountants to the fullest. So, if you are thinking of investing in a business accountant for your small business, know how you can leverage them so that you can focus on other parts of the business. That isn’t to say you need to have everything sorted before they come into play but a rough idea of your expectations will help you and the accountant.

After Hiring

It is important that after hiring a business accountant, you are evaluating and reflecting on theirs and your performance. If the business accountant isn’t helping you, why would you keep them right? You need to be able to see if the accountant is helping your business be more sustainable, if they are reliable and if the two parties complement each other well.

If you’re looking for a small business accountant in Sydney or Zetland, M.A.S Partners is here for you. As Australia's original accounting firm for small businesses, M.A.S Partners is dedicated to giving you a little time for yourself. If you would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or visit our website at https://www.masaccountants.com.au/