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5 Effective Methods to Evaluate What You Can Expect from Your Small Business Accountant

Running a profitable small business has its own set of challenges, especially when it comes to managing finances. This is where a small business accountant can become an invaluable asset. However, it is crucial to know what to expect from your accountant and how to evaluate their services. Here are five effective methods to assess the value and effectiveness of your business accountant.

1. Assess Their Qualifications and Experience

The first step in evaluating a small business accountant is to examine their qualifications and experience. Ensure that your accountant is certified by a recognised body such as C.P.A. Australia or the Institute of Public Accountants (I.P.A.). Additionally, consider their experience specifically with small businesses. An accountant who understands the intricacies of small business operations will be more adept at handling your financial needs and providing relevant advice.

2. Review Their Communication Skills

Effective and clear communication is essential when working with a small business accountant. You need a business accountant who can explain difficult financial concepts in simple terms, helping you make informed decisions. During your initial meetings, gauge how well they listen to your concerns and explain their processes. Regular and clear communication ensures you are always informed about your business’s financial health.

3. Evaluate Their Technological Proficiency

In today’s digital age, an accountant’s ability to leverage technology is critical. Assess whether your accountant is proficient with modern accounting software such as MYOB, Xero, or QuickBooks, which are widely used in Australia. An accountant who embraces technology can provide more accurate and efficient services, including real-time financial reporting and automated bookkeeping, saving you time and reducing the risk of errors.

4. Check Their Understanding of Taxation Laws

Taxation is a complex area and having an accountant who is well-versed in Australian tax laws is imperative. They should be able to guide you through the intricacies of G.S.T., PAYG, B.A.S. and other relevant tax obligations. Moreover, they should be proactive in helping you implement tax-saving strategies and ensure compliance with the Australian Taxation Office (A.T.O.) regulations. Ask them about their experience with tax planning and any success stories with previous clients.

5. Look for a Proactive Approach

A small business accountant should do more than manage your books; they should act as a financial advisor. Evaluate whether they take a proactive approach in identifying opportunities for business growth and cost savings. This includes providing strategic advice on financial planning, budgeting, cash flow management and investment decisions. A proactive accountant will help you navigate financial challenges and seize opportunities for your business to thrive.

Partner with the Right Accountant for Your Business Success

Choosing the right small business accountant can significantly impact your business’s financial success. By assessing their qualifications, communication skills, technological proficiency, understanding of tax laws and proactive approach, you can ensure that you are making a smart and informed decision.

At M.A.S. Partners, we understand the different challenges faced by small businesses and are committed to providing comprehensive accounting services tailored to your needs. Head over to our website now to learn more about how we can support your small business.