You probably started your small business because you’re passionate about your industry or product and want to take control of your future.
You probably didn’t start your small business to become a tax collector, bookkeeper, debt collector and cash flow manager but by now you’ve realised these roles come with the small business territory!
So, what can you do about having to juggle all of these components of your business when they’re not part of your skill set or experience? (Hint, it’s using the services of an accountant)
A good accountant should be a trusted advisor and concierge to organise your business finances. You don’t need to be a financial guru, you just need to have one on speed dial!
So how do you know when you should bite the bullet and start looking for an accountant and/or tax advisor? As a starting point, you can think about whether any of these apply:
- You are about to buy or establish a business for the first time.
- You don’t have time to issue invoices to your clients.
- You don’t know which clients still owe you money.
- You don’t know how much income you’ve earned and whether you have to pay tax.
- You don’t know whether you should be charging your clients GST.
- You don’t know what documentation you need to keep to claim deductions.
- The Tax Office is calling because you haven’t lodged your BAS.
- Your bookkeeping is out of control and you have no time to get it up to date.
- You don’t have the financial information to determine which products or services are making you the most income.
- You’re uncertain about the security of your assets.
An accountant can help in all these situations.
The great thing about accountants is that they can tailor their service to suit your needs. You can pick and choose the services you need depending on your skills, time commitments and the complexity of your business – there is no one size accountancy service that fits all.
When it comes to choosing an accountant to work with you in growing and managing the financials of your businesses here are some points to consider….
- Do they have experience in my industry?
- How long have they been practising as an accountant?
- What are their qualifications – are they a registered tax agent and a member of a professional accounting body?
- What services do they offer – accounting, bookkeeping, tax compliance, budgeting?
- Do they talk to you in a language you understand and explain complex concepts clearly?
- Are they interested in your business and the financial goals you want to achieve?
- Can they provide you with an affordable, personal service that can grow as your business grows?
- Where do they need to be located – do you need regular face to face contact or can you operate in a virtual world?
- How do they charge – fixed fee versus an hourly rate?
Truth is, the most important factor is how well you get on with your accountant and how comfortable you feel discussing the ins and outs of your financials with them. Meet them, talk to them and make sure you feel at ease. Recommendations from other people you know, and trust are always a great place to start. Never rush into a decision and never be pressured into hiring anyone you don’t feel 100% comfortable with.
Do you have further questions about choosing a finance professional? I’m more than happy to chat with you and offer a FREE 30 minute initial consultation. You can easily book online here and I look forward to helping you sort your finances!