A good accounting firm will take care of entire book keeping requirements, prepare the complete array of financial statements and lodge all necessary paperwork on your behalf. The top 5 tips discussed below will illumine your way to arrive at accounting services that optimally serves your business needs.
- Analyze your need
A good accountant provides quality advice which helps your business flourish. Comprehensive plans chalked out by accountant will ensure that you do not end up paying extra taxes in the process. The accountant will file accurate, prompt and proper returns which will enable you to claim all genuine deductions you are eligible for. A bad accountant instead will pave the way for your business to go belly up and can even embezzle business funds. These considerations will guide you initially to select the best accountant.
- Ask for referrals
Consult your professional contacts and ask them for referrals. Do seek the opinion of people with whom you are socially intimate or whom you can trust like your bank manager. Compile a list of prospective accountants for further evaluation.
- Contact CPA Australia/ Institute of Charted Accountants
The aforesaid professional bodies represent Australia’s certified practicing accountants. Accountants affiliated to these organizations have to live up to highest ethical, professional and academic standards. You can approach these organizations and they will gladly refer you the best accountants in the business.
- Short-listing prospective accountantsOnce you have prepared the list of eligible accountants, devote enough time to interact with them to identify competent accountants. Tell them about the specific nature of your business and specific finance needs as different firms offer varied nature of accounting services. Come duly prepared with a specific plan for the meeting to glean rich feedbacks.
- Questions to pose to your potential accountantYou should be ready with a list of relevant questions having a bearing on the extant taxation laws to ease out the selection process.Probable questions to put before the shortlisted accountants are:
- The nature of licenses and registrations possessed by them
- How long has the accountant been rendering active professional service?
- The specific areas of specialization of the accountant
- How long has the accountant served a business whose operational philosophy is the same as yours?
- What is the fee structure for the professional service rendered?
- Does the accounting firm further outsources the work awarded (This is crucial to learn as the fee may escalate to cover up the overhead charges)
- Is the work executed by the accountant in his personal capacity? If not, what review mechanism is in place to gauge the sanctity of job?
- Who puts his signature on the returns?
- How long it will take for the accountant to see off all taxation related issues
- What measures are adopted to ensure data confidentiality for protecting sensitive business information?
- Will the accountant ever need to share your critical business information with other vendors for seeking professional assistance?
The aforesaid tips should influence your selection procedure to land on the best Accountancy Melbourne service.