One of the most important decisions you will have to make as a business owner is choosing the right accountant. An accountant usually has access to both your personal and business accounts, so the qualities you look for in an accountant are trustworthiness, honesty and integrity. You also need to be able to trust that the accountant is qualified to keep your books professionally and with the utmost accuracy. Their dedication and attention to detail will ensure that the service is above average.
Step 1 – Scope of Work
When preparing to find the right accountant, it is important to determine the scope of work you want an accountant to do for your business.
Some things you should consider are:
* Frequency of data entry required, such as daily, weekly or monthly.
* Bank reconciliation
* Management of accounts payable and/or accounts receivable.
* BAS submissions
* Payroll preparation
* Inventory control
Step 2 – Find the right accountant or accounting service.
Ask family, friends or business associates for recommendations. Thoroughly check the accountant’s references and credentials. If the accountant has an online presence, visit their website for more information about their qualifications, services and skills.
If you require your accountant to make BAS filings for your business, they should be a BAS agent registered with the ATO so they can legally and effectively make your BAS filings. Note: Not all accountants are BAS agents, but most accounting services employ at least one ATO-registered BAS agent.
Step 3 – Interview the right accountant.
It is imperative that you have a conversation with the accountant and ask them specific questions. You want to find the right accountant to best meet your financial needs. The interview will also help you determine if you have a good relationship with the accountant and can be sure that they are the right one for your business.
Step 4 – Selecting the right accountant
After the interview, you should be able to make an informed decision about whether the accountant is right for you and your business. Remember that the cheapest option is not necessarily the best, because you are paying for the services of an accountant who can get a handle on your finances, provide you with quality services that add value to your business, and, most importantly, best meet your needs.
When calculating the total cost of accounting services, consider the following:
Number of hours worked x hourly rate x quality of work performed.
With these factors and good communication at all levels. You can make a more accurate calculation of the total cost of accounting.
The right accountant is worth their weight in gold and will definitely save you stress. Valuable time and money so you can focus on running your business.
Finally, choose the right accountant based on their qualifications, commitment and experience to ensure they are the perfect fit for your business.
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