Small business landscape is very dynamic. The rapidly growing cloud technology continues to affect how businesses interact with their customers. Business owners need to surround themselves with innovative and advanced-minded accounting professionals to ensure they maximize their potential. A good tax accountant goes beyond pale calculating how much tax you need to pay for the financial year – they will have their fingers on credit and will act as a soundboard for all business decisions from renting new staff, buying equipment, or taking new rent.
A good tax agent is a priceless resource. Here are our tips to make sure you choose the best-registered tax agent for your business.
Your registered tax agent needs to understand your needs
Before you start looking for a registered tax agent, think about what service you want to be handled. You may need someone to take control of bookkeeping, payroll, BAS lodgement, income tax returns, cash flow, budgeting, or maybe only your annual income tax preparation. If you are like most people, you will be interested in finding accountants who can work with your current accounting software. You might even want to apply or improve to the Cloud software.
Even if your accountant only does your tax, they need to understand your business so they can help you make a decision based on information. Other things to consider are how you will work together, how often you will meet (in person, by phone), if they outsource and how quickly they respond to questions.
While most accountants work with various clients, some often specialize in certain industries such as trade, manufacturing, retail, hospitality, and construction. It is important to ensure your accountants have experience in your industry and understand your reporting requirements.
Small Business Experience matters
The challenge faces a small and varied small business. The problem can quickly appear to shift the focus of the cash flow to hire financial information needed for the loan application. Therefore, it is very important that your accountants are experienced with small businesses operating in various industries and different structures to meet your needs.
Most small businesses only use accountants for the preparation and calculation of retrospective income tax. The role of accountants has turned into a business advisor because more small business owners turn to their accountants for assistance with areas directed at business growth such as cash flow management, marketing, recruiting new staff, and opening in more locations. A good accountant must be able to tell you in these fields.
ACCOUNTING & BOOKKEEPING QUALIFICATIONS
Important consideration areas and often ignored are their professional qualifications. An accountant must be certified and registered with the Tax Practitioner Board and has the appropriate tertiary qualification. Ideally, your accountants have technical skills to complete your return and soft skills to explain it clearly.
Complete accountants and return on cottage taxes must be registered. To find out whether the potential accountant you selected is registered, you can check the list of tax agents here.
In our experience in the industry, we have found many unregistered books or family friends for business owners. Look here for seedy why this might really burden you more money and time than you realize.