A new business owner has many choices to make such as selecting an office location to picking bank accounts and finding a good accountant in Melbourne. It can often become overwhelming and the temptation is to take shortcuts.
But choosing the right accountant can make a huge difference to a business. Here are some tips to help you out:
First let’s take a look at the definition of accountant. In both Australia and New Zealand the title of an accountant is not regulated which means anyone can call themselves an accountant irrespective of their educational or professional qualifications.
A key difference is whether the practitioner can prepare and lodge income tax returns. An accountant must be a Registered Tax Agent and belong to a professional association such as Institute of Public Accountants (IPA), Certified Practising Accountants Australia (CPAA), the Institute of Chartered Accountants of Australia (ICAA), or the New Zealand Institute of Chartered Accountants (NZICA).
Accountants can do much more than sign off on year-end reports and prepare tax returns. They help businesses with cash flow analysis, finance applications and succession planning.
Real time reporting and access to software that is now available via cloud based applications means that your accountant can be involved in all the financial aspects of your business on a real time basis.
There is a general consensus that practitioners need to possess a high level of knowledge in accounting and business software to ensure clients obtain the most from their software packages. The level of technology knowledge has risen as conventional tasks such as data entry into a general ledger have given way to analysis, reporting and advice.
All ww should have at minimum a basic knowledge of cloud accounting software and how it can be used by their clients. The leading accountants in the future will be able to quickly design a combination of cloud accounting and business software tools and link them together to create exactly what their client needs.
A Melbourne accountant must also have time management skills and know where their time is best invested across its range of clients. If you do a little bit for everybody, you would probably miss the boat.
There’s a natural tendency to work with people you can help the most. Tax is huge but really, it’s about those who can help people structure their affairs and financial reporting.
Some accountants Melbourne only tell clients what they want to hear and avoid the difficult conversations. Clients sometimes need to be pushed into considering better ways to increase and protect their business wealth.
A bad accountant just focuses on tax returns and financial statements and GST matters. In business, you always have to ask yourself all the time ‘is this the best way of doing things or is there a better way to do this?’.Tips