How do I find the right accountant for my business?

Finding an accountant based near you is beneficial because it is easier to meet in person and stay in contact. It also means they have a good understanding of the local business environment from where you’re operating and can make useful introductions to other local businesses who might be useful to your company.

TaxAssist has offices in Western Australia, Victoria, Queensland and New South Wales, which means you can enjoy these benefits.

To find the best accountant for your business, think about exactly why you need one in the first place and what specific services you are looking for. Speak to friends, family and other business owners for recommendations.   

There are various stages and points in your business journey when an accountant can help.

Lodging tax returns

The first contact many business owners, sole traders and landlords have with an accountant is when they need to lodge a tax return. The Australian system is complex, so preparing even the most straightforward tax return can be complicated.

There are various deadlines and legal responsibilities that taxpayers need to be aware of. Having an accountant on board to support you means you will minimise the risk of an Australian Taxation Office (ATO) enquiry into your tax affairs. It also helps to ensure you claim all the tax reliefs you are entitled to and avoid financial penalties for lodging your tax return late.

Running a Proprietary Limited Company (Pty Ltd)

Operating as a Pty Ltd company has many benefits, but also comes with some obligations.

If your company is liable for company tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to ATO on a company tax return form and accounts and tax computations must be submitted to ATO in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.

Choosing whether or not to opt for being a Pty Ltd company in the first place is also not an easy decision as it depends on your particular circumstances. However, there might be a point when it will be beneficial for you to switch from being a sole trader to a Pty Ltd company.

A professional accountant can discuss your individual requirements and undertake a review to ensure you choose the best way forward for your business.

If you decide to trade through a Pty Ltd company, an accountant can provide an ongoing service to ensure you meet all your legal obligations and maximise the tax benefits . This will give you peace of mind and leave you to get on with doing what you do best; running your company.

Writing a business plan

If you are looking for funding, you need to present a convincing business plan.

A good accountant can work with you to ensure the required information is included and the plan is presented in the best possible way. This will give you a greater chance of success when applying for funding from a lender or pitching to investors.

Benefit from accounting software

Despite the latest digital technology, many business owners are still using more traditional methods to keep financial records. This makes it difficult to stay on top of cash flow and manage finances.

To make life easier, there are several accounting software solutions, including Xero, that help you get organised and manage your finances from wherever you are.

An accountant can match you with the right accounting software to meet your specific needs. They can talk you through the digital solutions available to help you select the right package for you and your business.

Setting up a payroll

If your business expands and you start to employ people, it might feel daunting to run a payroll on top of everything you need to do. Meeting your legal obligations as an employer can be confusing and time-consuming.

By working with an accountant, you can maintain your responsibilities as an employer and free yourself of the day-to-day concerns that payroll can bring.

Do accountants offer free advice?

If you are looking for an accountant to support your business, TaxAssist Accountants offers a free initial video or face-to-face consultation. Call 02 9608 3707 or fill in the enquiry form here.

The TaxAssist website is jam-packed with free business advice. You can read the latest news on tax and finance issues as well as business advice articles such as:

• Are debts killing your business?
• Why every business should have a cash flow forecast and how to build one
• How to protect your business during challenging economic times

How much does an accountant cost?

The cost of working with an accountant is dependent on the type of service you are looking for. It might be a one-off charge such as for lodging your tax return or an ongoing monthly fee for regular support and advice.

To find out about the cost of services provided by TaxAssist Accountants, book a free consultation.

Is hiring an accountant worth it?

Running a business can be tricky and as a founder, you need to wear many hats, particularly in the early days of operating a start-up. Having an accountant on board can help you manage your finances, monitor your cash flow, comply with your legal responsibilities and avoid late payment penalties.

As your business grows, the advice and support of an accountant can be crucial to ensuring you maximise opportunities and scale effectively.

How do you know if an accountant is good?

Having a good relationship with your accountant is key to making the most of the service they are providing.

They should regularly communicate with you and respond to your calls and emails within good time. You should also expect your accountant to be proactive and check in with you often to see how your business is doing and answer any questions you may have.

Your accountant should be able to explain complex topics in an easy-to-understand way. If things aren’t clear to you, they should always be willing to clarify and make sure you do understand.

Having an accountant with an office local to where you’re based can make it easier to maintain a good relationship.

What do I do next?

Once you have drawn up a shortlist of potential accountants, contact them to discuss their services. To find out how TaxAssist Accountants can help your business, book a free video or face-to-face consultation.

Date published 13 Mar 2023 | Last updated 13 Mar 2023

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.