How do you know you’ve got a good accountant? Here’s what to ask

Your finances are important – whether it’s in achieving your personal goals or finding success in business, the right accounting team can make all the difference.

And that makes it absolutely crucial that you properly vet any accountant you’re thinking of bringing on!

When talking to accountants in Melbourne for your personal or business accounting, it’s important that you ask the right questions. Think of it like a job interview – if you want an accountant who can look after you, you’ll need to make sure that they:

• Has the skills and experience to provide you with the services you need
• Understands your unique financial situation

And these questions are great places to start…

Making sure you’ve got the right person for the job – questions to suss out your accountant’s skill

“What other services can you provide?”

While accounting is our bread-and-butter, it isn’t the only thing we accountants can do for you.

Just take our personal accountants, for example: on top of doing your taxes and helping get your finances in order, our team includes specialists who can also…

• Administer your SMSF
• Offer estate planning services
• Devise a tax wealth plan that will help get you where you want to be
• Offer financial planning advice

Your financial circumstances – and therefore, your financial needs – change as time passes. Choosing a team with a well-rounded skill set means that your accounting team will be able to update your accounting services as your needs evolve.

When looking for someone to take over your personal or business accounting needs, be sure to think about what services you might need in the future in addition to right now.

“How do you bill for extra services?”

A lot of the time, you may need your personal or business accountant in Melbourne to swoop in and perform additional services come tax time, or help you out of an unexpectedly tight month.

Of course, in most cases, this will come with an additional fee.

How does your accountant bill for these unexpected extra services? What rates will you have to pay? Are there any hidden terms or conditions to it?

All of these are important questions – and that’s why it’s so important that you get them out of the way before you start working with a particular accountant.

“Do you work year-round?”

Most business accountants are available all year to look at your business finances – personal accountants are a different story, however.

In some cases, a personal accountant may only be around to help during tax season, or during specific times throughout the year – if you need help with something that’s come out of nowhere, they may not be able to assist you.

While it isn’t all accountants, there are enough accountants out there that work following one of these timetables that it’s a question well worth asking.

After all, you never know when an unexpected financial problem may arise. Having an accountant ready to spring into action and provide advice can be a big help when one of these issues pops up!

“What businesses do you normally work with?”

If you’re looking for a small business accountant in Melbourne, you’re going to need to find one who has plenty of experience working with clients who are in a similar position to you.

That means finding an accountant who:

• Specialises in helping small businesses
• Has worked with businesses in your industry before

After all, who better to help your business out than somebody who has plenty of experience working with businesses that have similar financial circumstances to yours?

Take us, for example. Our small business accountants specialise in helping small and medium businesses with their accounting needs.

Open since 1966, we’ve been in business for a while, to say the least. And over that time, we’ve worked with businesses in just about every single type of industry out there.

And yours is probably one of them!

Questions about your financial position – ask these to find out where you stand

“Is my business set up for my current circumstances?”

Most small businesses have a pretty straightforward structure: most operate as sole-traders or partnerships, with the larger ones gravitating towards a company structure.

Each has its own benefits, as well as their own drawbacks – which one’s most suitable for your business depends on your circumstances.

And that’s the thing: business circumstances change.

While your current structure might have worked when you first opened your doors, is it really the best structure for you now?

One of the first questions you should ask about your business’ circumstances is whether or not you’re using the must suitable business structure for your needs and goals. Our accountants in Melbourne are more than happy to help out with these big questions.

“Am I paying the right amount of tax?”

Whether you’re seeking help from a personal or business accountant, it’s important that you pay the right amount of tax.

This means ensuring 2 things:

• You aren’t underpaying (and therefore, exposing yourself to a fine)
• You’re missing out on tax deductions and refunds

A lot of people and businesses who’ve tried going without an accountant often end up falling into one of these 2 camps.

Our accountants can take a look at your tax situation and ensure that you’re paying the right amount of tax – not too much, not too little, but just right!

Not only that, but we can also devise you a tax wealth plan, creating schemes to legally minimise the amount of tax you pay while also increasing the size of your tax return – all you need to do is ask about it.

“Am I on track to achieve my goals?”

Whether it’s a personal goal or a business objective, good financial planning and expert accounting are the key to getting where you want to be.

Are your finances in a good enough position that you’re able to achieve these goals in your desired timeframe? Or are you going to have to make major changes to get there?

These are big questions – they’re also questions that only an accountant can answer for you.

Bring a copy of your finances and tell us where you want to be, whether that’s early retirement or expanding your business with new locations.

After taking a look at your finances, our accountants can give you their opinions on where you’re at, as well as what you may have to change in order to get there and most importantly, which accounting services can help you get there.

Get the help you need with our accountants in Melbourne

If you’re self-employed and on the hunt for an accountant, asking the right questions is key. This guide offers crucial questions to pose when considering an accountant, assisting you in making informed decisions tailored to your self-employment situation.

The right accounting team is crucial not just in maintaining your business’ financial health, but also helping you achieve your goals.

Whatever it is you want, you’re going to need an accountant by your side.

Whether you need a personal accountant or business accountant in Melbourne or if you are thinking about switching to a new accountant, we’ve been helping individuals and small businesses throughout Melbourne’s southeast – as well as throughout Melbourne as a whole – get where they want to be.

Find out how we can help you achieve your goals – give our accounting team a call on (03) 9589 5488, or click here to book an appointment.