Don’t ever let your business get ahead of the financial side of your business.
Accounting, accounting, accounting. Know your numbers.
– Tilman Fertitta
When it comes to business, we’re of the opinion that no truer words have been spoken.
Accounting is a vital part of business.
And as accountants ourselves, we here at Bruce Edmunds & Associates can’t emphasise enough how important it is to have the right accounting team behind you.
Wondering how you can possibly choose the right accountant for your business?
We’ve got you covered – here’s a rundown of all the essential factors that you need to consider when it comes to choosing the right accountant in Melbourne to help create a fruitful and successful business.
1) Start by checking their qualifications
When it comes to your accounting needs, you need to make sure you work with a team who possess and demonstrate the requisite knowledge, skills, and experience.
Basically you need an accountant who is qualified to do the work ahead, no matter how tough or busy it gets!
If you’re thinking of growing your business, you need someone who will be able to help you maximise your potential.
When talking about qualifications, it’s important to understand what each qualification means.
While there’s overlap, different certifying bodies have different focuses and prerequisites. This directly affects the types of service your Melbourne accountant is able to offer.
There are three widely-recognised accounting bodies in Australia:
Chartered Accountant (CA)
- Geared towards advanced auditing and tax matters
- More strategic in scope and responsibilities
- Skillset better suited to complex matters, big businesses and accounting firms
Certified Practicing Accountant (CPA)
- Course covers a broad range of general-purpose accounting, finance and business skills
- Personal and business accounting
Institute of Public Accountants (IPA)
- Geared towards the smaller business and less complex matters
On top of registering with a recognised industry body, certain niche areas of accounting also have their own professional bodies. While these aren’t mandatory, they do tell you about your accountant’s specialisation.
Take us for example. Edmunds has a team of personal and business accountants who have strong financial backgrounds.
We are a proud members of Chartered Accountants of Australia and New Zealand, CPA Australia, SMSF Advisers Network and the Tax Practitioners Board.
2) Do you feel a connection with your accountant?
No matter how good an accountant’s reputation or image is, if you aren’t able to establish rapport or some sort of connection, you might find yourself at a disadvantage.
That’s because you’re going to be working with your accountant for a long time.
A strong client-accountant relationship that stands the test of time requires:
- Mutual trust and respect
- Open communication
- Compatible personalities
- An accountant that “gets” what you want
In short, it is, in fact, about more than just the numbers!
As your accounting requirements are very important, see to it that whoever’s handling your books is someone you can see yourself working with for a extended period of time.
If you are constantly switching from one accountant to another, then this can cause some sort of disruption to your accounting records and activities.
3) Look at your accountant’s priorities
No one wants to be someone’s second priority.
And with the number of clients your accountant works with, how can you be sure your small business, tax return, or superannuation is getting the attention it deserves?
This is certainly something that you should think of when choosing an accountant. Unfortunately, it’s also difficult to gauge.
Do you feel like you aren’t getting the attention you need? That you’re their second priority? Does your accountant struggle to provide your numbers and fail to remember details?
It’s important to choose someone who not only looks out for your best interest but also someone who makes time for you and your accounting needs.
As accounting can be tricky and complicated, you need someone who can take time to acquaint themselves with your situation. You want somebody who communicates and keeps you in the loop regarding your accounting.
4) Location matters
Accounting can be complicated, and you won’t always be able to make sense of your numbers and figures.
Sometimes, you need someone to walk you through what the reports mean. And for that, nothing beats the immediacy of a face-to-face conversation (whether that’s in-person or online).
You might be the kind of person who prefers a face-to-face chat, and if you are, it’s important you look at the location of your potential new accountant.
All else being equal, you might also focus on an accountant who’s nearby.
On its own, location isn’t a big make-or-break factor – it’s all based on your personal preferences.
Are you currently looking for a Melbourne accountant?
Choose Bruce Edmunds and Associates today!
For some business owners, finding the ideal accountant is a long and tedious process.
However, if you look closely, the best one for you is just right around the corner!
If you are looking for an accountant that ticks all the boxes mentioned above, you need to get in touch with us here at Bruce Edmunds & Associates.
Since 1966, we have been delivering excellent business and personal accounting services in Melbourne. And over the years, we have proven that we are amongst the best in the industry.