As an investor or business owner one of the key players in your team will be your accountant. Structuring your business, growing your business during it's life cycle and tax planning has become highly complex.
The question that is often asked is how do I choose the right accountant for my business. If your business is in Sydney Australia then most times you will want an accountant who you can meet face-to-face and have the opportunity for them to come to your business premises to discuss new ideas and strategies. But what other factors are important
Experience It is important that your accountant has demonstrated experience not only in tax but general business and financial matters. It is preferable that your accountant has some experience in the particular industry you are involved in. There can be many opportunities for particular industry types e.g. accessing the Research and Development Tax Concessions or applying for Export Market Development Grants and if your accountant has not had experience in these areas then you may miss out on valuable opportunities. Your accountant should also have demonstrated a commitment to ongoing learning and as such not only be a member of a professional body such as CPA Australia but they should also have appropriate undergraduate and postgraduate qualifications.
Rapport It is soo important that the accountant you chose is one who you can work together with. Choosing the best accountant is like choosing your partner. You need to choose someone that listen to your ideas, challenges you when necessary but overall is there to support you and help you grow both professionally and personally. If you don't like the personality of your accountant or are scared to call them or discuss an idea then it is better to find someone that you can work with. This doesn't mean that the two of you have to best of friends but it is important that you both respect each other and enjoying working together.
Cost Too often this is the first reason many choose an accountant. They go for the cheapest option and later on find out that cheapest is not always the best. We have seen first hand many times where cheap accountants have neglected areas such as Division 7a and the client after audit has realised that although they did pay a cheap price in the long run the tax, penalties and interest cost them many times what a competent accountant could have achieved. You want to obtain value for money but those who have run successful businesses realise themselves, as it is often there own business philosophy, that there is a balance between choosing the best accountant for their business and overall costs.
Having trouble finding the right accountant ? Give Omega Partners Accountants in Sydney a call on (02) 8006 4298 and see whether we can assist you in choosing the best accountant for your business.
The question that is often asked is how do I choose the right accountant for my business. If your business is in Sydney Australia then most times you will want an accountant who you can meet face-to-face and have the opportunity for them to come to your business premises to discuss new ideas and strategies. But what other factors are important
Experience It is important that your accountant has demonstrated experience not only in tax but general business and financial matters. It is preferable that your accountant has some experience in the particular industry you are involved in. There can be many opportunities for particular industry types e.g. accessing the Research and Development Tax Concessions or applying for Export Market Development Grants and if your accountant has not had experience in these areas then you may miss out on valuable opportunities. Your accountant should also have demonstrated a commitment to ongoing learning and as such not only be a member of a professional body such as CPA Australia but they should also have appropriate undergraduate and postgraduate qualifications.
Rapport It is soo important that the accountant you chose is one who you can work together with. Choosing the best accountant is like choosing your partner. You need to choose someone that listen to your ideas, challenges you when necessary but overall is there to support you and help you grow both professionally and personally. If you don't like the personality of your accountant or are scared to call them or discuss an idea then it is better to find someone that you can work with. This doesn't mean that the two of you have to best of friends but it is important that you both respect each other and enjoying working together.
Cost Too often this is the first reason many choose an accountant. They go for the cheapest option and later on find out that cheapest is not always the best. We have seen first hand many times where cheap accountants have neglected areas such as Division 7a and the client after audit has realised that although they did pay a cheap price in the long run the tax, penalties and interest cost them many times what a competent accountant could have achieved. You want to obtain value for money but those who have run successful businesses realise themselves, as it is often there own business philosophy, that there is a balance between choosing the best accountant for their business and overall costs.
Having trouble finding the right accountant ? Give Omega Partners Accountants in Sydney a call on (02) 8006 4298 and see whether we can assist you in choosing the best accountant for your business.
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