Accountants and business advisors provide a number of varied services so decide what you need before appointing one who presents a good fit for you and your business.
Typically, most businesses do not know what they need and this is why it is important to choose a business advisor who is proactive and can suggest services that will benefit your business. To do this your business advisor must have the necessary experience and knowledge that covers a broad spectrum of services and different business situations.
If you need tax and financial planning advice (as many business owners do at this time of year) seek a specialist in these fields. Also consider if you need business enhancement services such as computerised bookkeeping support, or a review of your operations for maximum efficiency and tax advantage. Take these factors into account when first appointing your accountant.
Many accountants do so much more than just prepare tax returns. Involve yours in the planning of a new business venture to help choose the most appropriate business structure, helping you negotiate business leases or ensuring your assets are protected. Once a business is operational an accountant is still vital to prepare annual information returns, conduct quarterly reviews and provide ongoing management advice.
If your business is established, then reviewing key issues when appointing a new accountant is a prime opportunity to bring your affairs up to date. A good accountant actually takes on the role of a business ‘GP’. If you appoint one to do this, they’ll boost your results with proper cash flow forecasting, internal controls and finance planning and monitoring.
Your personal tax issues can be closely related to and affected by business tax issues so bear this in mind when considering the extra services you require. Accurate monthly monitoring of your cash flow and profit translates into easy, accurate and efficient taxation planning at year-end. Between the months of April and June you and your accountant can plan and put in place steps to minimise the impact of taxation as accurate forecasting has been done each month prior to this.
Key considerations for appointing an accountant are as follows:
- Choose an accountant who specialises in your business type and who has experience working with other businesses in your industry or of similar sized businesses across a number of industry sectors. This brings invaluable experience to your own business
- Make sure the firm specialises in the additional areas you need and offers value for money
- Ask to see a copy of the firm’s OBT commitment statement. Often, if a firm has one, they are serious about client service
- Ask them to quote you an upfront fee for the investment you’ll make in their services
- Ask them what they can do for YOU!
At OBT because of our extensive experience, expertise and commitment to small business we know we can assist you and your business. Phone us on 07 5462 2277 to find out how.