How to Choose the Right Accountant
Your business accountant is a critical partner in running a successful business. Sparrowly Group invited Select Accounting to share insights into what makes a good accountant.
First and foremost, when choosing the right Accountant for your business, it is important that they align with your Goals, Values and your ‘End Game’.
At the very basic level, accountants in business must be registered with a governing body to be able to lodge your Tax Returns and provide you with the formal paperwork and compliance, but what else should you consider when making your choice?
There are 5 important things to consider:
No.1 Choose an Accountant that is just as passionate about your business as you are
From an Accountant’s perspective we love it when we see passionate business owners launch their new start up with big dreams and hopeful goals. There is something special about the inspired beginning phase of a new start up. Businesses go through so many stages in their development, many of which can never be predicted in the first 12 months.
No.2 Choose an Accountant that will assess your current business structure and give you solid advice about the best structure for your situation
To give your business the best chance of success there are many resources you can put in place from the beginning. Good, solid accounting advice is one of them. We see so many new businesses launch on a wing and a prayer and they struggle to stay ahead in the first 3 years without a clear accounting structure.
No. 3 Choose an Accountant that you can have as your sounding board
You need to like your Accountant. You need an Accountant that will speak your language so that you can understand more easily the fundamentals of your business finance. Most of all you need to be able to feel comfortable enough with your Accountant that you can contact them for advice when you need it.
No. 4 Choose an Accountant that has great reviews or comes recommended
Check out their Website page, Facebook page, Google reviews, or ask to chat with some of their existing clients. These things will help identify if your Accountant will align with your goals and values.
No. 5 Choose an Accountant that will work with you towards your “End Game”
From a big picture perspective, having a business provides you with a lifestyle. That’s it! It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. Your plans for your business, SMSF or investment property in the future, are what we call your ‘End Game’.
A good business mentor and friend of ours once said “The point of having a business is to sell it – even if you don’t want to right now.”
As you run your business, start to make decisions now, in a view to eventually selling it – even if you never end up selling it.
The biggest thing you can do is to make changes so that your business does not depend on you. Setting up systems for your business is the key. A good Accountant will look at your business holistically and help implement systems to reach your End Game.
