Accountants play a crucial role in the success of a company, whether it is a large multinational company (MNC) or a small local business. Looking for highly skilled and experienced accountants in Canberra can be a difficult call to make. Selecting the best accountant is not subjective. There are several traits a good and efficient accountant possesses that separate them from the rest.
Here are the steps to hire the services of the best accountants in Canberra:
- Check their Accounting Qualification
The qualifications of an accountant play a vital role in the evaluation process. It is necessary for an accountant to have completed a basic level of education and obtained certification from an accredited university. The necessary qualifications include a Bachelor of Accounting and a Master of Professional Accounting or a CPA (Certified Practising Accountant) degree.
It is ideal for an accountant to have both the technical skills to handle tax returns and the interpersonal skills to explain them effectively. If the shortlisted accountant lacks these practical skills, it is recommended to find someone else. Conducting a thorough interview is necessary to judge these skills.
Accountants who are associated with the preparation and filing of tax returns are required to be registered with the relevant authorities. One can verify the tax agent registration on this portal to confirm whether an accountant is registered or not.
- Assess the Cost of Services
The hiring team should openly and honestly discuss the service fees charged by the accountant and maintain transparency. Due to the complexity of accounting problems, it is not common to pay all fees upfront.
On-going accounting issues require continuous attention, and there is always an expectation for a consistent effort. Traditionally, accountants levy fees based on the hours worked, but recently there has been a trend towards monthly packages.
In both cases, the HR must provide an appointment letter to the accountant in Canberra. It must contain the remuneration details which the company is obligated to pay.
- Perform Due Diligence
It is always recommended to check the feedback and reviews from other companies who have used the service of an accountant. One can easily find reviews on Google, which can provide a clear idea of the accountant’s track record. Talking directly to their previous employer is the best way to get detailed and quick information about their experiences.
There are other effective ways to gather information such as social media platforms. For instance, one can also search for reviews and testimonials on social media sites like Facebook, Instagram, and LinkedIn. In short, it is important to conduct detailed and systematic research on an accountant’s professional records before hiring them.
- Choose an Accountant with the Right Skills
Small businesses in Australia face a frequently changing environment. The rapid development of digital technologies has a large impact on their income. To maximise their potential, business owners need to be surrounded by innovative and forward-thinking accounting experts.
Business owners should ensure that they have hired accountants with knowledge of the latest software and relevant soft skills. They also need to have a thorough understanding of the business so that they can help in making wise decisions.
A knowledgeable tax accountant does way more than just the calculation of tax payments. It is crucial to choose an accountant in Canberra who has sufficient working experience and exposure to a variety of industries.
Role of an Accountant
Listed below are the essential roles of an accountant:
- Bookkeeping
Bookkeeping is the bread and butter of every qualified accountant. It is the process of recording all the financial transactions of a business into organised accounts. Any qualified accountant should be proficient with financial statements, double-entry bookkeeping and various accounting software.
- Taxation
Tax filing can often become stressful and confusing. Appointing an accountant can solve tax compliance-related problems has become imperative. A skilled accountant can help with international accounting compliance and international tax management as well.
- Investment Advisory
An accountant can be of great help when it comes to investment advice. They can guide you to the right track of wealth creation by suggesting an asset class mix based on risk appetite.
- Overall Planning & Advisory
A skilled accountant with prior experience can assist with planning long-term financial goals both for business and personal finance. It can include advice related to any expenditure, purchase and revenue generation.
A skilled accounting expert can go way beyond the role of maintaining accounts. They can understand the pulse of your business and function as a sound basefor making informed organisational decisions. Hopefully, this article has provided clarity up to a certain extent onall that you need to appoint the best accountant in Canberra.
