Category: Accounting

Things to Consider When Choosing a Business Accountant

Whether you’re fresh into the world of business, or feel like you need better accounting solutions, a business accountant will be one of your greatest assets.

A business accountant exists to record, analyse, interpret and report your business financial information. Essentially, the role of a business accountant is to help you keep track of your business operations.

There are many different accountants in Perth, and when you’re looking for yours, it’s important to choose the right fit for you.

If you need the help of a business accountant but aren’t quite sure where to start, read more from the Belmont accounting team at Llara Tax & Accounting for some things to consider and important questions to ask.

Is the accounting practice qualified?

Do your research when it comes to finding the best business accountant. The best place to start is finding out if they’re qualified to handle your business affairs professionally and legally.

This means seeking out and choosing a business accountant that is a member of a recognised professional accounting organisation like:

  • Chartered Accountants Australia and New Zealand
  • CPA Australia
  • Institute of Public Accountants

An alarming reality is that in Australia, the term ‘accountant’ is not regulated. So, it’s up to you to ensure you choose the right accountant for your business requirements.

Important questions to ask

When looking for the right business accountant for your needs, don’t be afraid to ask these questions:

  1. What is the size of the accounting practice? Will this impact the levels of service received?
  2. Who will be handling your confidential business information and what are their professional qualifications?
  3. Does the business accountant have specific knowledge of your particular industry?
  4. Can the accountant provide sound business advice (i.e. business financial management and financing)?
  5. Will the accountant endeavour to return your calls and enquiries in reasonable time? How accessible are they?
  6. How long will the accountant take, on average, to complete your work?
  7. Is the accountant and its firm up to date with the latest accounting software and technology?
  8. Do they publish any newsletters or other periodic communications that may be of interest to your business?
  9. What is the hourly rate of the accountant and what are the terms and conditions on how fees are charged? Will you be charged for every phone call and/or travelling time?

It may be tough to ask these questions (and more) to a potential business accountant, but it doesn’t have to be. A business accountant and its accounting practice should work for you and encourage these types of questions and provide you clear, honest answers.

If they don’t, it’s time to look elsewhere.

Consider a business accountant where your business is priority

Llara Tax & Accounting have the confidential, professional and personalised business tax and accounting services you need.

Allow us to help you.

Our team of professional Belmont accountants specialise in dedicated business accounting services to make your life and your job, easier.

Contact us today.

References:

https://www.myob.com/au/blog/choosing-small-business-accountant/

How to get the most out of working with your Accountant

An accountant is only good for tax time, right? While having a good business relationship with your accountant is an asset (pardon the pun) when it comes to preparing and lodging your tax return, we can do so much more for you and your business.

Want to know how to get the most out of working with your accountant? Read more from the Belmont business accountants at Llara Tax & Accounting to find out how.

A business accountant helps you recognise strengths and limitations

We’re all human, which means we all come with our individual strengths and limitations. It’s the same situation when owning and operating a small or medium sized business (SME).

Sure, in the age of DIY, most of us like the opportunity to attempt everything ourselves. However, not all of us have the time, motivation or expertise to do so.

What are we getting at?

  • Recognising and accepting that a business accountant has the capacity to handle all of your personal and business-related tax planning, capital gains tax, bookkeeping, financial statements and analysis for you.
  • As a business owner, it’s good to know the fundamentals of your business and have comprehensive knowledge of the day-to-day operations. However, you don’t need to be an expert in every aspect of your business.

As a team of Belmont business accountants, you can get the most out of working with us, so you can focus on operating a successful business.

Come prepared and get ready to learn When you first meet with your business accountant, ensure you have all the necessary documents and records on hand and easily accessible. This helps us help you right away.

If you haven’t a sound understanding of tax, finance and/or efficient business structuring, don’t worry because that’s our speciality.

We’ll help you understand key financial measurements and the metrics relevant to your business and greater industry.

At Llara Tax & Accounting we thoroughly encourage questions and clients utilising our professional business accounting expertise to ensure their business remains viable.

More than just help with your tax

You can definitely get a lot out of working with your accountant, especially when you utilise our services throughout the year.

For businesses, we can provide:

  • Balance sheet reconciliations
  • Profit and loss analyses
  • Fixed asset accounting
  • Cashflow forecasting
  • Budgeting
  • KPI design and monitoring
  • Interim and end-of-year audit assistance
  • and so much more

So, if you’re interested in getting the most out of your accountant, it’s time you contact an accounting team who is ready, willing and able to help you.

Why start a partnership with Llara Tax & Accounting

Finding the right accountant can be hard, but it doesn’t have to be.

At Llara Tax & Accounting, we genuinely care for you and your business needs. To us, you’re more than a transaction, you’re part of our team.

Contact Llara Tax & Accounting today to start a professional partnership that offers excellent accounting and advisory, bookkeeping and taxation services.

References:

https://www.consolid8.com.au/blog/how-to-get-the-most-out-of-your-accountant https://www.americanexpress.com/en-us/business/trends-and-insights/articles/6-ways-to-get-the-most-out-of-your-accountant-1/