Do you have the right business accountant?
Posted by Northadvisory on May 6, 2020
Selecting a business accountant is one of the most important decisions you can make. While there are many accountants who are good at what they do… they might not be the best fit for your business.
The right accountant will save you time and money. And ideally, they will help support the growth of your enterprise with their business acumen and advisory services. Once you’ve made the right choice, your professional relationship could last for the life of the company, and your accountant could become one of your most trusted business advisors.
But what selection criteria should you be looking for? We’ve outlined some of the attributes that we think are absolute must-haves to help you make the best choice.
Qualifications and experience
Business accounting is much more than just submitting a company tax return and producing summary statements at the end of a financial year. To be a top-notch business accountant, you need incredible attention to record keeping, and you need to analyse, interpret and report data regularly. You should expect your accountant to provide these services so that you can make well-informed business decisions.
In order to offer the services you need, our accountant must have the correct qualifications and be appropriately experienced. This is imperative. Making sure that your potential accountant has the necessary accredited tertiary qualification is the first step. If they are a registered member of a professional body, such as the Chartered Accountants Australia and New Zealand, you can have the added confidence that they are meeting industry standards.
It’s also important to find out where their speciality lies. What types of businesses do they currently work with and do they already service clients with similar needs to your own? Ask as many questions as you need in order to feel assured that your chosen accountant will be able to give you the support your business needs today and well into the future.
Marius Fourie, North Advisory Director and Business Advisor, says,
“Ideally, your accountant should help guide you through all major business decisions… especially when it comes to the overall vision or direction for the business.
Providing clarity about what you can and can’t do and highlighting what you should be thinking about… rather than just the day-to-day accounting. They should also support you at a higher level with strategic advice.”
Communication is key
Unlike a personal accountant… whom you might only meet with once a year, your business accountant should be in regular contact with you. And when you do talk, you should be able to understand the information they provide. This is where good communication skills are critical.
There are many complex elements in business accounting, but it’s vital that you understand topics that you discuss with your accountant. They should have the ability to clearly explain concepts and strategies, no matter how complicated.
Find someone who can discuss issues in a manner that is suitable for you… someone who uses minimal industry jargon, and takes the time to thoroughly explain specific terminology so that you have a clear understanding.
Communication also includes good listening skills… so make sure that your accountant actively listens to you and acknowledges the nuances of your needs.
Passion for their work
In order for your business to grow with confidence, you need an accountant who loves what they do. If they truly enjoy their profession, they are more likely to put the dedication in to see you, their client, succeed.
If they’re passionate about their work, they will be motivated to provide you with a higher level of service and consequently offer you a more positive experience as their client. When you talk to them about your business needs, you should be able to see their enthusiasm.
Find someone who has the drive and motivation for their own professional success and you can be assured that they will do everything they can to help your business prosper.
Someone you can trust
Integrity is absolutely essential when it comes to selecting your business accountant. The relationship you build with them is centred around trust, and you must feel that they always have your best interests at heart.
As a key business advisor, you are relying on them to provide you with sound financial advice that allows your business to grow. Plus, you need to know that they can provide guidance that extends past basic accounting. Having an accountant that understands asset protection, wealth management and tax effective superannuation strategies is invaluable.
Connect with North Advisory
Here at North Advisory, we know that you need a business accountant who is proactive and ready to meet your complex needs. When you work in partnership with us, you can be confident that we are always thinking ahead.
Our innovations are strategic, and they will:
- save you time and money
- help you grow your business
- protect your wealth.
Our extensive experience enables us to offer a full range of business and corporate financial solutions. To find out how we can help you, contact our team today.