IN SEARCH OF THE RIGHT BALANCE

Finding the ideal accountant for your Small to Medium Business (SME) is crucial because they will play a significant role in the financial management and sustainability of your enterprise if you let them.

A good accountant does not only help by preparing financial statements, they are also experienced in analyzing your business's financial data to provide insights into its financial health and provide advice on strategies going forward. They can help with budgeting, cash flow management, tax planning and optimisation, and advise on a whole range of other areas to help make your business the best it can be.

Importantly, at Hills Accountants in Hobart, we understand tax laws and financial regulations and will help you comply with them to save you from legal troubles and financial penalties.

So how do you find your ideal accountant?

Step 1 - Understanding What Your Ideal Accountant Looks Like
This is the first and most crucial step! Before you can assess who is right for you, you need to have a clear understanding of what you require from an accountant, and this means you need to understand your own business, at least in a basic sense.

If you understand basic bookkeeping processes, you may be comfortable in that area and you will need them for tax preparation, financial planning and/or as a business advisor. Knowing your needs will help you narrow down your search and find an accountant who specializes in the services you require the most.

If you do not understand any of this and it looks like a foreign language, then you need an accountant who demonstrates a welcoming attitude to a business "beginner" and can explain things in layman's terms to help bring you up to speed.

Step 2 - Experience And Qualifications
You need to do a little research and try to find an accountant with experience in your industry and, if possible, one that works with businesses of a similar size to yours. They are more likely to have a better understanding of the specific challenges and opportunities your business faces.

One great way to do this is to 'ask around'. Contact friends and others in your industry and ask them where they go for accounting services. "Word Of Mouth" is still one of the best ways to find someone you can rely on. Alongside this process, look for testimonials on their website and also check out their Google Business Profile. If they have a lot of 5-star ratings and virtually no 1- or 2-star listings, you can be a bit more confident about their abilities.

Always make sure that your potential accountant has the right qualifications for the task.

Step 3 - Technology Savvy
In today's digital age, it's crucial to have an accountant who is familiar with the latest accounting software and technology. This will not only make your life easier but will also ensure that your financial records are accurate and up-to-date. At Hills Accounting we recommend XERO and MYOB as first choice accounting software.

Step 4 - Easy Communication
Effective communication is key to every successful relationship, and this is especially true when it comes to your accountant. You need to be able to understand the financial information they provide and feel comfortable asking questions. Make sure the accountant can communicate complex financial information in a way that is easy for you to understand.

Remember, it's important to have a good working relationship with your accountant, so choose someone you feel comfortable with and who understands your business needs.

Step 5 - Fees and Charges
Some accountants charge by the hour, while others have a fixed fee-for-service so understanding the fee structure is essential to avoid any surprises. It is a good idea to get a written quote before signing on the dotted line. It's also important to know if there are any additional fees for services that are not included in the initial quote.

Step 6 - How Can You Help Your Accountant
Spend a bit of time getting well organized. Keep a file with your bills and receipts, preferably in alphabetical order. Have all of your bank statements sorted the same way. Using accounting software like XERO or MYOB will make things easier, so make sure that your accountant has access to it. This will save a lot of time, and even reduce costs because your accountant does not have to take the time to sort everything out.

So here are 6 simple steps to finding an accountant who will help you be more successful and less stressed. If you want more information, or simply a chat about possibilities, email us today at admin@hillsaccounting.com.au or Phone 03 62737800