When it comes to accounting & tax planning, you have to consider getting professionals for the job. As a small business, your company may not have the resources to hire an in-house team, but you can always choose to hire an accounting service. There are many Gold Coast Accountants who work exclusively with small businesses, offering them all the assistance they need for a fixed price per month or an annual fee. Before you go ahead and hire a small business accounting firm, we recommend that you check some of the basic tips listed below.
- Evaluate your needs
Why do you need an accounting service in the first place? Most small companies and startups want accountants because they want to keep up with ASIC, ATO tax obligations and follow norms with regards to Workcover & Payroll. Some businesses also rely on accountants for financial planning, getting reports from financial data and other relevant and related services. Before approaching a firm, first decide what you expect.
- Consider the services offered
Accounting companies that work with small businesses often offer comprehensive services and packages that are easy to afford. At the very least, you can expect these services to keep a tab on bookkeeping, maintaining reports, preparing activity statements that are to be filed with ATO on time, maintaining employee requirements and aspects like superannuation. The accounting service will also prepare cashflow reports, specific business plans and other reports that may come handy for decision making. If the concerned firm is using a software, you can ask them to offer training for your team, so that the work flow is never hampered.
- Think of support
Accountants are often required on a regular basis, primarily for getting more out of financial data, tax planning and other work like preparing reports. You want to be sure that the concerned company and their accountants will be around to offer support on the go. Depending on the arrangement, package or contract you have with them, you can expect phone, email support on the go, and while for specific consultancy tasks, you can expect to pay an additional fee.
- About getting a quote
When it comes to getting a quote from an accounting service, you have two choices – either ask them for a price based on your requirements or go for a ready package, if they have one that fits the bill. Customized services are better because you will have QC Accountants as your partner, and they will offer help on a lot of specific things. From implementing business systems, to offering ongoing assistance for bookkeeping and lodging monthly GST & BAS. You can also ask for management reports and tax planning reports, depending on your needs. The price offered by an accounting firm should be all inclusive and without any room for hidden charges.
To compare accounting firms, check their clientele, ask about the services they provide, and don’t shy away from discussing their experience in your industry. Think of long-term collaboration when you make a choice.