4th June, 2020
In these very challenging times, it is more important than ever to have the right accountant for your business.
As your accountant is usually involved in every aspect of your business and to some extent your private life, you need to have an accountant who you can relate to both professionally and on a personal level.
You also need to feel that the accountant will have a genuine concern for your business and its success.
There is no reason why you should be loyal to your existing accountant, particularly if the firm isn’t performing. Changing accountants is a relatively simple procedure and shouldn’t cause any disruption to your business.
When selecting or evaluating an accounting firm, an important issue to consider is whether or not the firm is a member of a recognised professional accounting organisation. This is an important factor as the title ‘accountant’ is not regulated in Australia. In other words, anyone can call themselves an accountant even if they don’t have the educational and professional qualifications.
The three principal and most widely recognised professional accounting organisations in Australia are:
It is important to always check the qualifications and experience of your accountant as being a member of a professional organisation does not always guarantee that the firm will be able to service your requirements.
Start by selecting about three firms who you feel might be suitable. You can do this by asking for a recommendation from a business colleague.
There are also several good directories of business advisors you can use to begin your search, such as MYOB’s Find An Advisor page, the Tax Practitioner’s Board, or our directory of accounting firms on the Australianbiz website.
You should then contact each firm to make an appointment and take along a list of the questions that you want answered at the meeting.
It might be a good idea to get confirmation in writing on some of these matters (particularly with respect to fees) to avoid any disputes in the future.
It may also be worthwhile obtaining the contact details for three of the firm’s business clients, so that you can ask further questions about the firm and its services.
Finally, take time to consider your decision and don’t be afraid to consult a friend or business colleague.
This article, while written by accredited tax agent and practising chartered accountant Joe Kaleb of the small business portal Australianbiz, does not constitute financial advice. For advice on your specific situation, MYOB recommends engaging a qualified professional directly.