While you might be perfectly knowledgeable of basic taxation, business taxes can be a different beast entirely. Maybe you are up to date with business tax processes, but you want better knowledge of your cash flow, or even just financial advice. There are plenty of reasons to seek out a good tax accountant.
With almost 140,000 people and over 33,000 businesses employed in accounting services according to IBISWorld, it can be overwhelming to know what to look for when you are seeking out such a professional. To give you a good place to start, we’ve put together a few traits that are essential if you want to ensure your business has solid financials.
Medical businesses can have a great deal more to worry about than just taxes.Choose someone who has a range of services
You may immediately think of taxes when you consider what role an accountant will play in your business. While they certainly do help there, a truly great accountant will be able to offer a lot more than just tax returns.
Accountants who specialise in SMEs can be capable of business planning, financial and cashflow advice, budgeting, business valuation, SMSF advice, business support and, of course, tax services. All of these are vital to the longevity of a business, so make sure you get someone who knows how to account for the whole of your venture, not just the tax.
Choose someone local
Keep your friends close, but your accountant closer.
Keep your friends close, but your accountant closer.
Perhaps a serious issue has come up with your tax records, or maybe you have discovered some financial disaster and desperately need advice. If your accounting firm is halfway across Australia, you are going to unable to deal with your issue as easily as someone who is practically next door.
Problems happen even with perfect book-keeping. Faster responses and better knowledge of your place in the local market can be a serious boon to any business.
Choose someone who knows your profession and is up-to-date
General accounting is great, but what if you work in a specialist profession? If you work in a field such as pharmaceuticals or other medical professions with frequently shifting laws, you need someone who not only knows the day-to-day running of the business, but also keep themselves knowledgeable of any legislation change that may uniquely affect your enterprise.
If you’re in the medical profession, from pharmacies to dentistry to doctors, and you need an accountant, don’t hesitate to contact DBS Accountants. Our services are exhaustive, our knowledge is current and our outlook is innovative.