Apart from sales and marketing, accounting is another core aspect of any business. Needless to say, it is imperative to find a qualified, reliable, and professional tax accountant. Every business owner needs someone who knows the ins and outs of the tax code. What's more, they must also be able to explain them to you clearly.
Here are some practical and effective ways on how to find the right one for your business' success.
Research is the key
The first thing you need to do is ask for the tax advisor’s tax agent number. Verify their registration by checking it on the website of the Tax Practitioners Board (TPB). Industry recognition is a great way to ensure a company’s expertise in the field.
Consider the years of experience
A tax accountant’s years in service is also an important consideration. Firms that have been in the tax business for a long time have dealt with several tax return cases. This implies that they have lesser tendencies to commit a blunder than a recently established company.
Know their forte
As a business owner, it is imperative to ask the accountant about the tax issues they specialize in. Keep in mind that not all tax firms are qualified and knowledgeable in various types of tax claims. Thus, go for the one that meets your specific needs and requirements.
Look into the rates
It is always tempting to choose the one offering the most affordable rates. However, preparing a tax return comes with an average fee, and it is usually charged by the hour. Hence, it is advisable to look elsewhere if you ever come across a company that claims they can obtain a bigger refund or that charges based on the refund’s size.
Ensure that they would sign
Professional agents are required by law to sign the returns of their clients. To make things easier and to save your tax agent's time, consider buying the best accounting software for small business. Signing a blank tax return is a no-no, as your tax advisor could steal your refund by including their own bank account number.
Stay away from agents that do not lodge electronically
All advisors that deal with company tax are required by the ATO to lodge electronically. Reconsider those who refuse to do so. Given that they do not have access to the software, they will not be able to double-check their work or validate any possible error either. Furthermore, this can also imply that they are not showing much dedication to work as they claim. As a business owner, it is always better to be safe and sorry.
Tax accounting can make or break your business. Thus, working with trustworthy and professional tax agents is of the essence. By following the tips mentioned above, you can find the best one to work with.
