Business owners and individuals hire tax accountants to ensure the accuracy of their financial documents and compliance with laws and regulations. A tax accountant can also help you maximise your tax returns. However, a tax accountant must suit your specific needs as they specialise in various areas of accounting and finance.
Also read: What Is The Role Of A Tax Accountant?
6 Factors To Consider When Choosing a Tax Accountant:
1. Experience
A tax accountant with several years of experience preparing financial documents will have faced numerous tax return cases. This means they are less likely to make mistakes than a newly established company. Your tax accountant should know and understand the business taxes in your industry.
2. Location
It is no longer essential to choose an accountant in your proximity. The rise of secure accounting software, online meetings and other technological advances have, in most cases, made location obsolete. However, if you prefer face-to-face meetings, choose a tax accountant in your area with good references.
3. Expertise
It pays to find a tax accountant with experience in your industry or similar businesses. There are industry-specific tax deductions, so your accountant should ensure to get you the maximum returns you are entitled to.
4. The Cost of Hiring An Accountant
A good tax accountant has their client’s interest at heart. They will assist in maximising your return and make suggestions on where you can save money in your business.
Some tax accountants charge separate fees for personal and business taxes. It can sometimes be tempting to go with the cheapest choice when on a budget. However, there is an average fee for preparing a tax return. These are often charged by the hour; it would be good to compare accountants’ rates with similar experience and expertise in your industry.
5. Accounting Software
If you use accounting software, look for an accountant that has experience with your software. This could reduce the risk of errors and save time and money in learning and installing a new system.
6. Are There Any Red Flags?
Being recognised in the industry is a sign of a tax accountant’s expertise. Ask for their tax agent number and check if it appears on the Tax Practitioners Board (TPB) website as a currently registered tax agent. Get references from people you know or check if you can find customer testimonials on their website or Google Reviews.
Conclusion
Choose a reliable and experienced accountant in your industry to help you prepare your financial documents and tax returns. Perth Tax People specialises in a wide range of tax-related solutions.
We can help you with your taxation concerns, ATO audits and individual tax-related matters in Perth. Contact us today.
