Choosing a small business accountant in Perth for your business is one of the most important steps to ensuring that your business maximises its’ potential for success and your potential for personal success.
Understanding the true financial position of your business at any given point is critically important to a small business owner, but so too is looking beyond your business. Business owners today need to find a business accountant who is more than just a number cruncher. A good business accountant needs to be a financial advisor and a financial planner as well. People who go into their own business are not just looking to earn a basic wage. They are looking to become financially successful, provide a certain lifestyle for themselves and their family, and retire successfully and independently from government pensions.
Accounting is a very large field and good accountants tend to specialise in specific areas and limit their practice to only dealing with specific clients. Take the time to consider what type of a small business accountant you want for your business. Are looking for a business accountant who can guide you through growing your business, creating wealth for an affluent lifestyle and a comfortable retirement? Then you need to be looking for a small business accountant that has relevant experience and specialisation in these areas.
It is impossible to expect all accounting firms, regardless of size, to be an expert in all areas of business accounting. Look for a firm that has a clear vision of the types of clients it services and ask yourself if you fit their client profile.
A small business accountant who is very clear about who they service will be able to provide their clients with specialised services which are highly relevant to them, and they will also be providing a much higher standard of personalised service and expertise.
If are looking for a small business accountant who can provide you with all encompassing services for you and your family which extend beyond the basic compliance work of preparing tax returns and financial statements, then you need to look for qualifications and experience to match.
Ideally, you want a small business accountant who is also a qualified financial planner, an experience business adviser, who provides relevant services to the future of your business and the growth of you business and is proactively engaging you in discussions about the future direction of your business and your family’s future needs.
Most small business owners would love to be able to afford to be a client of one of the four big accounting firms because of their misguided perception that there are more benefits and expertise in a big four accounting firm.
In fact, there are more benefits to being a client of a small accounting firm, especially when your business is part of their target market.
A small accounting firm offers a more personalised and compassionate environment for their clients. They usually have a vast awareness and control over situations in their clients business as opposed to large accounting firms because they know them so well, and they are able to provide a more customised and individually tailored solution to their small business clients.
If you are looking for a small business accountant who does more than just the compliance for your business, then expect to pay more than just peanuts.
A good small business accountant is one who will do more than just the work that you ask them to. A good accountant will give you proactive advice regarding growing your business, or cutting back on a specific sector which is costing you more money than necessary, and even helping you determine your ROI. A good accountant will also provide a ‘benchmarking’ service – where they compare your business to another business in the same sector as yours – to show you how you can improve your business.
A good small business accountant looks beyond compliance and at the big picture so that you and your family truly benefit from the stress and sometimes overwhelming commitment of running a small business.
A good accountant may cost you a little more, but remember what happens if you pay peanuts – you get monkeys.
A good business accountant will always offer a prospective client a free initial consultation so the prospective client can decide whether their services are right for the their needs.
The business accountant will also be able to get to know your business in a face-to-face meeting to determine whether their accounting practice will serve and benefit your current and future needs.
A good small business accountant will be able to clearly articulate their fee structure, provide you with fee estimates so there are no nasty surprises and should be able to offer their clients flexible payment options to allow you to better manage your cashflow.
Paul Baggetta is the Principal and Proprietor of Baggetta & Co, has been a Small Business Tax Accountant for over 31 years, a Financial Planner since 1999 and a Real Estate Licensee holding a Triennial Certificate since 1993. Paul Baggetta can provide you and your business with tailored financial services and expertise.
Is it time for a change?
Contact us and book your first free, no obligation, consultation now by calling us on 9317 7300 to find out how our tax and small business accounting services can help you.
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The information provided on this website is for general guidance only and is no substitute for professional advice. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice.