Question 1

Should I hire an accountant for my small business?

Accepted Answer

Every business, no matter how small, needs an accountant. A CPA qualified accountant will give you strategic advice for your business beyond the basics of bookkeeping, tax compliance and general financial statements. Mistakes can be costly to repair, so it’s best to engage an accountant early in the game to get your business plan and structure right, as well as to help ensure your business operations and finances are optimised to support the growth of your business.

Question 2

How much does an accountant cost for my small business?

Accepted Answer

Some accountants charge by the hour and others provide a fixed fee option so you know in advance what you will pay for. Like most things in life, the most expensive option isn’t always the best, and the cheapest is also unlikely to provide the best outcomes for your business. A low-cost accountant won’t be able to give you advice on your business structure or long-term business goals. Likewise, a large firm may delegate you as a client to a junior, less experienced accountant who won’t be able to give you the right advice or personalised service that the director of a smaller firm can provide.

Question 3

How do I find a good small business accountant?

Accepted Answer

A CPA-qualified accountant must adhere to rigorous ethical standards and are bound to act in the best interests of their clients. They’re also more likely to give you strategic advice for your business beyond the basics of bookkeeping, tax compliance and general financial statements. You should consider how much experience they have in the industry, whether your work will be outsourced and how and when they will communicate with you.