Tips to Find the Right Accounting Firm for Your Business in Melbourne

It is tough to find the right accountant. It is so hard that it has become something of a running joke in the small business world. So, why do you need a good accountant in the first place? Maybe maximize your tax return, increase your audit’s credibility, or only better your company’s financial performance.

Nearly 70% of people trust their accounts to be handled by a professional practitioner. This is also done for ease, advice, decent refunds, or the plain peace of mind that it was done correctly with no complications the first time. In Australia, though, not everyone is familiar with tax accountants.

So, before searching for “accountant Melbourne,” read this small guideline to know the basics.

Why Do You Need a Tax Accountant?

Turning to a certified tax agent to plan your taxes will help you optimize your tax refund every year. Not everybody knows the same tax exemptions they can obtain or what taxes they can pay, which can lead to overpayment or underpayment by them, all of which may lead to severe problems.

Besides ensuring that you correctly file a tax return per year, a good accountant like “accountant Glenroy” will also support you when the investments have become more complex. The tax accountants will give you tax and budgeting advice to help with your finances to help you handle your assets.

Tax Professional Types

There are several types of tax professionals:

Registered Tax Agents – To continue to be registered to lodge tax returns, registered tax agents are expected to complete a minimum standard of hours per year in the study and learning of tax law. They can handle more unusual cases. They can also represent you during an audit or debt issues in front of ATO (Australian Taxation Office).

Certified Practicing Accountants – On the other hand, Certified Practicing Accountants (CPAs) have completed the CPA test. They are fantastic at accounting and ledgers, but they are reluctant to file tax reports independently and may not be qualified to deal with tax problems.

Tax Lawyers – Finally, tax attorneys specialize in tax law, sometimes with a master’s degree in accounting and a graduate degree in jurisprudence. They are best to represent you in front of the court.

How to Hire the Right Tax Professional for You?

An outside accounting firm will usually prepare these documents for you:

  • Your financial statements, including income statement, balance sheet, and statement of cash flows
  • Tax return preparation
  • Problem-solving advice and analysis of your financial data

Given the nature and difficulty of the work, selecting an established and trustworthy agent is critical. You can choose the best one by asking the right questions:

  1. Ask the firm their tax agent number and check on TPB’s (Tax Practitioners’ Board) website if it is listed. Being recognized as a good sign.
  2. Ask them about their experiences. Having experience in handling a similar type of company will mean that they will make fewer mistakes.
  3. Ask them which area they specialize in. Not all firm specializes in the same area of accounting.
  4. Getting a cheaper choice can be tempting when you are on a budget. Most legit practitioners charge on an hourly basis. So, if someone claims to charge on the refund, it’s best to look elsewhere.
  5. The law requires the practitioners to sign on their client’s returns. So, confirm if they will sign.
  6. Reconsider accountants who are not e-lodging. The ATO usually requires electronic accommodation by all tax officers. So, if they don’t, it is probable that they are not doing as much, or they are more prone to make mistakes.

RDV Business Solutions are here to help you with accounting. They specialize in tax, financial accounting, and financial services. So, drop by the Melbourne office to consider them as an option.

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