Managing finances can be incredibly challenging for small businesses in Brisbane, considering that there are approximately 480,000 small businesses in Queensland as of 2023, and over 176,000 are in the Brisbane metropolitan area. With such many small businesses, finding the right accountant can be daunting, especially if you are unfamiliar with the Brisbane accounting industry. This article will discuss some key factors to consider when choosing a small business accountant in Brisbane to help you make the best decision.
Here are the top things you should know about:
Qualifications and Credentials
Considering their qualifications and credentials is crucial when looking for a small business accountant in Brisbane. With over 6,000 registered accountants in the city, ensure that the accountant has the required licenses and is registered with a professional body like the Institute of Public Accountants or Chartered Accountants Australia and New Zealand. Additionally, assess their experience and expertise in areas relevant to your business, such as financial reporting, bookkeeping, and tax planning.
Range of Services
When selecting a small business accountant in Brisbane, evaluating their range of services is crucial. As of 2023, approximately 80% of businesses in Brisbane had fewer than 29 employees, meaning that most small business accountants in Brisbane have experience dealing with micro or small businesses. It’s essential to look for an accountant who offers comprehensive services that meet your business’s needs and assess their scalability as your business grows and requires more advanced financial management solutions. Choosing an expert who can grow your business can save you the hassle of switching to a new accountant.
Industry experience is also essential when choosing a small business accountant. It would be best if you were looking for one with experience working with businesses similar to yours in size, industry, and structure. This will ensure that the accountant understands your business’s challenges and opportunities and can provide relevant and practical advice. Additionally, an accountant with industry experience may have valuable connections and insights that can help your business.
Technology and Systems
Looking for a professional up-to-date with the latest accounting technology and systems would be best. This may include cloud-based accounting software, digital payment systems, and other digital tools to streamline your accounting processes and improve efficiency. A good accountant should also be able to advise you on the most suitable accounting technology and systems for your business.
Communication and Availability
When selecting a small business accountant, it’s important to consider communication and availability. As of 2023, the average hourly rate for an accountant in Brisbane was around $200, with some charging as little as $100 per hour and others charging over $300 per hour. It would be best if you are looking for someone responsive and easy to communicate with, including through regular meetings, phone calls, and email correspondence. Additionally, it’s crucial to evaluate the availability of the accountant and their team. A good practitioner should be readily available to provide advice and support when needed, whether during tax season or throughout the year.
Choosing a small business accountant in Brisbane is a critical decision that can significantly impact your business’s financial success. By considering factors such as qualifications, range of services, industry experience, technology and systems, and communication and availability, you can find one who meets your needs and helps you achieve your financial goals.