How do I find a good accountant in Sydney?

Accounting plays a huge role in the functioning of any business. The record and regulation of income and expenditure ensures that the business is running smoothly and can also help in predicting its future.

An accountant is a professional who handles this area of a business.
As a business, you may choose to hire a personal accountant or can outsource these services from accounting firms.

Since it is one of the most important functions of a business, the professional for this job should be chosen carefully after proper research.

How can accountants help?

Accountants do not only help businesses but can work individuals as well.

Helping an employee

Employees with one job or source of income do not generally need dedicated accountants. 

But if you’re an employee with multiple jobs or sources of incomes from various investments, an accountant can help you manage your taxes. They can help you claim the tax deductions and ensure correct tax returns. 

Helping a self-employed person

If you work for yourself as a freelancer, contractor or a sole trader, an accountant can help you manage all your projects financially. They can help with your Pay as you go (PAYG) and Business activity statements (BAS) and instalments and also help you with claiming deductions. 

Helping with a business

If you run a business, an accountant can play a very important part to help with the growth of your business. They help set up and maintain the financial records of the company and can also help you with meeting your tax obligations.

Role of an accountant in a business:

• • Helps with setting up the legal structure of a business 
  • Helps with setting up the accounting and bookkeeping software
  • Pays the staff or contractors
  • Applies for an ABN or ACN
  • Deals with the ATO on your behalf
  • Tracks profit and loss and forecasts growth

Finding a good accountant in Sydney

A good accountant helps you with the tax laws and provides the best financial advice required for smooth running and growth for the company. They help you figure out how your business is doing in terms of finance and plan a strategy to help it grow.

One of the best ways to find a good accountant in Sydney is to check for recommendations and reviews. 

The best accountants are known among successful businesses around and have great reviews. The better the services, the better the reviews.

Ask around with your family and friends for referrals. You can also search online and read reviews of various accounting firms to help you with the shortlisting. You can check their quotations and referrals from other clients they serve to understand about their professionalism. Or even check out their LinkedIn to see what people have to say about them. 

What to ask an accountant before hiring them?

To make this important decision, there are a few things that you can ask the accountant you have shortlisted to help understand their services better.

Ask them about:

• their qualifications and registration
• their specialisation
• the professional bodies they belong to
• their major client base
• their location
• their charges 
• how the paperwork will be submitted
• who will handle your account

You need to decide on an accountant best suited to meet your requirements. Since accountants can specialise in different areas, look for one that best suits your business.