6 Tips for Choosing a Small Business Accountant

6 Tips for Choosing a Small Business Accountant

Finding the right small business accountant to handle your business tax affairs can be complicated. In this blog, we share the top things to look for when choosing a small business accountant.

 

What is a Small Business Accountant?

A small business accountant is an individual or a firm that handles your business tax affairs. You may work with a small business accountant on your annual tax compliance and quarterly BAS statements, or you may have a more integrated relationship that involves support with payroll and employee tax withholding. 

 

1. Look for experience 

Experience is key when it comes to working with a small business accountant. Choosing a firm that has worked with businesses of your size and scale in the past can mean a better long term fit, and advice that’s suited to your business and personal circumstances. An accountant with appropriate experience in your business size and category will also be better placed to assist with strategies like tax planning, to ensure you’re optimising your tax affairs year-round.

 

2. Get recommendations 

Recommendations and referrals go a long way when choosing professional services like small business accountants. Ask friends and family, and other business owners within your professional network what they like about their small business accountant. 

 

3. Check their social media

Many small business accountants and accounting firms are now on social media, so hunt down their channels and get a feel for who they are and how they can help you. You can often explore their service offering via social, too, so if you need help with capital gains tax and self-managed superfunds, for example, ensure your chosen accountant has those capabilities. 

 

4. Small business accountant reviews

Read reviews of small business accountants and get a feel for what other professionals think. While choosing an accountant is a personal decision, public reviews and how they’re handled can reveal a lot about a business.

 

5. What Software Do They Use?

The software used by small business accountants is important to you as a customer. Depending on what internal software you use for your business, it’s worth checking that your systems will be compatible to save you time and stress at the end of the financial year. Also look into how they store data and files. Do they use cloud accounting or a more traditional approach? 

 

6. Small business accountant fees

Making sure your small business accountant costs align with your business goals and financial capabilities is critical. Speak to multiple accountants and compare prices with service offering to find a balance that’s right for you and your business. 

 

Contact National Accounts to learn more about how we can support you and your business. 

By | 2020-09-11T16:19:50+09:30 September 11th, 2020|finance, tax, tax planning|0 Comments

It’s A New Financial Year: Is Your SMSF Ready?

It’s a New Financial Year: Is Your SMSF Ready?

With a new financial year comes new responsibilities for SMSF trustees. From managing super contributions to reviewing your investment strategy, the start of a new financial year poses a suite of opportunities to conduct an SMSF review. We’ve shared our top tips for SMSF members wanting to get ahead of the game this new financial year.

Conducting an SMSF review

A new financial year is the perfect time to conduct an SMSF review. Reviewing your investment strategy and making changes accordingly is something that needs to be done at least once a year. Consider whether any members are approaching retirement, whether your investment strategy is too conservative or not conservative enough, and ensure that all decisions remain compliant with relevant SMSF laws. The turbulence of 2020 may have had an impact on your superfund or personal finances, and a comprehensive SMSF review will allow you to make relevant changes going forward.

Keeping up to date on new legislation

While conducting your SMSF review, it’s important to keep abreast of legislative changes to SMSF regulations. Changes to concessional contributions, carry-forward facilities and age-contingent work tests have come into play this year, and it’s the responsibility of all trustees to ensure they’re across the changes. Your superfund balance may also be approaching the point at which it breaches the $1.6 million transfer balance cap.

Your SMSF accountant will also be able to assist in keeping you compliant with updated regulations.

Planning your SMSF costs

Organising your SMSF costs at the start of a new financial year could be done as part of your tax planning process with your accountant. Effective tax planning allows you to maximise your tax relief using various legal structures, including strategically scheduling and deferring costs and deductions into the most favourable financial year. 

Speak to your National Accounts accountant about how tax planning can benefit your SMSF and individual tax return. And if you have a property held in your SMSF, engage the services of a professional, like the team over at SMSF Valuation Reports, to budget for a report on the value of your property.

Planning your super contributions

If you spent the back end of the last financial year scrambling to take advantage of your SMSF contribution caps, resolve to make this year the year of organised super contributions. Where possible, maximising your super contributions, including spouse contribution splitting facilities, can be an effective way to reduce your tax liability and boost your SMSF balance at the same time.

For SMSF tax planning and support in organising your superfund for the FY20/21 year reach out to the talented team at National Accounts. Our team is expert in tax planning for family businesses, SMSFs, sole traders, partnerships, individuals and companies. 

 

 

By | 2020-08-12T10:51:09+09:30 August 4th, 2020|tax planning|0 Comments