How do I choose an accountant?
Choosing an accountant is a personal decision. You should discuss your needs with them and explain what it is that you are trying to achieve. If you feel they are the best fit for you and your business, then ensure that you have an open conversation around fees and expectations.
Is it worth going to an accountant?
Many businesses can be hesitant to hire an accountant for their business. It can be costly for small businesses with a limited budget. However, having an accountant look at and lodge your tax return ensures that you can lodge correctly, claim any deductions that you are eligible for, and provide advice around tax. Accounting and bookkeeping operations can be streamlined when talking to an accountant, with processes being put into place.
Will an accountant save you money?
Accountants and tax agents are a valuable source of information regarding tax savings and tax planning. They can help you benefit from the many different tax laws and rulings that are available and can help explain the confusion around what is a tax deduction.
What services can be performed by an accountant?
Accountants can provide a wealth of knowledge about starting, buying, or ending a business. They can assist with tax, including goods and services tax (GST) and payroll tax obligations. They can also help with reporting obligations and when to report, income, deductions, and concessions, as well as obligations to employees (including PAYG and Superannuation). They can help with managing records and securing and planning for funding business growth and development.
Why do I need an accountant and a bookkeeper?
Accountants and bookkeepers can provide a supported service. Using qualified and trained bookkeepers can help give you insight into whether you are trading profitably or what cash flow looks like. Accountants will give you a strategic approach to tax returns and tax planning.
Is a bookkeeper cheaper than an accountant?
Bookkeepers usually charge lower fees for their services. This amount will vary depending on the amount of work, filing, and documentation you need.
What does an accountant do that a bookkeeper doesn’t?
An accountant can give you a comprehensive view of your business’s financial state. They can provide strategies and recommendations for making financial decisions. Bookkeepers are primarily responsible for recording financial transactions.
Is it worth seeing a tax accountant?
Yes, using a tax accountant is worth it with multiple jobs or income from investments. They can also help you claim all the tax deductions you’re entitled to and ensure that your tax return is correct.
How much should I pay for a good accountant?
Accountants cost on average between $100 – $500 per hour.
Do I need an accountant for my small business in Australia?
It is a better idea to have an accountant for any business. They can provide a wealth of knowledge and save you audits and mistakes, although it is not a requirement. You can read further information in our blog, here.
Do you still need an accountant with Xero?
No, you don’t primarily need an accountant to work with Xero. However, it is recommended that you engage one to ensure the accuracy of information before submitting any Business Activity or tax returns.
