A good solid business can be very profitable but if not planned correctly a business can fall apart very quickly. Particularly with the current state of the economy, it is very important to have a good business plan. It is during these tough economic times that many businesses will fail so finding someone that can help you with good business financial advice is essential for continued success.
Every business needs a good accountant to help you get the best results from your taxes. You don’t want to pay any more tax than necessary and without a good accountant you could be giving too much money to the tax man. An accountant can help you minimize the tax you pay and help you find all the tax expenses you are entitled to. You will need a good accountant that is honest and will do everything by the book, you don’t want to cut corners and suffer the consequences if you get audited down the track.
When looking for an accountant to help with your business finances, make sure that they are qualified and also that they are someone that you can relate to and feel comfortable with. You want someone that you like and can relate well to as hopefully, if they do the job well, you will be working with this person for many years to come. Here are our top three tips to help you find a good accountant for your business.
1. If you know anyone else that has their own business then ask them if they know a good accountant that they can recommend. Accountants will vary in their knowledge and even though they are all qualified, they might specialize in different areas, so you want to find one that specializes in small business. An accountant needs to be up to date with all the current tax laws and who will be working in your best interest. You want an accountant that will work ‘for you’ and want to help you get the best result from your tax return, rather than one that will view the job as ‘just another job’.
An accountant that takes a personal interest will always do what is best for you. These are the reasons why it is often good to find an accountant that people recommend as people will always be happy to recommend someone that they are happy with in all these areas.
2. You might want to think about whether you should be hiring an accountant on their own or hiring an accounting firm. The advantage to hiring an accounting firm is that they can help you will all financial aspects of your business and not just one specialized area such as tax.
When you hire a firm of accountants you will have access to different accountants that specialize in different areas of business. By combining the strengths of different accountants you will be receiving the best advice for all of your business financial needs.
3. If your business is on a very tight budget and you can’t afford to hire an accountant, then you might want to think about some accounting software. There are different accounting software programs available that are specifically designed for small businesses and most will have regular updates as tax laws change. These programs are usually reasonably simple to use and some will have live help if you need to ask questions. You can also ask other business owners if they can recommend a particular software program that they have found useful for their business.
Don’t rush into hiring the first accountant you see in the phone book, finding the right accountant to give you good business financial advice is important. A good accountant can work with you and your business for many years if you work well together and they give you good results, so take your time to find someone that you can trust.
Be Careful When Taking Financial Planning Advice
It can be helpful to ask the financial advisor what methods of investment he uses himself. Let’s face it; if he can make money with a certain investment then you should be able to make money with it. If he can’t make money with the investment advice he is giving you then why would you want to try it? Is the investment advice he is giving you good enough for him to use it himself?
A good financial planner will sit down with you and give you some different options. He will explain them to you and tell you all the pros and cons of each one. He won’t try to push just one product on you, but will give you some choices and from those choices he will work with you to determine which one will best suit your needs.
You want a financial advisor that is giving you good advice and not just selling you a product. Yes that advice may lead to you purchasing a product or their service, but that’s fine as long as the advice they are giving you is good, solid advice. You can often tell when an advisor is talking to you whether the advice they are giving sounds genuine or whether it sounds like they are making a sales pitch.
Your future is what is important and you don’t want to just trust anyone with it. Remember that a financial planner is working for you so you have every right to ask as many questions as you want so you can decide whether this is the planner that you want working for you. Treat it like an interview if you like and determine whether he is good enough for the job. Finances can be confusing and you want someone that will help you to not only create a financial goal, but to help you understand what is involved with reaching that goal.