m+a Accounting & Consultancy

Tips on Choosing a Tax Accountant

Tips on Choosing a Tax Accountant

Remember that every dollar you spend is a dollar that could have gone to your expenses or investment. Looking for a tax accountant near me online who will efficiently help you keep more of your money and allocate it to other more important things.

Managing your taxes is a complex challenge, especially if you run a business. To this end, working with a tax accountant can help you keep up to date with your tax records and other related regulations needed to run your business.

But, how do you choose a tax accountant? Here are a few steps to take.

How Do I Choose a Tax Accountant?

1. Review Their Credentials

Like any transaction, it’s essential to create an ongoing relationship with your tax accountant that centres on trust and respect. This ensures that they understand your needs when it comes to managing your business tax and other finances. That’s why it’s essential to check their credentials and see if they are qualified.

Also, knowing if they are a part of a professional accounting organisation will help you assess if your potential tax accountant abides by the ethical and professional standards set by the organisation.

2. Check Their Years of Experience

It’s also advisable to consider the number of years that they’ve been in the tax business. Tax consultants who have been around for a long time will have likely encountered several tax return causes. Their years of experience is essential, especially when managing a newly established company.

3. Look Out for a Few Key Characteristics

When you speak to a potential tax accountant, it’s always best to look for key characteristics that you think will help you with your transactions. Gauge how passionate your tax professional is when it comes to working. It’ll help you get the proper assistance when applying the tax law to your financial future, especially your business.

When you look for someone you think is a good fit for you, keep in mind that your tax accountant will have access to your personal information. So, you must be comfortable working with them. 

What Makes a Good Tax Accountant?

Highly Ethical

A tax accountant should value ethics and integrity. It’s best to look for someone who can clearly distinguish what’s right from wrong and someone who displays high moral values with bookkeeping and accounting activities.

Drive to Learn Continuously

While every tax accountant in Sydney needs to have a solid understanding of the basics, they should also have a passion for constantly keeping their knowledge in check for updates. Like many fields, principles, taxes and laws are frequently updated. To keep up with it, accountants must constantly learn and understand the latest news and developments in their fields.

Values Accuracy

It’s compulsory for accountants to observe accuracy in their work. Any misplacement of digits, no matter how simple it may be, can result in possible financial risks that can jeopardise an organisation’s growth buy facebook followers. Accountants should centre on details and place their utmost attention on harnessing their skill of double-checking their work until it becomes second nature to them.

High Organisational Skills

It’s only standard for accountants to manage paperwork, data and numbers regularly. To ensure that they’re on top of all these items efficiently, they need to have the right organisational skills to follow through with every taxation process without a hitch.

A Personal Sense of Accountability

An excellent tax accountant has the ability to accept results and potential fallout related to their work. Mistakes can happen to even the most diligent people. That’s why it’s essential to work with someone who owns up to their mistakes and guarantees that these won’t be repeated. Although inaccuracies may arise at some point, accountants should take the necessary steps to prevent them from happening.

Team-oriented

In most cases, both bookkeeping and accounting are a team effort. So, it would be best if you found a tax accountant in Sydney who works well with a team to ensure that they complete all deliverables. Also, they should be comfortable with client meetings and task coordination with the rest of the group. Accountants should know how to value teamwork to achieve the organisation’s end goal.

Expertise in the Field

Tax accountants are crucial in managing businesses in various fields and industries. Whilst there are barely any differences in their primary tasks, there are fields that may require additional functions and requirements. That’s why a tax accountant in Sydney should have a firm grasp of the niche and industry of their client’s business.

Is It Worth Using a Tax Accountant?

Most non-tax professionals would want to use their time to earn money in their field of expertise. Even if your tax situation may be typical, working with a tax accountant can help you save time from doing your taxes.

Taxation is a complicated matter. You need to have a unique set of skills to sort out your taxes whilst managing your business simultaneously. A professional tax accountant has the necessary knowledge and experience to quickly and easily complete tasks that many professionals may take hours of research.

How Malkoun & Associates Can Help You

Hiring a good tax accountant seems easy, but finding the most suitable one for your business can be challenging. There is no definitive checklist for hiring the best tax accountant. Aside from understanding the ATO rules, the complexity of your finances is also  a determining factor.  

Every tax consultant must know the ins and outs of business taxations. Although there’s no complete guarantee that searching for a tax accountant will never commit mistakes, expert tax accounts make lesser mistakes.

 At Malkoun & Associates, we have all the services you need when it comes to managing your taxes. Aside from tax consultation, we also provide assistance on business structuring, auditing and many more. Send us a message to learn more.