m+a Accounting & Consultancy

Why Is It Worth Getting a Tax Accountant for Your Business?

Financial duties are trivial tasks for individuals and businesses who haven’t hired a person expert in tax. This is because tax rules in Australia are constantly changing, and you need someone who can keep up with tax compliance. 

Hiring the right tax accountant will free you from all the hassles and complexity of taxation. These tax professionals can handle financial statements and budgets with accuracy. Plus, you will have more time to focus on your business.

Let us dig further what a tax accountant can do for you.

What Does a Tax Accountant Do?

Tax accountants possess extensive know-how of the laws and the rules and regulations needed to prepare and compute the local, state and federal taxes. Furthermore, they are responsible for providing various tax-related services to businesses and private individuals, especially in tax return preparation and filing.

Typically, a tax accountant handles a long list of responsibilities. However, most of them are commonly engaged in doing the following:

  • Prepare financial and tax statements
  • Prepare BAS statements of the clients
  • Prepare business income tax returns and statements for audit
  • Assist looking for ways to reduce the taxes, as well as to increase profits
  • Assist on financial planning
  • Create and submit documents and statements on or before the respective deadlines
  • Liaise with the Australian Taxation Office and other regulatory bodies.

What Makes a Good Tax Accountant?

Looking for a good tax accountant can be a daunting task. However, this can be effectively accomplished by hiring an accountant with the following characteristics.

• Excellent Problem-Solving Skills

A tax accountant needs to have excellent problem-solving skills. They should be able to find the best possible solution for their clients. A good tax accountant needs to be capable of finding creative solutions to complex tax problems and communicating these to the clients.

 

• Detail-Oriented

A tax accountant also needs to be detail-oriented to do their job well. They should keep track of a long list of information and ensure that everything is accurate. This characteristic allows them to help their clients look for deductions and credits they might be eligible for. 

Also, being detail oriented allows a tax accountant to communicate clearly and answer any questions that their clients may have in a way that is easy to understand.

 

• Accountability

Hiring a highly accountable tax accountant is a good move for the business. Someone takes complete responsibility of the work and ensures that everything is accurate. Also, an accountable accountant makes sure that everything is organised and religiously keeps track of all tax deadlines.

 

• Honesty

A tax accountant should be honest in their work. They need to be accurate in their reporting. They should also keep themselves up to date with the latest tax laws and ensure compliance. 

 

• Creativity

Finally, it is best to hire a creative tax accountant. This is because coming up with new and innovative ways to help their clients save on taxes is needed on the job. They should be capable of thinking outside the box to find creative solutions to various tax problems.

Is It Worth Getting a Tax Accountant?

Yes, it is definitely worth the money. Here are some of the reasons why:

  • They can help you with your taxes and how to save money on those. 
  • They can help you understand the tax code.
  • They ensure that you’ll take advantage of all the deductions and credits you’re entitled to.
  • They make sure that you’re not paying more taxes than you have to.
  • They can help you handle both the personal or business tax audits that regulatory agencies might require you to undergo.

How Do I Find a Good Tax Accountant Near Me?

Contrary to common belief, finding a hardworking and reliable tax accountant is not difficult. Typically, you only need to do the following to find the right one for you.

• Ask for Referrals

Asking your friends, family and colleagues for referrals is a great way to find a good tax accountant. This is because a referral has been vetted by someone you trust, and it could help you search for the right tax professional quickly and without hassle.

But even for referrals, make sure to ask about the tax accountant’s experience, rates and overall profile. Doing this increases the chances of getting a good fit. Once you’ve got some referrals, compare the service they offer, pricing, skills and experience before making a final decision.

 

• Visit Local Accounting Firms

Almost every tax season, many people are scrambling to look for a tax agent to help them get their tax obligations sorted out. Fortunately, this can be accomplished by visiting the local accounting firms in your area. This will give you a chance to meet with the staff and get a feel of their level of expertise. 

Ask plenty of questions about how they would handle your tax situation. As soon as you find one that you feel comfortable with, ask about their fees and get an estimate for the services you need. 

 

• Search Online

Doing an online search, ‘tax accountant near me’, is the most convenient way to look for a good tax accountant. 

Upon accessing the website of the top firms, make sure to check the services they offer to determine if any of these can provide what you need. It is best to contact the firm you are interested in and request their quotes. 

You can also check the client feedback found on each firm’s website. This will help you narrow down your options and identify those who have successfully fulfilled their previous clients’ tax compliance needs.

How Malkoun & Associates Can Help You

If you’re looking to hire a tax accountant to have your personal or business tax obligations sorted out, check us out at Malkoun & Associates. We can help you remain tax compliant and maximise your tax deductions. When you hire a reputable tax accounting firm like us, you’ll only get the work of an experienced tax professional. 

For enquiries, contact us today.