Choosing the right accountant can be the difference between money in the bank, and a fortnightly payment plan to the ATO. We’ve outlined 3 common mistakes that many people make when choosing an accountant.
1. Focusing solely on the price
Let’s face it, price is very important when it comes to using just about any service. Moneytax Financial Centre prides itself on catering to all segments of the market with our highly competitive fee schedule however it is super important not to get too caught up in the price when it comes to choosing your accountant. Focus on the level of service that the company provides, how responsive they are to their customers and find the company that really goes the extra mile for their clients. A highly competent accountant will be able to help you maximise your tax outcome by ensuring that deductions your entitled too, don’t slip through the cracks and the difference can be chalk and cheese. In other words, like the old saying goes ‘don’t be penny wise, and pound foolish’.
2. Lack of research
Never forget to do your homework when choosing your tax accountant. Do a quick Google, have a look at their reviews and their website and see how long they’ve been in business. Do they treat there customers well? Do they create raving advocate’s, or is it just a mediocre company that provides a mediocre service? There’s nothing worse than being a client at a fly-by-night accounting firm and being left high and dry when it all comes crumbing down. Shameless plug – We’ve been in business for 35 years, and pride ourselves on always going the extra mile, so if your looking for an accountant near Dee Why or live in Freshwater, Curl Curl, Manly, Narraweena, Allambie Heights or Brookvale, we promise it’ll be well worth the effort to come see us for your tax compliance.
3. Stuck in the past
Technology has changed significantly over the past few years to a point where every few years, technology is becoming obsolete at accelerated rates. With the ATO moving towards one touch payroll, it will only be a matter of time before every small business will have to use cloud accounting software which provides constant information to the ATO every time you pay your employees. Here at Moneytax we are huge advocates of using Xero for our small businesses and in fact, we have been Xero partners since 2011, and have now achieved the status of “Xero Gold Partners“. If your accountant is obsessed with MYOB and doesn’t know how to effectively use some of the other cloud packages on the market place, you should probably consider whether this is the sort of person you want to help push your business forward.