Our Top Tips for Business Financial Advice

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 Searching for a CPA

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When looking for an accountant to help with your business finances, make sure that they are qualified and 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 within all these areas.

  1. You might want to think about whether you should be hiring an accountant on their own or hiring an accounting firm. The advantage of hiring an accounting firm is that they can help you will all the 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 your business financial needs.

  1. 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 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.