Every year legislators make small changes and tweaks to existing compliance and tax laws, that can leave businesses scratching their heads, and with a myriad of financial decisions encompassing everything from cash flow management to minimising tax liability. Accounting firms make it their mission to keep on top of new tax laws, and many offer financial advice and help individuals and small businesses develop budgets and set financial goals.
Whether you need someone to handle weekly payroll, you’re just looking for some reliable tax advice, or you need someone who will go the extra mile when it comes to your finances; you should always ask some basic questions before engaging an accounting firm.
Personal Connection
One of the most important things to consider is the connection. You can hire the highest-priced accounting firm in Christchurch, but if you don’t feel comfortable discussing your finances, you aren’t going to get the service you need. If the accountant talks in terms you don’t understand or if you feel intimidated, then see a different firm. At Accounting Solutions, we aim to be your financial business partner, we take a unique approach where we collaborate with you to achieve your business goals, as well as show a high level of commitment, and given the variety of industries we have worked with, it has given us the expertise and ability to speak your language.
Business Advice & Mentoring
Some accounting firms are quick to offer advice on when to purchase equipment and how to keep financial records, while other accounting firms compile the necessary financial reports but offer little feedback or knowledge. The amount of advice you need or want depends upon your financial knowledge and experience. If you need a lot of help, select a firm that offers in-depth financial counselling. Accounting Solutions not only offers accounting expertise, but also offers wealth & business mentoring in order to ensure you achieve your business goals.
Fees
Accounting fees can vary from one firm to the next. Some accountants charge a set rate for each financial task they perform, such as filing a personal income tax form, preparing a profit and loss statement or compiling a statement of net worth and other firms charge by time. At Accounting Solutions, we understand that every business financial situation is unique, which is why we will always meet to get a full understanding of your businesses specific needs, discuss timeframes and tailor a fee structure that works with you.
Choose a certified or chartered accountant
In New Zealand, accountants are regulated by professional bodies which look after accounting qualifications and try to maintain high professional standards. Chartered Accountants (CAs) are highly qualified professionals who have completed degree-level study along with workplace experience and a professional competency programme.
The Accounting Solutions team are not only well qualified, but also very experienced, and can add value to your business right from the start. We can guide you as your company grows, and help you navigate everything from bookkeeping and tax preparation; to more complex tasks such as cash flow management and capital raising.
Tasks such as bookkeeping, tax preparation and general financial management might not require a certified or chartered accountant. But you will almost certainly need one if your company grows to the point when you need a loan, or if you’re ever audited.
Availability
Some clients are content to meet with their accounting firm once a year for tax-filing purposes. Others clients have frequent business questions that require timely answers. Find out if your accountant is a phone call away or if you’ll have to schedule a time to come into the office and talk in person. At Accounting Solutions, we act as business partners and so you can use us as much as you need us.
Goal Setting
Some accountants offer to help clients set goals and monitor financial progress, which can be very helpful, especially if you’re just starting out in business. Find out the firm’s policy on goal setting and if you’ll be charged an additional fee for the service. At Accounting Solutions, our commitment and willingness to collaborate with business is all part of our service, as we believe it’s important to work this way in order to achieve client goals.
IRD Audit Support
When the Inland Revenue gets in touch, it’s reassuring to know that your accountant will be right by your side. Audits are a way of life for some small-business owners and individual taxpayers, but facing an audit is a stressful situation. Some accounting firms offer their own offices for audit purposes and provide an accountant to represent your interests. Our priority is to eliminate stress and allow peace-of-mind when it comes to tasks such as financial audits, and so you can rely and lean on us as much as you would like.
References
Old-fashioned word-of-mouth is as valuable a reference today as it ever was. Talk to friends or business associates to find out what accounting firm they use and if they would recommend it to others. Read their Google Business reviews and check their social media profiles for further signs of credibility, and if they provide the information on the website, read some of their client stories to see how they have helped businesses and the industries they have worked with. You can read some of our stories in our blog.
There are many things to consider when choosing the right Accounting Firm, and if you still cannot tell from their website or a conversation on the phone, then meet with them. Accounting Solutions offer free consultations, which you can book here.