Many Sydney business owners start out by handling their own accounting and preparing their own taxes. As their businesses grow, however, the task of wrestling with their finances becomes too challenging and time consuming. So, they hand off the responsibility to an accountant. How do they determine when it is time, and how do they go about hiring an accountant in Sydney?
Timing
Prior to finally deciding that it’s time to hire an accountant in Sydney, business owners may hire a bookkeeper to handle their daily recordkeeping tasks, such as accounts receivables and payables. However, as the business expands and the owner’s need for financial advice and planning increases, and, at some point they realize that hiring a certified accountant, rather than just a bookkeeper, is really what they need to do.
As a business grows, it becomes more fiscally sensible to hire an outside accountant to handle both the businesses day-to-day bookkeeping needs and the businesses ongoing forecasting and analysis and preparation of financial statements and taxes. It costs less to hire an accountant from a company than it does to have a bookkeeper and accountant on staff. It also makes more sense to have one person or firm handling business affairs from beginning to end because they will know what is going on at all times.
Searching
The most common way that business owners go about hiring an accountant in Sydney is through business and personal references. Business owners are good at networking with other business owners and will ask their associates about who they use for their accounting services. Additionally, a business owner will ask family and friends for recommendations. The people we know will not steer us wrong. If they have a good accountant, or if they have any insight into a good accounting firm, they will gladly pass along the information. They will also be glad to advise of any unseemly accountants that should be avoided.