While finding the right accountant is a critical step in maximising your business’ success, it can be confusing to understand what different types of accountants do and which financial solution and support is right for your business.
In this article, we’ll explore the different types of accountants and help you find the one your company needs.
What Are The Different Types Of Accountants In Australia?
With over 34,996 accountancy businesses in Australia, according to recent statistics, there are many firms to choose from. However, each accountancy firm will have different specialisms and expertise that can help your business. Let’s take a look at four of the most common accountancy specialisms.
While often considered the most basic level of accounting, bookkeepers are vital in maintaining accurate and up-to-date records of your finances. A bookkeeper will file all your business’s transactions, including incoming payments and outgoing receipts and purchases.
Chartered Accountants (CA)
A Chartered Accountant usually has a wider range of expertise than a bookkeeper, with formal qualifications and work experience that certifies their professional skillset. For example, Chartered Accountants Australia and New Zealand has more than 120,000 members, and all its members have completed postgraduate studies.
While many Chartered Accountants will have particular specialisms, they tend to have a good knowledge of taxation, superannuation and financial reporting.
While there are many specialisms in accountancy, tax accountants are one of the most common. With the latest knowledge around tax legislation in Australia, they can help you navigate your annual returns and more.
If you’re looking for an accountant who can help with your business’s wider finances, then a management accountant could help. These specialists can help you manage your finances on a day-to-day basis, including cost analysis and fund management.
How To Choose The Right Accountant For Your Business?
With so many accountancy specialisms out there, how do you know which is best for your business? Here are some essential steps to take when choosing your new accountant.
Assess Your Business Needs
To figure out which accountant is the most suited to your business, you need to discern what your business needs from your accountant. For example, if you’re struggling to make sense of your tax return, then a tax accountant might be the ideal fit. By completing this step, you can uncover which accountancy type and specialism you need for your business to thrive.
Do Your Research
Once you know what type of accountant you’re looking for, it’s time to do your research. This stage is vital in finding a professional accountancy firm with an excellent reputation and the right services for your company. Read their customer testimonials and see if they’re registered as chartered accountants to ensure they are qualified and experienced.
Ask For Advice
If you’re unsure about whether an accountancy company is the one for you, ask them for advice. As professionals in their field, the chances are they’ll know if they can help your business. Set up meetings with your shortlisted candidates and see if your business values align.
Contact Total Accounting Partners Today
As specialists in tax, superannuation, financial planning, bookkeeping, and more, contact the team at Total Accounting Partners. We work with clients across the Sunshine Coast area to provide professional accountancy services, so get in touch today for expert advice.
Jason is the director at Total Accounting Partners on the Sunshine Coast and in Redcliffe. He has been working as an accountant for over 16 years. He has experience in Public, Corporate, Management and Government accounting services and all aspects of accounting including Tax Planning, Superannuation, Structuring and Acquisitions. Jason is Xero certified and lead the team to Gold Partners with Xero.