There are lots of questions you could and should ask an accountant who may be taking on your business and personal affairs. They will become financially intimate with you so be sure you’re engaging with an experienced, skilled and qualified advisor and accountant.
Here are a few questions we recommend (we love getting asked these sort of questions)
- What are your qualifications and experience? It is important to understand the accountant’s credentials and background to ensure that they have the necessary knowledge and skills to handle your financial matters.
- What services do you offer? Accounting firms may offer a wide range of services, such as tax preparation, bookkeeping, financial planning, and consulting. It is important to know what specific services the accountant provides and whether they are suitable for your needs.
- What is your fee structure? It is essential to understand how the accountant charges for their services and what the total cost will be. Ask about hourly rates, project fees, and any other costs that may apply.
- How do you ensure client confidentiality? Accountants handle sensitive financial information, so it is important to ensure that they have a secure and confidential system for handling and storing data.
- What is your communication policy? Communication is key in any business relationship. Ask how often the accountant will update you on your finances and what methods of communication they prefer, such as email or phone.
- What is your approach to tax planning? Tax planning is an important aspect of managing your finances. Ask the accountant about their approach to tax planning and how they can help you minimize your tax liability while staying compliant with tax laws and regulations.
And a bonus question – What professional association are you a member of? Professional associations like CPA Australia, Chartered Accountants of Australia & New Zealand and the IPA require higher levels of professional and ethical standards, quality assurance, ongoing professional development and insurance. Don’t be afraid to ask for evidence of membership or check on the associations website (search by name or business name).
At Infuse, we have been members of CPA Australia for more than 30 years. I am proudly a Fellow of CPA Australia and adhere to all my professional obligations.
