After going through this blog, finding an accounting firms in Melbourne suited to your needs will be a breeze. Before finding the right accounting firm in Melbourne, it is advisable to do some homework. What may work for others may not work for you.

Having the right accountant matters as they will help your business grow. Find the best accounting firms in Melbourne with the following strategies.

At Outbooks, we understand that an accountant can make or break your business

What are your business needs?

To start, ask yourself the following questions:

  • What will an accountant do for you?
  • Do you need someone for bookkeeping and accounting?
  • Do you only need someone to prepare your taxes?

Laser-focus your search efforts by finding out the following:

1. Consider the accounting qualifications

Make sure that the staff of the accounting firm has the requisite qualifications. Accountants of accounting firms in Melbourne should have membership in one of the three organisations:

  • CPA Australia
  • The Institute of Chartered Accountants in Australia, or
  • The Institute of Public Accountants.

2. Area of specialisation

Prior experience in your industry always comes in handy. It will help if you look for an accounting firm in Melbourne that has some experience in your industry or specialises in the same. Not every accountant will know how a particular company in a specific industry or market niche works. The best accountants are the ones who have a clear understanding of how your business works. They know the industry you’re in, understand the trends and market forces at work, can see where you are in that world and help you find actionable steps to get you where you need to be.

3. Nature and size of the firm

While a big firm will offer you the specialisation, a small accounting firm in Melbourne will be more responsive to your needs and have more time for you. A smaller accounting will be your best bet if you have a small business. The best fit is relatively the same size as your business.

Also, consider, if you have an emergency, will the accountant make the time to take your call and handle the crisis when needed?

4. The reputation of the firm

Never hesitate to ask around about the accountant or the accounting firm. You may find someone who has previously worked with the accounting firm or the accountant and may have first-hand experience to share.

5. Referrals

Talk to your family, friends, and other business owners. If you hear someone talking about a fantastic accountant, do not hesitate to ask for their details. But don’t trust the referrals blindly. It is essential to use online resources such as the Australian Competition and Consumer Commission and review sites to confirm an accounting firm’s reputation. It is always good to do some initial screening.

Also, you could ask some questions to references:

  • How often do you interact with your accountant? Is it only during tax time?
  • What is the quality of the staff?
  • Does the firm know my industry?
  • Does the firm offer services I need?

6. Fees and Billing

Some accounting firms in Melbourne charge hourly; other firms work on a retainer basis. 

7. Find out who their clients are

Speak to other business owners who are clients of the accounting firm. This will help you know if the existing clients are satisfied and have experience in your industry.

8. Are they tech-savvy?

Are they still using Google and Excel? Or are they updated with the latest technology to make accounting more manageable and efficient?

9. Cloud Accounting Software

Are they familiar with the software you are using? If you are not willing to switch, does the accountant have prior experience with the software you use?

10. Go slow

Don’t be in a hurry to find an accountant or accounting firm. Do your due diligence and select someone who understands your business and the requirements.

11. Interpersonal skills

An accountant will be good at math, adept at Excel, and up-to-date with tax laws. But what about their ability to work with others? Did they produce consistent results? Did they communicate effectively? Do they take ownership, good or bad?

12. Level of service

Do you need complete bookkeeping services? Then go for an accounting firm that employs bookkeepers because a firm that doesn’t have bookkeepers for routine tasks will charge more.

13. Ask them the right questions

Prepare a list of questions to gauge their experience, trustworthiness, and overall alignment.

Contact us

Hiring an accountant can be time-consuming and challenging. Businesses hiring the service of an best accounting firms can get in touch with us. We can map your business, analyse its goal and then source the perfect candidate.