Questions to Ask Accountants when Starting a Business in Australia

An accountant is more than just someone handling your books and taxes. They are your financial advisor. But there are so many complexities involved, so where should you start a conversation with your accountant when planning to start a business? Besides, are you asking the right questions? 

Exciting times are ahead if you plan to start a business in Australia! But amidst all the excitement, there's one thing you'll need to get right from the start: managing your finances. And that's where finding the right accountant comes in. But with so many options, how do you know which is best for you? 

In this blog, we'll discuss some key questions to ask when looking for an accountant and starting a business to help kickstart your business journey.

So, bid your stress goodbye now. We are here to help you with our experienced team of accountants who offer exceptional bookkeeping, accounting, and business advisory services in Adelaide. Our experts have compiled some of the most significant questions you must ask your accountant. 

What Questions should I Ask an Accountant before Starting a Business in Australia?

Your accountants are not just people managing taxes and keeping books; they offer so much more than this. Beyond keeping books, they also act as business advisors. An experienced accountant can help you with all of the Advisory Services in Adelaide. 

They plan your business goals with you and establish a financial system and maintenance compliance. So, when you encounter a business, here are Key inquiries for accountants when launching a business in Australia.

• What Are My Tax Obligations?

Tax obligations differ for every business because they mainly depend on size and nature. However, your accountant can dive deep and analyse your tax obligations and the guidelines for minimising your taxes. They can help you with deductions for expenses and maintain taxes.

• How Should I Structure My Business?

When beginning a small business, one of the most critical considerations is selecting a business structure that works for you. Should your firm be registered as a sole trader, partnership, corporation, or trust? What are the benefits and drawbacks of these structures? How does the business structure affect my tax obligations? 

How much time and money does it take to set up the best business structure for you? How much power do you desire over your business? How about asset protection and fundraising? What if you decide to exit your firm in the future? 

When deciding on a business structure, consider the following aspects: Regardless of your decision, an accountant can help you analyse your options.

• How do I Manage My Cash Flow?

Many small and medium-sized businesses need help managing cash flow. In busy times, do you pay yourself extra or keep all of your money in the business? The answer is determined by your circumstances, business structure, and the predicted performance of your industry over the next 6-12 months.

Ask your accountant for specialised guidance on balancing your income with your business finances while protecting your assets. 

• What Happens If I Want to Exit My Small Business?

Many individuals focus on initial setup and target markets when starting a business, but it's essential to have a sound exit strategy in place, whether you're in it for the long haul or looking for other chances. 

You should consult your accountant; they may suggest what to look for. These include proper structural guidance, how the owners are compensated, and how certain items are represented in the financial accounts.

• Must I Register My Business Before I Start Up?

If your business turnover exceeds $75,000, you must register your company. It's also beneficial if you have longer-term goals for your business. 

So, when you start a new business, you can apply for an ABN, a business name, and tax registration all at once.

Check the business.govt.au checklist for launching a business startup in Australia to ensure you've covered everything.

Other Important Questions for Accountants 

Some of the additional questions you need to bring clarity to your purposeful work with your accountant, ask below: 

• What records should I keep?
• When should I pay estimated taxes?
• Who is your typical client
• Should I be tax planning
• What services do you offer?
• How should I keep my books
• What accounting software do you recommend
• What business expenses can I deduct?

How to Choose the Right Accountant for My Australian Startup?

If you own a business, an accountant can help you establish and maintain your financial records and with your tax duties.

A competent accountant may provide financial advice and direction as your company expands.

Ensure that the accountant is a member of a professional body. Members of these organisations have an acknowledged tertiary qualification and must adhere to professional norms.

Only registered tax agents are authorised to draft and file tax returns. For the right choice, consider the following while also asking some questions:

• Conduct an interview or consultation with potential accountants
• Assess their communication skills along with the qualifications and experience 
• Comparing their fee structures and service agreements 

Bottom Line 

You should always consult a professional when you need business services in Australia. Asking random people can only create more problems than it might seem, and many people need to be qualified for business advice.

So, when you seek business advice, you need an accountant who can be your long-term business partner. This is when we at Ashmans Accounting help you with all you need to start your business. 

Settle processes through the best advisory services in Adelaide before you even deal with accounts; let us be your partner.