6 Questions You Must Ask Accountants

25 Jun 6 Questions You Must Ask Accountants

Hiring a financial adviser can be a very difficult proposition. The last thing you want to do is hire someone you thought you could trust, only to discover mid-way through a project that they are letting you down. Whether it be your personal finances or your business finances, you need to ensure that you are hiring Bramelle Partners, the best of the best when it comes to accountants. But how do you know that you are getting a highly-qualified and reliable individual to fulfil your financial needs? Well, read on to find the six most important questions you need to ask accountants.

How will you charge for your services?

The most important thing to narrow down first is payment. You want to make sure that your financial obligations to your adviser are clear and transparent. As a result, it’s important to ask accountants in Bramelle Partners what they specifically charge and how payment will be structured. Will it be a fixed or variable fee? You may require special work that will incur additional costs. Just make sure to get on the front foot and ask in advance before signing a contract.

What are my revenue drivers?

As a business owner, you want to know what is driving your revenue. Thankfully, this is something that your team of accountants in Crows Nest will know. Not only will they identify your specific revenue drivers, they will be able to formulate effective financial strategies designed to leverage your revenue and improve your profitability in the long-term. Your revenue drivers could range from your marketing promotion activities, your varied product range or even specific staff members who are particularly effective sales representatives.

How can I minimise my costs?

When you are hiring accountants in Crows Nest, one of the most important questions to ask is regarding cost minimization. It can be very hard to compete in the Australian market if your business is leaking costs unnecessarily. Consequently, you want the best advice from the best accountants in Crows Nest, ensuring that your budgets are accurate and reliable, regardless of economic conditions. Your advisers may recommend switching suppliers, restructuring your labour force or selling off assets that are took costly to own, rent or operate.

How do your most successful clients reach their goals?

It may seem incidental, but it is always worth asking what your adviser’s best clients are doing and how they are reaching their goals. Most financial firms have extensive client lists, across a wide range of industries and professions. So, ask them what similar clients are doing to improve their financial performance. You might come across some great advice, which could be practically implemented into your business’ operations!

Be honest – are my results good or bad?

When hiring one of the professional accountants in Crows Nest, you need honesty. Sugar coating your financial situation won’t help anyone. If drastic change is required, then this is what your financial adviser should be saying. So, when you ask them “are my results positive, negative or mixed?”, encourage them to be honest. Your business model may only require minimal changes to get it back on track towards greater long-term growth!

How can I minimise my tax burden?

There are plenty of legal ways to minimise your tax burden. Some of these methods are only known to accountants in Crows Nest or those with some experience in financial or taxation services. As a result, the best way of minimizing how much you must pay in tax to the Australian Taxation Office (ATO) is to get in contact with a team of professionals today!