4 Things to Check while Choosing an Accounting Firm in Melbourne

Choosing the best accounting firm in Melbourne can be difficult when you don’t know what things should be considered during the selection process. You need to ensure that you’re hiring a professional company that can provide expert advice, guidance and take care of your accounting operations.

If you are in search of a reliable account firm in Melbourne, then consider following points before you hire anyone.

  1. Check the Qualifications of Accountants

The first and foremost thing to consider is the qualifications of the accountant working at the prospective firm. Some people possess a finance-related bachelor degree, while other may have postgraduate degrees too.

In addition to educational qualifications, the accountants in Australia should be a part of one of the three most significant accounting bodies-

  • Institute of Chartered Accountants in Australia
  • Institute of Public Accountants
  • Certified Practising Accountants (CPA)

Further, the accountant who will do your tax return must be registered with the online tax and BAS agent register.

  1. Check Accountant’s Availability

When hiring an accounting firm in Melbourne, it is important for you to clarify who will be handling your accounts and what will be his/her availability. Will there be a junior accountant or well-qualified experienced accountant? Generally, small to mid-sized accounting firms in Melbourne have a couple of experienced accountants while large sized firms may have some junior accountants for smaller clients.

  1. Check Fees of the Accounting Firm

The accountant fees is an important factor to be considered. After all, the fees should fit in your budget. There are two rates that prevail in Melbourne- hourly rate and fixed rate. Before hiring the accountant, make sure you check which method of fee calculation is being followed by the firm.

  1. Check the Service Range of the Accounting Firm

When hiring an accounting firm, you would also want to check the complete range of their services. For your business, you would prefer to choose a firm that offers services like financial management, tax management, auditing, reporting, cash flow analysis, etc. It is always a better idea to choose a firm that can fulfill all your financial needs.