Bookkeepers and accountants play a vital role in keeping a business afloat financially. So what exactly should you look for in a bookkeeper and accountant to keep your business strong?
Seeking a competent bookkeeper for your business.
In seeking a competent bookkeeper for your team, you should be looking for someone who, first and foremost, understands the needs of your business. Let’s start with the basics – what are their qualifications? The first thing you should expect a bookkeeper to hold is a certificate in financial services, which is also required by the Australian Tax Office. A BAS Agent certification is also another qualification that should be considered. Relevant industry experience is another significant factor, particularly if you work in a niche industry. Suppose you work in a medical business with surgeons and have a particular set-up for structuring accounts. If you are interviewing a bookkeeper, you want to be certain that they are able to understand the intricacies of the industry.
You want to ask, for example, have you ever worked with somebody in our industry before, and what do you know about our industry? Do they have experience of where this industry is heading?
Choosing the most suitable accountant also involves similar considerations.
Different accountants will specialise in different areas, so it’s important to ensure you select someone who meets your business needs. While one accountant may specialise in wealth generation, another may focus primarily on managing your business on a daily or weekly basis. Ultimately, their skills should align with your business goals. Is your accountant up-to-date on the current issues that affect your particular industry or your business? Could you approach them and say, “Look, this is what’s happening”, and gain from them possible courses of action to remedy or adapt to the situation? Finally, remember that recruitment factors for bookkeepers and accountants should not be considered in isolation. It is just as important for bookkeepers and accountants to have a strong relationship with each other, recognising the importance of the other’s role. So ask yourself and potential candidates: how will each approach their relationship with the other? How does a candidate view their relationship with previous bookkeepers or accountants? If your bookkeeper and your accountant are not communicating and working together as a team, this will ultimately prove detrimental to your business. This post is based on the Australian Businesswomen’s Network’s Small Business Finance Course, a three-part online course designed to arm small business owners with the skills to better manage their small business finances. For details of upcoming courses, call us on 1300 720 120 or visit the upcoming events page on our website.
