Question : What is the best way to find an accountant who specialises in our field of business?

We are a small business (independent contractor) who needs help with tax issues and day to day finance. We don’t want to get ripped off again. We want to grow and move forward. We have made mistakes in the past, like most people, but need someone we can trust. Friends and family are no help – either don’t have the same needs or are looking for the same thing.

Answer

It sounds like your are already thinking along the correct lines which is a good thing.

It is critical for your business success, that you get the right accountant, someone you can talk to, someone whom you understand, and someone who understands your business, and can give you advice accordingly.

In my line off work (MYOB Certified Consultant), I have seen businesses loose thousands of dollars because their accountant does not understand the mechanisms of their business, and has given them, with the best of intentions, the wrong advice. You have not indicated what sort of business you are in. If say you were a plumber, I would suggest you read ‘plumbing journals’ and see what accountants are advertising there. It is best to find an accountant, who is dealing with several other businesses similar to your own, this ensures they have more experience in your particular area. Some accountants may also declare that they specialise in certain fields, such as import/ export. If an accounting practice is currently taking on new clients they may be willing to speak with you for half an hour free of charge.

You can ask them if they have similar businesses, and establish if they understand the complexities of your business.You also need to come away understanding what they have said. Do they speak in a language that you understand. I have spoken with many clients who have told me I paid my accountant $5000 and he drew all these things on the whiteboard, and he really seems to know his stuff, but most of what he said went over my head, and I was too afraid to ask him a question. THIS IS NOT A GOOD SCENARIO!!!

Summary:-Look for accountants who speacialise in your field & who you can understand.