Business owners who want their business to be successful in the market must take the help of a professional tax accountant. Through a recent study, about 74% of individuals who filed their tax returns took the help of a tax agent or an accountant. By doing so, it made the procedure much easier for them and didn’t’ not experience any error or interruption. But many people who want to hire the services of a Registered Tax Agent, are not well-aware of the cost of hiring them. But rather than choosing an accountant based on the price, you must pick an accountant who is the right fit for your business. When you partner with the wrong accountant, you might end up spending plenty of unwanted cash.
Things to Consider When Hiring a Tax Agent
When you have decided to take the services of a tax account for the business tax return or any other service, there are several things that you to consider. Listed below are some essential things that you must put under your consideration when hiring a tax accountant.
- Experience and Qualification: Before you take up the service of a tax accountant, but must take a look at their qualification background and their experience. You need to identify whether or not they are Registered Tax Agents, Chattered Accountants, or Certified Practicing Accountants. Along with their qualification, you need to check if they have a solid understanding and knowledge of bookkeeping software and carry a Xero advisor certification.
- Experience within the Industry:You must hire a small business tax accountant who has plenty of experience within the industry. In general, tax laws in Perth are the same as all over Australia, but different industries have different rules and complications. So, you need to look for a tax accountant that specializes within your industry. For instance, if you have a real-estate business, then you must look for a tax accountant who is an expert in the area of real estate.
- The Trust:Technically speaking, this particular consideration should on the top of your list. You cannot work with an individual you do not trust. Remember, trust is only developed with you to share the same mindset and carry similarities, which makes the entire work easier to complete. That is why you need a tax accountant whom you can trust, and you will have no doubt working with him or her.
- Proactive Approach:Many business owners have complained about not being happy with their respective accountants because they were not in contact for over a year. Others have complained that they do not feel that they, not important clients but a number. To avoid experiencing such an issue, you need to look for a tax accountant that will take complete responsibility for your matters. They will provide you with proper understanding and guidance on business financials and help you grow your business along with your wealth.
- Business Mentor Relationship:In this technologically advanced era, there are Quickbooks, MYOB, and Zero that will help you keep your business information updated. But when your accountant is opting for a proactive approach, then he/she must provide you with high-quality business advisory and play their part as a business mentor. You will learn about your gross profit, business sales, and cash flow position. They will also help you know your point and answer all the questions that you have in store.
What is The Cost of Hiring a Tax Agent?
All tax accountants do have the same pricing structure. So, when you are looking for someone who will take care of your Small Business Tax, then you need to make sure that the cost of hiring falls right under your budget. An hourly rate of a tax accountant is between $100 to $300 tax returns can cost between $300 to $500, BAS starts from $200 and the company tax return is from $1000 onwards.
Other price ranges for hiring a tax accountant
Also, the Bookkeeping service is $40 per hour, private tax services are $60 per hour,and the average rate for business advice and accounting is $48 per hour. You do not have to pay the exact amount to the tax accountant, as you can also negotiate with them on a price that you can give. But on certain occasions, tax accountants are also said to charge around $5000 to $10,000 with GST. This is only possible when your business income is between $500k to $1-million. If your revenue is between $500K or less, the tax accountants will charge you around $3000 to $5000.
Final words!
Tax agents are the ultimate individuals who will provide you services and solutions to all your tax-related things. They will provide you with answers to your problem and will help in making your life much easier by streamlining programmed business systems and processes. They will also build business strategies that will help in growing your business so that you gain plenty of success along the way.
