In 1789 Benjamin Franklin, one of the Founding Fathers of the United States of America, popularised a highly pertinent idiom when he famously used the phrase “in this world nothing can be said to be certain, except death and taxes”. Arguably never truer words have ever been spoken. So, it should come as no surprise to any entrepreneur, business owner or anyone else that is responsible for their own income that choosing the correct tax advisor can be a make or break decision. Make a good choice and you could save millions over a lifetime, get it wrong however and you could sink without a trace. As such, here are some simple tips to help you know how to find the right tax advisor.
You get what you pay for
Another phrase that is almost painfully true is that you get what you pay for in this life, and of course the same is true when it comes to your tax advisor. The cheapest option is almost certainly not the best option. The two aren’t always mutually exclusive, but the exceptions are vastly outweighed by those that make this rule what it is. You need to ask yourself, why is this advisor so cheap? Cheap tax advisors are often inexperienced or possibly even outright cowboys who do not know what they are doing and will do more harm than good to your business. Find a tax advisor that will match your budget but do not simply take the cheapest option as all tax advisors are not the same.
Once you find a few tax advisors that are within your budget, the next thing you should do is start checking their history. Look into how experienced they are and what their education is with tax law and accounting. Make sure you meet them face to face at their offices so you can see where they work and enquire about how they work. All of these factors will help you build a mental impression of their history and capabilities; from this information you can build an idea of how you feel about them and if you want to pursue a business relationship with them.
As a general rule it is advised that you avoid the gigantic corporate tax services as they lack a personal touch and as a result your business is inconsequential to them. They churn through the numbers, you never know who is handling your work as outsourcing is commonplace and contact can be a nightmare. Instead, small to medium sized firms, such as Prime Numbers Accountants in Sydney, can offer an excellent and personal approach to handling your tax advisory needs. Firms this size care about their clients and are passionate about reducing tax and doing a brilliant and thorough job. The reason is simple, firms this size trade heavily with their reputation, as another old saying goes, a picture is worth a thousand words and the same is true of one good reference.