5 Important Questions To Ask a Tradie Accountant

As a tradie, you would be looking at ways to grow and improve your business. Seeking professional advice from an accountant who understands your needs could be a critical and helpful decision in areas like tax returns and compliances. 

Why is it important to hire a tradie accountant, and what do you need to consider when interviewing one?

Why Use a Tradie Accountant? 

Finances are the backbone of any trade business. When poorly managed, it could set you up for failure. Tradies usually do not have time or the skills to handle their bookkeeping and tax services.

A good accountant will do much more than filing your annual tax returns. They are also experts at accounting, bookkeeping, and other complex tax duties. They help you stay close to your figures while staying tax compliant. 

A competent tradie accountant monitors your cash flow and examines the health of your business. They can then help you figure out the optimal structure for your trade company with this information. Those competent in your line of work may even identify ways to fix prevailing issues with any available cash flow. 

This way, you can grow your business knowing that you have a back-office accountant keeping an eye on your books. 

Also read: Essential ABN Info For Tradies Starting Their Own Business

5 Important Questions to Help Select the Right Tradie Accountant

1. Are You a Registered BAS Agent? – What Are Your Professional Credentials or Memberships? 

Since 2010, The Tax Agent Services Bill 2009 requires all tax agent services to be registered as Business Activity Statement (BAS) Agents. Your accountant will need this requirement if you’re looking for someone who processes BAS work.

They should have at least Certificate IV Financial Services qualifications. Professional membership in any popular bookkeeping institution such as the Association of Accounting Technicians (AAT) or the Institute of Certified Bookkeepers (ICB) will be an added advantage. 

2. What Experience/References Do You Have?

Although references are not always trustworthy, it is worthwhile to do your research. You could find some credible, unbiased reviews from professional service review sites. 

3. Where Will You Work From?

Will you work on-site, off-site, or from home? Establish a direct and effective communication channel if your accountant works remotely. It would be best if you phoned them rather than by email. You want a dialogue that gets right to the point and solves problems without unnecessary back-and-forths.

4. What Do You Need To Get the Work Done? How Safe Is Your Data?

Does the bookkeeper need a direct link to your accounts, or do you establish a link to access receipts and account codes? What information will they require to keep track of daily transactions, keep an eye on cash flow and prepare the books? If they use their own software, how will you gain access, and what measures will they take to protect your data?

5. How Much Will It Cost?

There is a familiar saying: If you pay peanuts, you get monkeys. If you want your tradie accountant invested in your business, value them and let their compensation depict that. 

Some cost factors to consider are using cloud-based accounting software and going for a fixed monthly rate. This way, you can budget for these sorts of expenses. 

Contact Your Financial Advisor in Perth – Griffiths Advisory 

If you are looking for a tradie accountant, contact Griffiths Advisory to learn about our services. Let us worry about keeping your finances in check as you strategise on ways to grow your business!

Phil Griffiths

Phil Griffiths

Bachelor of Commerce
Certified Practising Accountant
Diploma in Financial Planning
Professional Certificate in SMSF
Approved SMSF Auditor

Phil has been the Managing Director of Griffiths Advisory for 29 years, combining his expertise in taxation, business advisory, superannuation, negative gearing, and wealth creation. He also loves an active lifestyle, indulging in surfing, cycling, snowboarding, and spending quality time with his wife and two children.