4 Areas to Consider When Choosing The Right Construction Accountant
- Reputation. Word of mouth can be very important and no more than in our modern day lives. With the advent of social sites and professional sites there is ample opportunity for you to do some research on any individual or company that you are considering. There are many review sites and discussion forums on the internet to expose both the good and the bad, and they are also highly recommended. Any good company or individual should be able to give you references. Do some research and do some asking around.
- Qualifications. You must consider whether the individual or firm is a recognised member of a professional organisation. This is especially important in a country like Australia, where the title ‘Construction Accountant’ is not regulated. Anyone can call themselves an Construction Accountant even if they don’t have the educational or professional qualifications. In Australia there are 3 main organisations that are widely accepted and professionally recognised and they are: The Institute of Chartered Construction Accountants in Australia; CPA (Certified Practising Construction Accountants) Australia and National Institute of Construction Accountants. These organisations have strict codes of conduct and require their members to: have an appropriate university degree; have completed a comprehensive postgraduate professional study program; have a minimum of 3 years of experience; completed a public practice program and hold a practising certificate; undertake continuing professional development each year; and have a minimal level of insurance; adhere to a strict code of conduct and have their practice reviewed every 5 years.
- Specialisation. You should look for what area your professional specialises in. Naturally if you are running your own small business as a Sole Trader you would at least want to know who specialises in taxation. Good tax Construction Accountants are very highly sought after and can save you a lot of money each year. You should also think about your business type and look for an Construction Accountant who has experience in that. Knowledge of your particular industry is extremely important. He/she should be able to give you advice on your business operations to improve in the future and make better decisions. Expect more than someone who deals with numbers. They should also be very up to date with income laws and other financial regulations of your industry and business.
- Cost. Some Construction Accountants will charge by the hour, others will be able to give you a flat fee for a service and others will work on a commission. Shop around and make sure that you are getting a reasonable deal.
The task of finding a suitable Construction Accountant for your business and your working life should not be taken light. Your Construction Accountant will be highly involved in every aspect of your business and also some of your private life and it is important that you can communicate well and relate to him/her on a professional and personal level.
