The National Disability Insurance Scheme (NDIS) is a vital support system for Australians living with disabilities. If you’re running a business that provides NDIS services, it’s important to choose a tax accountant who understands the specific requirements of the scheme. In this blog post, we’ll give you some tips on how to find the right tax accountant for your NDIS business.
Do Your Research
When choosing a tax accountant for your NDIS business, it is important to do your research. There are many accountants to choose from, so you want to make sure you find one that is qualified and experienced in handling the finances of NDIS businesses. You can start by asking for recommendations from other NDIS business owners, or searching online for accountants who specialize in NDIS businesses.
Consider Their Qualifications
It is important to consider the qualifications of the tax accountant you are considering hiring. Make sure they have the appropriate licenses and certifications, and that they stay up-to-date on the latest changes to tax law. It is also a good idea to ask about their education and professional experience, to get an idea of their expertise.
Check Their Availability
Another important factor to consider when choosing a tax accountant is their availability. You will need to be able to contact them throughout the year, not just at tax time, so make sure they have regular office hours and are responsive to phone calls and emails. It is also helpful if they offer extended hours or weekend appointments, in case you need to meet with them outside of normal business hours.
What Kind of Experience Do You Have
When you are looking for a tax accountant, you want to make sure that they have the experience necessary to help you with your NDIS business. This means that they should have experience working with businesses in the NDIS industry and be up-to-date on the latest changes in NDIS legislation.
What Services Do You Offer
A good tax accountant will offer a range of services that can help your NDIS business, including tax return preparation, bookkeeping, and advice on tax planning and strategies. Make sure to ask about all of the services they offer so that you can choose the right one for your needs.
How Much Do You Charge
Fees for tax accounting services can vary depending on the complexity of your taxes and the level of service you need. Be sure to ask about fees upfront so that there are no surprises later on.
Can You Provide References
It’s always a good idea to ask for references when choosing any type of service provider. A good tax accountant should be able to provide you with a list of satisfied clients who can attest to their quality of work.
One of the best ways to make the most of your relationship with your tax accountant is to be organized. This means having all of your documentation in order and knowing what you need from them before each meeting or engagement. By being prepared, you can save time and money, and get the most out of their expertise.
Another key to a successful relationship with your tax accountant is communication. Be sure to communicate regularly, whether it’s through face-to-face meetings, phone calls, or emails. This way, you can stay up-to-date on their availability and they can understand your business needs. Additionally, regular communication will allow you to build trust and rapport with your accountant.
Keep Good Records
Another important aspect of making the most of your relationship with your tax accountant is keeping good records. This includes maintaining accurate financial records and receipts for expenses. By staying organized and keeping good records, you can minimize mistakes and maximize the efficiency of your tax preparation process.
The first step to making the most of your relationship with your tax accountant is to be organized. This means having all of your financial documents in order and keeping track of your income and expenses. Your tax accountant will need this information in order to prepare your taxes properly.
If you are not organized, your tax accountant will have to spend more time sorting through your documents and may make mistakes. This can cost you money in the long run.
To be organized, create a system for tracking your income and expenses. This can be as simple as using a notebook or an Excel spreadsheet. Make sure to update this system regularly so that it is accurate.
Another way to be organized is to use accounting software. This can help you keep track of your finances and prepare your taxes more easily. There are many different accounting software programs available, so find one that suits your needs.
It is important to communicate with your tax accountant on a regular basis. This way, you can stay up-to-date on changes in the tax code and updates from the IRS. You should also let them know about any major changes in your life, such as getting married or having a baby, as these can affect your taxes.
Some accountants prefer to communicate via email, while others prefer face-to-face meetings or phone calls. Figure out what communication style works best for you and make sure to stick to it. If you have any questions, don’t hesitate to ask them – they are there to help you!
Keep Good Records
One final tip for making the most of your relationship with your tax accountant is to keep good records throughout the year. This includes receipts for all of your expenses, bank statements, and documentation of any other income sources. Good records will help your accountant prepare accurate taxes and could save you money if you are ever audited by the IRS.
If you are organized and keep good records, your tax accountant will be able to help you maximize your deductions and minimize your tax liability. This can save you a lot of money over the years.
A tax accountant can be a valuable asset to any NDIS business owner. By doing your research, considering their qualifications and checking their availability, you can ensure you find the right one for your needs. Be sure to ask potential candidates questions about their experience, services and fees, and always keep good records for communication and organization purposes.