When searching for a property accountant, it is essential to ask the right questions to ensure that you are hiring the best fit for your needs. Here are 5 top tips to ask prospective property accountants:
As a property owner, you know how important it is to have a reliable and knowledgeable accountants for landlords who can help you manage your finances. Finding the right accountant for your property business can be a daunting task, but it doesn’t have to be. With the right research and due diligence, you can find a good property accountant who will provide the best service for your needs.
Here are some tips from our helpful team on how to find a good property accountant:
1) Research Qualified Accountants
The first step in finding a good property accountant is to research qualified accountants in your area. Look for accountants who specialise in property accounting and have experience with the specific needs of landlords. Once you’ve identified several potential candidates, contact them to learn more about their services and fees. See if you actually like them!
ASK: What experience do you have working with property owners? It is important to ensure that the accountant has experience working with property owners and understands the unique financial needs of owning a property.
2) Check Credentials
Once you’ve identified some potential property accountants, it’s important to check their credentials to make sure they are qualified to handle your financial needs. Ask each about their qualifications and experience working with clients in the real estate industry. Make sure they are licensed by the country where they practice and that they have any necessary certifications or designations related to property accounting.
ASK: How do you handle tax planning and preparation for properties? Property taxes can be complicated and it is important to have an accountant who can handle the process and help you minimise your tax liability.
3) Understand Their Services
When choosing an accountant for your property business, it’s important to understand what services they offer and how much they charge for those services. Ask each candidate about the types of services they provide and how they charge for them. Ideally they will offer a monthly fixed fee package to make life easier for you. Make sure that their services meet all of your needs so that you don’t have to hire additional professionals down the line.
ASK: How do you stay up to date with changes in tax laws and regulations? It is important to work with an accountant who stays up to date with changes in tax laws and regulations to ensure that you are compliant and taking advantage of any tax benefits.
4) Discuss Your Needs
When choosing an accountant for your property business, it’s important to discuss your specific needs with each candidate before making a decision. Ask questions about how they would handle certain scenarios related to taxes, bookkeeping, budgeting, etc., so that you can get a better understanding of how they would work with you on an ongoing basis. This will help ensure that you find an accountant who is well-suited for your particular needs as a property owner.
ASK: How will you communicate with me? Communication is key to ensuring that you receive regular updates on your property's financial status. Ask about their communication methods and how often they will provide updates. Do they use Xero for Landlords and are they Xero accredited?
5) Get expert help
ASK: Can you offer advice on financial planning for my property? A great accountant should be able to offer financial planning advice to help you make informed decisions about your property's finances. Ideally they should be able to provide funding for your property business too.
Purple Accounts are property accountants and look after many landlords and their properties. We're Xero Gold Champion Partners and use Xero for Landlords. In addition, as Master Certified Advisors with Capitalise, we're well placed to advise you and access hundreds of suitable lenders for your property business.
Check out our Landlord Package for some extra information about how we can help you.