5 Checks for Contractor Accountants to Ensure Your Provider Is Compliant
If you’re a contractor, you know that there are many moving parts to your business. You have to keep track of projects, deadlines, invoices, and payments and ensure that your team complies with all the necessary regulations. It can be a lot to keep straight, but if you outsource your accounting to a contractor accountant, you can take some of the burdens off your shoulders. Here are five checks to ensure that your Contractor Accountants are keeping everything in order and compliant:
- Are they licensed and insured?
- Do they have a business plan?
- Do they use the latest technology?
- Are they familiar with your industry?
- Do they offer a free consultation?
Check 1: Contractor Taxation Scheme
To ensure that your contractor accountant is compliant with the Contractor Taxation Scheme, you should perform the following checks:
- Check that they are registered with the ATO as a Small Business Entity.
- Confirm that they are using an ABN for their invoicing.
- Ensure they have appropriate insurance, including public liability cover and professional indemnity insurance.
- Make sure they are up to date with their tax returns and BAS statements.
- Ask for evidence of their accounting qualifications and membership in a professional body such as CPA Australia or the Institute of Certified Bookkeepers.
- Check that they have experience in handling the taxation affairs of contractors and small businesses.
Check 2: Professional Indemnity Insurance
As a contractor, ensuring that your accountant complies with all the necessary regulations is important. It includes Professional Indemnity Insurance (PII).
PII protects accountants from claims of professional negligence. If your accountant makes a mistake that costs you money, PII will cover the damages.
Ensure your accountant has PII in place before you engage their services. It will protect you in the event of any errors or mistakes on their part.
Check 3: Public Liability Insurance
As a contractor, you are likely well-versed in the importance of maintaining compliance with regulations. Are they compliant with all the requirements? Here are three checks to ensure your provider is compliant:
- Check that they have public liability insurance. This insurance protects you from third-party claims arising from your business activities.
- Check that they are registered with the relevant authorities. In most jurisdictions, contractor accountants must be registered with the relevant professional body to practise.
- Check their references. Ask other contractors who they use and why they recommend them. It will give you some insight into their level of service and compliance knowledge.
Check 4 for contractor accountant: Financial Statements
As a contractor, you are likely to come into contact with many different accountant providers. How can you be sure that your provider is compliant? Here are four checks to make:
- Check that the accountant is registered with the Contractors State License Board (CSLB).
- Ensure the accountant has a valid Certificate of Registration from the CSLB.
- Request the accountant’s proof of workers’ compensation and liability insurance.
- Ask to see the accountant’s most recent financial statements.
These checks will help ensure that your contractor accountants are compliant and can provide your needed services.
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