Does Your Accountant Understand Property Investment?
Updated August 19th, 2020
It is crucial to find the right accountant if you're planning to invest in real estate. Hiring a professional will help you to minimize all possible taxes and decrease the risk. Their assistance will also maximize the return on investment and optimize your financial strategies. In the end, your accountant will make sure you stay on the right path while approaching investment goals. These tips can be very helpful when it comes to hiring an accountant; who will guide you through the whole investment process.
Go for an investment property specialist
If you want to deal appropriately with your future property investments, make sure to find the accountant with a specific set of skills and experience. Their previous knowledge about the property investment market will give you a much-needed jump start. The right accountant knows the best way to structure your finances when it comes to taxes. Besides that, they will be aware of other opportunities, such as investing in property improvement, negative gearing, and structuring property ownership. Experienced accounting professional should have a holistic approach which will be applied to a specific scenario. That way, your overall finances will be protected, and you'll get the best deal when it comes to investing.
The approach should be proactive
Your accountant should be up to date when it comes to local tax jurisdiction laws. All potential changes should be recognized in a timely manner, so you'll have enough time to adjust the strategy. A great accountant will look at all your assets and ensure that the risk and liabilities around them are minimized. That way, you'll be able to structure your investments safely. Your accountant must be proactive with you because you would like to know when some new opportunities are available.
How to find the right accountant?
All great accountants are dedicated to their clients. They are highly motivated to assist and will take responsibility for their work-related tasks very seriously. While searching for the right accountant, make sure you find a person who has good online reviews, plenty of testimonials, and other indicators of credibility and success. It is always good to start your search on LinkedIn. Another way is to speak directly to a couple of their clients and get feedback. If you like what you heard about the accountant, go ahead and contact them as soon as possible. You should be quick in those situations since all good professionals have busy schedules.
Look for the person with confidence and credibility
You don't want an accountant who will say, "Yes “ to all your suggestions. The best ones will have their peace of mind and will disagree with you when needed. That kind of person will clearly explain what needs to be done to get the best results. Experienced accountants recommend hiring a person that will show you the best ways of dealing with investment issues, especially if you lack knowledge in that specific area. Try to avoid accountants who will say anything to make you happy. You need a person with integrity and confidence.
Your accountant must be reliable
With all the electronic devices we have today, it is effortless to stay in touch with anybody. You should agree with your new accountant to be available for you and respond to your questions or concerns within 24 hours. That time is enough for them to see and resolve the issue. If the issue is too complicated, they should let you know promptly and inform you about the next steps. If you start getting all your answers within a day, you'll know that you're dealing with a highly reliable and professional person.
Avoid accountants who sell on price
You should be wary of accountants who have a fixed price. Those people would prefer to do the job quickly and with a minimum of effort. Try to find someone ready to dedicate and work their pricing depending on the job. A great accountant will have a personalized approach since they'll be aware that property investment is not a joke. Your accountant should know that all potential clients have unique circumstances, risk profiles, incomes, health issues, time frames, etc. Because of that, they shouldn't offer a fixed price but work on adjusting it toward the client's possibilities and wishes.
Hiring a responsible and experienced accountant is just the first step you need to make before making any property investments. Besides that, you'll need a few more people to assist you with your decisions. That way, you'll form a team of professionals that will be responsible for your future actions. Make sure to gather people of trust, who will be eager to help and offer the best solutions. With all of them by your side, you'll feel comfortable and informed, which will cause better outcomes when investing in property.
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