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According to Smart Property Investment's Phil Tarrant and buyer's agent Paul Glossop, a good accountant can actually make an investor enjoy any conversation—from money and finance to the weather and their families.
While it is important to find an accountant who has the experience and expertise that can guide you through your property investment journey, it's also vital that you feel comfortable having him around. Talking to a good accountant, according to Phil, will feel like a "rejuvenating experience" that can help an investor reassess his strategies and keep himself on track towards achieving his goals.
"You need to make sure you're comfortable with the person that you're entering into a relationship with—your accountant. I don't see my accountant as much as I should do, but we meet quite regularly and we chat on the phone. But when he's coming in to see me... I get excited about the idea of him coming in because I sit there and I start thinking a lot more critically about my portfolio and where I'm going and where my goals are. There's that whole accountability piece," Phil explained.
"I get excited about seeing him because I go, 'I know after this meeting, I'm going to be re-energized, rejuvenated, I'm gonna have more clarity.'
"Most of the time, he gives me good news because I've got a good portfolio. [B]ut if things aren't tracking well, he's very good at explaining to me what might not be working very well and what the outcomes of th[ose] are and what are some ways to mitigate th[ose]. I like spending time with him is what I'm saying."
Budding property investors may have yet to get the chance to familiarize themselves with the different and often complicated aspects of property investment, but a good accountant will be able to orient anyone in the simplest but most effective way. Instead of making a new property investor feel inadequate in terms of financial literacy, a good accountant will actually help him enjoy talking about money.
"A lot of people don't like talking about money... But if you're meeting with your accountant, you've got to enjoy talking about money, you've got to enjoy learning about finance, you've got to enjoy learning to be more financially literate, because if you are you'll become a property investor. You want to find an accountant who is happy to spend time with you to improve your education," Phil said.
Essentially, the right accountant is someone who can be your partner in your property investment journey, according to Phil and Paul. Before getting them on board, conduct an interview to actually get to know the accountant on a variety of levels—from how engaged they are in the field to how much they are willing to understand your goals.
"You want to be finding an accountant who you can find information about. You want to see them giving away their IP, writing articles, showing that they're connected and engaged with property investors, that they know the game, they know everything there is around it[;]... You trust your gut. If you like someone, you're gonna want to be doing business with them and spending time with them so, if it's not the right feeling, keep shopping around," Phil stated.
"You'd like to ... [do] a good meet-and-greet, basically just to go through some top-line questions about where they're at, [and also] give them an overview of what you want to achieve and then get a feel for them... You want a partner. You want someone who you can pick up the phone to and who is also available to pick up the phone [for you]," Paul concluded.
Tune in to The Smart Property Investment Show's Q&A session with Paul Glossop to know more about mortgage lenders, the ins and outs of first home owners' grants, money management platforms, and much more.