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Kylie Baker

Kylie Baker is a Chartered Accountant, Registered Tax Agent and SMSF Auditor who started MYC Partners Accountants backed by a 25 year career in the accounting industry. Working across multiple firms of varying sizes and gaining specialisations, she has amassed an impressive amount of knowledge in all areas, most notably the Small Business and SMSF areas. Kylie’s experience has a strong understanding and true empathy with small business owners like herself – it can often be hard work and lonely at times. Kylie’s kindness and commitment to helping her clients cheers them up on a hard day, with a quick phone call to walk them through a process, hear an idea or just check in.

How can an accountant help me grow my business?

An accountant helps you grow by turning your numbers into decisions. That means reviewing your results regularly, showing you which parts of the business make money, planning cash flow ahead of big moves such as hiring or expansion, and making sure your structure still suits the size you are becoming. Growth help comes from regular advice during the year, not from a once-a-year tax return.

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What financial reports should I be reviewing every month?

Most business owners should review five reports every month: the profit and loss statement, the balance sheet, a cash flow report, aged receivables and payables, and a budget versus actual comparison. Together they show whether you are making money, whether you have money, and whether the business is tracking to plan. Reviewing them monthly means problems surface while there is still time to act.

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What questions should I ask an accountant before hiring them?

Ask five things: who will actually handle my work, how often will we meet and talk, how quickly do you respond, what experience do you have with businesses like mine, and how does switching over to you work. The answers tell you whether you are hiring a relationship or just a lodgement service. Listen for specific answers with names, timeframes and process steps, not general promises.

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How do I choose the right accountant for my business?

Choose an accountant based on four things: credentials for your level of complexity, experience with businesses like yours, a working relationship that includes year-round planning (not just at tax time), and a track record of quick responses. Price and convenience matter, but they shouldn’t decide it. The right accountant is the one who will still suit your business as it grows.

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What records do I need from my old accountant when I switch?

When you switch accountants, you need your last two to three years of financial statements and tax returns, your BAS lodgement history, the balances that carry forward (such as depreciation schedules, loan accounts and tax losses), and entity documents like trust deeds and company registers. Your new accountant usually requests all of this for you through a professional clearance letter, so you rarely have to chase it yourself.

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When is the best time of year to change accountants?

The best time to change accountants is just after a lodgement is finished, such as straight after a quarterly BAS or once last year’s tax return is lodged, because the handover starts from a clean point. If you want proactive tax planning before 30 June, switching by around March gives your new accountant time to learn your numbers first. A well-run switch can still happen at any time of year.

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How should a building company manage GST on progress payments?

A building company should treat each progress payment as its own supply for GST. On a cash basis, GST is due when the client pays; on an accruals basis, it is due when you issue the progress claim or invoice, even if payment hasn’t arrived. Either way, set the GST aside from every payment as it lands, and structure invoices so retentions don’t trigger GST before you’ve been paid.

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