Money is the lifeblood of any business. How you manage your finances can determine whether your business fails or succeeds. A professional accountant can advise you on matters relating to growth, compliance and financial stability. However, you need to know the right questions to ask the financial expert.
Here are six questions you should ask your accountant to ensure your business affairs are in order.
WHAT KINDS OF RECORDS SHOULD I KEEP?
Keeping accurate records of your business transactions is an important part of financial management. Your accountant should help you determine the kinds of records to keep so you can make informed and precise financial decisions. The records you should maintain include revenue, operating expenses, employee wages, tax remittances, and purchase and sale of business assets.
HOW CAN YOU HELP ME WITH TAX?
Tax season is the main reason why many small business owners hire accountants. You need to understand how exactly the professional will help you prepare your taxes, assist in filing your tax returns in good time, ensure compliance with tax laws and claim any tax refunds due to you.
HOW IS MY BUSINESS PERFORMING?
A skilled accountant should be able to assess the performance of your business. Once the professional has analyzed your numbers, you can inquire if you have sufficient cash, whether you are being rewarded for your efforts and how you can generate more profit. You can also seek advice on how to achieve your goals.
HOW CAN YOU HELP ME MANAGE MY CASH FLOW?
An effective cash flow model will make it easy to improve receivables, manage payables and survive shortfalls. Once you determine the performance of your business, ask your accountant how they will help you maintain a positive cash flow in the long term. This may involve creating a cash flow budget and working towards achieving the set goals.
WHAT ARE MY FINANCING OPTIONS?
When you need additional funds to take on a project or expand your business, an accountant will help you identify the best financing option. The professional will also advise on the right lender for your small business and assist you through the entire loan process.
AM I MAKING ANY MISTAKES?
Certain accounting mistakes can cost your business a great deal. When working with an accountant, you may want to find out if you are doing anything wrong. The professional should not only point out your mistakes but also explain how you can correct them.
To ensure you benefit from the services offered by the expert, consider working with an experienced accountant. At Complete Tax and Notary Services, we have qualified and experienced professionals who are always happy to help. Feel free to contact us to learn how we can work with you to grow your small business