Ten Important Questions To Ask Your Accountant
As the owner of a small business, it is of utmost importance that you have professional accountant advice you on important matters concerning the growth, finances, and other financial-related elements of your business.
However, irrespective of the experience you have gathered by working with an accountant, there are certain things you wouldn’t know unless you ask. You shouldn’t just sit there and ponder on those questions all by yourself, go ahead and ask your accountant for answers to any questions (business-related) that might be bothering you.
Are you lost on the right questions to ask?
Here are some questions you could ask:
1. What information do I need to give?
Being aware of the necessary information and document to share with your accountant is very significant to your relationship with him or her. As soon as you have the right answers to this question, you can be sure that you are in safe hands progressing.
To ensure that you don’t stress yourself roaming about in search of important documents when the tax season is around the corner, ensure you ask this question as early as possible.
2 . How can you assist me in my preparation for tax season?
Accountants offer several services, ranging from audit services, payroll and HR services, preparation of transfer pricing documents, etc., but the tax season is one of the primary reasons why most individuals hire accountants.
Certainly, when the tax season arrives, we all want to leave all the work to our accountant. However, to get the best out of working with a tax expert, you should assist your accountant during this period.
The responsibility to provide your accountant with important info and documents falls on you, and by asking questions regarding how they will assist your preparation, you can be certain that you are keeping the right invoices, receipts, including statements throughout the year.
3. How can you assist the growth of my business
Enquire from them how they can assist in the growth of your business and ensure you are attentive to all they say.
4. Am I doing the right thing?
A very important characteristic of any working relationship is sincerity. For the sake of your business, you must know what you are doing wrong, and only a sincere accountant can tell you this.
Little unchecked errors could affect your business, so instead of waiting for someone to suggest a fix, ask for the advice of your accountant. They will be very glad to help you.
5. Are there any unique considerations for my line of work?
Some industries are different; these industries do not go through the same accounting problems that others experience. To put this in check, you must ask for the advice of your accountant. Based on their versatile experience, they should be able to tell you what to do.
6. What business expenses can I subtract?
To make things very easy for you, ask your accountant to specify which expenses you can remove. Accountants can assist you in reducing your tax liabilities, and preventing any punishment that may arise from deducting the wrong expenses.
7. Which laws and modifications that apply to my business should I take note of?
Accountants can help you keep close tabs on the political and legal aspects of your industry, and prepare for cash flow difficulties that arise from the need to invest in new things such as software, equipment, etc.
8. Is there a way that I can save on taxes this year?
Just as the New Year brings new tax laws, it also brings new ways to save some cash. Contact your accountant, and talk to him or her concerning the investments and projects you have begun. They should be able to tell you if you have done anything in that tax year that could potentially mitigate your liabilities.
9. What are the available alternatives if I can’t afford my task bill?
There is nothing as challenging as you being unable to pay your task bill at the end of the year. Being proactive is the best solution here. Ask the necessary questions from your accountant as soon as possible. With their expertise, they can provide you with alternatives, including budgets and plans for things that you can afford and those you can’t.
10. How do you keep the documents I provide you with?
If you aren’t satisfied with the way your sensitive documents are stored, you can provide effective alternatives. The aim of this is to ensure that your documents don’t get to the wrong hands. Therefore, you must ask your accountant this question before handing over your documents.
In a Nutshell
Many business owners tend to ask the wrong questions from their accountants, while others don’t see the need to ask. Asking the appropriate questions can go a long way in ensuring that you don’t make terrible mistakes. If you aren’t clear on something, or if you need advice regarding a troubling issue, don’t be shy to ask.
An accountant will be more than willing to assist you by answering your questions. For more information, get in touch us.