Questions You Must Ask Your Accountant

Posted on by Ink Well Mag

Accountant hard at workAn accountant can help you untangle the time and energy-sucking tedium of the fiscal aspects of your business. However, to take advantage of your accountant’s financial expertise, you should ask the right questions at the right time.

Here are five questions that will help you get the most out of your accountant here in Salt Lake City.

When and how should I contact you?

Clear and effective communication is vital. Ascertain early on the best way to reach your accountant, as well how often you should be in touch. Decide together if you will connect in person, on the telephone or online. Also, confirm if it is best to meet weekly, fortnightly, monthly or bimonthly.

How can you help me with my taxes?

Many entrepreneurs hire accountants because they need help to prepare for and surviving the tax season. Ask your accountant about legal ways to reduce your taxes. Ask about applicable tax credits and deductions, new tax laws that could favor you, and tax opportunities in your industry.

How can you support me grow my company?

The professional can help you understand which aspects of companies in your industry drive those businesses’ value. The expert can then work with you to steer your company toward maximizing the identified elements.

What mistakes should I avoid?

Common mistakes business owners make include: not being 100% honest with their numbers gurus and failing to follow their accountants’ advice. Ask your accountant about some common mistakes you should avoid when working with her and you will have a more rewarding experience.

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How can you help me control my cash flow?

An accountant can help you reliably project your company’s cash flow. The professional will help you develop an organized and efficient cash flow model. Accordingly, you will manage to adjust your business operations in ways that help you improve receivables, manage payable and survive shortfalls.

Most small business owners rank accountants as their most essential professionals. But for a numbers guru to efficiently save you time, money, and energy, you should understand what to ask and when.