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Once you’ve found the right accountant it’s time to put them to work. From finding out about your cash flow to managing your debt ratio and investments, a trained professional accountant should be your trusted advisor, so what should you be asking them?
Don’t make any financial missteps or potential blunders, don’t miss out on opportunities and new tax saving opportunities. Investing in a good accountant means you shouldn’t miss red flags and you should get the best advice for your business and bottom line.
So find out what to ask and when.
#1. When should I get in touch and how? – Communication is the cornerstone of creating a healthy relationship with your accountant. From the beginning, you need to establish a framework that outlines how you will communicate (Skype, Google Hangouts, FaceTime, email, phone) and how often (weekly, monthly, quarterly).
#2. How can you help me with my taxes and how should I prepare? – Tax help is one of the biggest reasons why small businesses hire an accountant in the first place. Find out what credits and deductions to claim, and how to maximise asset write-offs. So you’re not flustered next June, get your accountant to help you gather all the right documents and data throughout the year.
#3. Can you help me weigh up financial decisions? – From cash flow and investments to debt ratios, you want your accountant to give you their two cents worth on the financial ramifications of the decisions you are considering making.
#4. How can I scale or grow my business? – Your accountant can help you hone in on areas of growth and identify spots that will accelerate your business’ development. On the flip side they can also help you scope out what’s holding you back and where to focus your efforts on improvements.
#5. How can you help me with my cash flow? – An oldie but a goodie. Ask your account to help you create a cash flow model so you can better respond to shortfalls and manage your receivables and accounts payable.
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