Your accountant is a vital part to the success of your company. He/she is an advisor and a partner in business. Your accountant will help you to keep your business in line financially which frees you up to get on with the business of running your company. Meeting with an accountant can feel intimidating but rest assured, when you are prepared, you are laying a foundation for a highly successful business relationship.
Here are some questions that you can ask your accountant:
1.How often should we be in touch and what is the best way to contact you
This might seem like a silly question but in order to have a successful working relationship, boundaries and rules need to be established. Establish early on how you will connect/meet (i.e. telephonically, physically, facetime, skype etc.) as well as who will set up the meetings. Decide together how often you will meet.
2. How should I prepare for tax season
Dealing with the horror of tax season is often the catalyst for a business hiring an accountant. Ask your accountant which tax credits and deductions you should claim. Talk to your accountant about specific ways to organise your records. Perhaps work with your accountant throughout the year to gather the necessary documentation for tax season so that it’s available when tax season rolls around.
3. How can you help me better manage my cash flow?
Ask your accountant to help you understand your cash flow, analyse problems or areas to improve, and make plans to better manage it. Your accountant can point out cash-flow tendencies in your business that you might overlook.
4. How is my business really doing?
Your accountant can help you make sense of all the data and show you how to properly analyse your figures so you can see how healthy your business really is.
5. What information/documentation do I need to retain?
You need to hold onto certain records for the purpose of tax, to measure your profitability and to possibly secure outside funding. Your accountant will advise you what records you need to retain and it will likely include things like revenue, operating expenses, purchase and sales records of assets.