6 Essential Questions to Ask Your Accountant This Year
Being a responsible business owner means staying on top of your finances and taxes, tracking income and expenses, and understanding the different types of taxes. While these steps are crucial to your company’s success, ensuring all of this yourself can be challenging.
For this reason, it’s always wise to schedule regular meetings with your accountant. These professionals can help you navigate the complex and confusing world of taxes. To get the most out of your consultations and stay ahead of the game, here are six crucial queries you should ask your accountant this new year:
1. What Industry-Specific Tax Regulations Should I Know?
Different taxes have varying effects on specific sectors. For instance, the freight tax may affect the shipping industry, while restaurants may face food tax. On the other hand, car companies may face taxes on the vehicle’s trade-in value.
An experienced accountant in your industry can help you stay updated with the latest rules that can impact your business. They’ll also help you understand the deadlines and changes to reduce your tax payments.
2. How Can You Help Me Manage My Cash Flow Better?
While maintaining an excellent financial situation can be challenging for several small business owners, it’s necessary to uphold a solid one to ensure a successful company.
You can always ask your accountant to review your cash flow so they can identify any issues or chances for improvement. They’ll also help you understand business patterns and trends and provide recommendations on managing your cash flow more efficiently.
3. What Changes Should I Make to Benefit My Business?
It’s easy to wrap yourself up in daily tasks and forget about the bigger picture, especially if you’re a small business owner. For this reason, it’s always wise to sit down and discuss with your accountant what changes you need to make for your company.
They’re an expert in taxes and finances and know your business well. Maximize your time together to plan for your long-term goals and see how you improve in managing your finances. That way, you can create a healthier establishment.
4. How Can You Help Me Ensure a Better Tax Season This Year?
Keeping up with your taxes can be a daunting yet necessary task to ensure a successful business. For this reason, it’s always wise to find an accountant. They can help you stay updated with record-keeping, deductions, and payments. A financial expert will also assist in making sound decisions for your company.
Moreover, an accountant can answer your questions about tax law changes, equipment purchases, deductions, and tax savings.
5. How Can I Help You Do a Better Job?
Like other successful relationships, clear communication is crucial to ensure your accountant acts in your business’s best interest.
To ensure your accountant performs their job well, you must provide them with all the necessary information. Give them clear and detailed instructions on how they’ll do your taxes. You can also take a step further by asking them for tips on preparing, documenting, and organizing your finances. That way, you can develop healthier financial habits and ensure better stability.
6. How Can You Help Me Get Health Care For My Employees?
Your accountant can help you find the best employee health insurance plan by providing crucial financial information like the number of full-time equivalent employees. Enlisting their assistance can ensure a more balanced cash flow and help you incorporate insurance options into your spending plan.
New Year, Better Decisions
A new year means another chance to handle your taxes and finances more efficiently. Scheduling regular meetings with your accountant can help you start the year right and make the best choices for your establishment.
If you need an accountant in Massachusetts, let us help. Ash CPA offers the best accounting services at affordable rates. Contact us now, and let’s help you run a successful company!