Six top questions to ask your accountant
As a business owner, it’s important to have a good relationship with your accountant. We can provide valuable insights into your business finances and help you make informed decisions that can improve your bottom line.
However, it can be challenging to know what questions to ask, so here’s your starter for 10.
How can you help me reduce my tax liability?
Taxes can be a significant expense for any business. We would aim to advise you on the most tax-efficient ways to structure your business, take advantage of tax breaks and reduce your overall tax liability. We can also help you prepare and file your tax returns, ensuring that you stay compliant with HMRC regulations.
How can I improve my cash flow?
Cash flow is a critical aspect of any business, and we can help you manage it effectively. We can advise you on ways to improve your cash flow, such as negotiating better payment terms with suppliers, chasing overdue invoices, and managing your inventory more effectively.
What financial reports should I be looking at?
Financial reports can provide valuable insights into your business's performance and help you make informed decisions. We will be able to provide you with regular reports, such as profit and loss statements, balance sheets and cash flow statements, and help you understand the information they contain.
How can I prepare for an audit?
If your accounts are subject to a statutory audit, the process can be stressful, but with the right preparation, you can ensure that the process goes smoothly. We can advise you on what to expect during an audit, help you prepare the necessary documentation and ensure that you stay compliant with accounting standards.
How can you help me grow my business?
As a business owner, you want help to grow your business. We can advise by offering strategic planning and by developing a growth plan for your business.
What other services do you offer?
In addition to traditional accounting services, such as bookkeeping and tax preparation, we offer a range of other services that can be beneficial to your business. These may include financial planning, business consulting and software implementation. Ask us what other services we offer and how we can help you achieve your business goals.
Building a strong relationship with your accountant can be one of the most important steps you take as a business owner. By asking the right questions and working together, you can ensure that your finances are in order and that you have the information you need to make informed decisions.
Talk to us. We are here to help.
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