Questions to ask your accountant – where do I start, right?

Questions to ask your accountant – where do I start, right?

Accountants can be a little scary, let’s face it. They talk about balance sheets, P&L, accounts receivable and payable, capital, assets…

It can often feel like they are speaking another language.

But here are a few questions you should ask your accountant, and keep asking until you fully understand the answers. It’s not all the questions, but it’s a start..

With year end approaching, this is the best time to do a good tax planning before 30th of June 2023 ends? And if you cannot find a simple language accountant…. You know where to look

How much tax is my business expected to pay?

Knowing your business’ tax position helps you to plan to ensure you have enough money to pay your tax liabilities and/or put into action some strategies to keep your tax in check.

At the same time, your accountant should advise you if there are any tax updates which may affect your business. These could be beneficial tax updates (yes!) or disadvantage your business and may require you to change tack or plan for in the future.

What is my breakeven point?

Breakeven? It’s another accounting term which means the point at which your costs and expenses equal the revenue for your product or service.

You probably calculated this before you started your business (if you didn’t, no judgement here!) but your breakeven point can shift as costs go up and down.

Why this is so important is because your breakeven point can significantly affect your profitability.

How is my business performing?

You can see money in your business bank account, sales are coming through, and your expenses are in check.

But there’s always room for improvement and that’s where this question will highlight the areas of your business that should be your top priority.

You’ll be able to capitalise on the successes and look at what is driving your revenue.

What are your successful business clients doing that I’m not?

Your accountant will hopefully also analyse and understand the financial data of other businesses. They see how these businesses are performing and what they are doing well or not so well to affect this performance.

Use their knowledge to get insider information that could be valuable to your business. The advice may not work for your business but what if it did?

Discuss with your accountant using scenarios to make wise plans for your business’ future.

What areas of my business should be my top priority?

As a business owner, it’s so easy to be distracted by the daily ongoings of your business – demanding customers, bill paying, staff issues, even the hundreds of emails appearing in your inbox. Need we say more?

A fresh pair of eyes, like your accountant, can provide the source for where you should be putting your attention, effort and time into. They can help you to realign your focus to the positives, to build on the successes, to achieve more.

Hope this helps and DM me if you need more of a steer.


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