3 questions to ask your accountant to get the most out of them
It’s reasonable to ask questions when you consult with a professional. Visit a doctor, lawyer, marketer, engineer, builder, designer, or stylist, and you’ll want their unique insight and advice.
Similarly, it’s worthwhile asking your accountant a few critical questions to ensure you’re getting the best possible support. Here are three important questions to start with.
1. Can you assist with strategic planning for my business?
A skilled accountant should be capable of developing and supporting your business’ strategic direction. Accountants can help businesses to make deliberate, calculated decisions in a few ways.
- Firstly, an accountant can work with you to set goals around cashflow, cost-savings, profitability, and other metrics related to your business’ overall financial performance.
- Secondly, an accountant can help to anticipate and mitigate potential areas of financial risk for your business. Depending on your circumstances, this might involve dealing with tax liabilities, debt management, asset protection measures, and so forth.
- Thirdly, an accountant can ensure your financial records are up-to-date and compliant with legal and regulatory obligations.
Rapid access to current financial records means that you can easily visualise your business’ trajectory at any given moment. This enables informed decision-making based on real-time business data – so that you can move forward with confidence.
2. How do my results compare with other clients?
Your accountant is likely to work with a diverse range of clients across a variety of industries, at every stage of growth. Make their insights your advantage by asking how your business compares to others.
You may be able to draw on this knowledge to implement stronger strategies within your own business. It can also be useful to ask your accountant about common pitfalls so that you can learn from the missteps of others.We also recommend asking your accountant how they manage financial matters for their own business. Their answer may reveal a lot about your accountant’s business acumen – and at the end of the day – it’s okay to expect an equal exchange of knowledge and trust.
3. Is my business structure still fit for purpose?
Many independently owned and operated businesses begin their evolution as starts-up or side hustles run by a sole proprietor. As your business changes however, you may outgrow this business structure and could benefit from establishing a corporation or company.
Each business structure has its own advantages and disadvantages, especially when it comes to taxes and other legal obligations. An accountant can help you to weigh up these options to ensure your business structure is fit for purpose.
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An experienced accountant will be your business partner for the long run. These three simple questions can help you to get to know your accountant better, while shedding light on how your business stacks up against the rest. Hatcher can help get you started – speak with us today.
