5 Questions to Ask Your Accountant and Bookkeeper to Maximize Profitability
When you are running a business, having an accountant and bookkeeper in your corner is essential. These professionals can help you keep track of your financials, stay on top of taxes, create budgets, and more. That said, many business owners and entrepreneurs don’t know how to get the most out of their accountant or bookkeeper.
Here are some questions that you should ask them to ensure that you are getting the most from your professional relationship.
1. What Are My Tax Liabilities?
One of the most important things that you will want to ask your accountant is what your tax liabilities are for the current year. This information can be invaluable when it comes to budgeting for taxes and ensuring that you have enough money set aside for those payments.
It can also give you a better idea of where else funds could be allocated so that you can achieve optimal profitability each quarter.
2. What Financial Reports Should I Be Tracking?
It’s vital to have a handle on all aspects of your finances in order to make sound decisions as a business owner. Knowing which financial reports you should be tracking is key here, so be sure to ask your accountant or bookkeeper what they suggest keeping an eye on regularly.
This helps keep everyone up-to-date and aware of where the business stands financially at any given time.
3. What Financial Goals Should I Have for My Business?
One of the most important questions you should ask your accountant or bookkeeper is what financial goals they think your business should have. Every business has different needs, so it’s important to hear what your professional thinks would be beneficial in terms of financial goals. This could be anything from lowering costs to increasing profits margin and more.
4. Do You Have Any Cost Saving Recommendations?
If there’s one thing every successful business knows how to do, it’s save money whenever possible. Ask your accountant or bookkeeper if there are any cost saving recommendations they may have after taking a look at your books.
They may suggest tightening up spending policies or reducing overhead costs such as utilities or office supplies in order to maximize profitability each quarter and increase overall savings in the long run.
5. What Are The Benefits Of Automating Certain Processes?
Automation is becoming increasingly popular as businesses look for ways to streamline processes and save time and money. If you’re considering automating certain aspects of your business operations such as payroll management or customer service, then it’s worth asking your accountant or bookkeeper about the benefits this could bring in terms of cost savings and efficiency improvements.
GROW YOUR BUSINESS
Asking these 5 simple questions—what are my tax liabilities; what financial reports should I be tracking; do you have any cost saving recommendations; What Financial Goals Should I Have for My Business; What Are The Benefits Of Automating Certain Processes — can help ensure that you get the most out of your accountant or bookkeeper relationship by helping you stay aware of where funds are being allocated and making sure expenditures align with company goals.
With their expertise by your side, there’s no limit as to what heights your business can reach!
In this video, Simone gives you the step by step guide to what to ask your accountant and bookkeeper. VIDEO
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