1. “What’s the best way to contact you and how often should we meet?”
It’s important to discuss methods of communication that work best for both parties. Will there be more in person meetings or will things mostly be handled electronically? Does your accountant prefer having your documents (or copies) in hand or sent electronically?
2. “What services do you provide?“
Most accountants provide a range of services, from assisting with monthly bookkeeping, to payroll processing and payroll taxes, to tax returns and audits. If your small business is in need of services above and beyond monthly accounting, you may have just found yourself a one-stop-shop.
3. “What are your fees? What does that include? What is your fee structure?”
Typically, an accountant will either charge by the hour or at a flat rate for a particular document, form, or project. They may also use a combination of hourly and flat fees. Regardless of the billing approach, be sure to get an estimate of an accountant's fees. Find out what you can do to keep your fees to a minimum. A great deal of your accountant’s time can be saved by keeping organized documentation.
4. “What information do I need to keep?”
Your accountant will need certain paperwork and receipts from your business to fill out your tax information. You need to keep track of business records to file taxes and measure profitability. An accountant can show you which records you need to keep. It’s also worth asking your accountant if they require you to use a specific software program or recordkeeping method.
5. “How should I prepare for tax season?”
Your accountant can draft and file your business taxes. But, there are steps you can take to organize your records and make the filing process quicker and easier for both parties. Talk to your accountant about their preferred way for you to organize your records. Your accountant should be willing to assist you throughout the year in gathering accounting documents that you’ll need at tax time. They should also be able to give you updated information when new tax laws are enacted that could impact your business.
6. “How can you help me better manage my cash flow?”
Understanding your cash flow makes planning for future expenses much easier and safer for your business. Keeping a positive cash flow is an essential skill for a healthy, growing small business. Ask your accountant to help you understand your cash flow, analyze problems or areas to improve, and make plans to better manage it. Your accountant can point out cash-flow tendencies in your business that you may have overlooked.
7. “How can you help me grow my business?”
An accountant can help you pinpoint which opportunities best promote growth and can also help track your progress and see where spending brings your business down. It’s important for you and/or your accountant to update your plan on a regular basis so you have real time data and actual results. Doing so can help you get a better idea of opportunities for growth. Your accountant can help your business grow by helping you create goals driven by data, progress based on figures, and advice for financial strategies based on your cash flow.
8. “How can you help me with business financing?”
You may need additional funds to expand your business or take on a larger project. An accountant can help you determine the best financing option for your small business. An accountant can also assist you through the loan process and advise you about what to look for in a loan. When applying for a loan, you’ll need to have a business plan in place. This is something that an accountant can help you draft, as well as balance sheets and profit and loss statements for your small business.