3 Questions for Your Accountant (for Businesses & Individuals)
Here are a few questions to ask your accountant to kick off the new year and better prepare for tax season.
“How can we make this year’s tax season better than last year’s?”
Taxes are a necessary evil whether you’re looking at your personal finances or your business plans. Your accountant will be able to review payments, deductions, record-keeping, income statements, balance sheets, cash flow, etc. to see where you started this year, determine where you landed, and accordingly adjust course to help you reach your financial goals next year.
Your accountant should be able to dig into this question by:
- Communicating changes in tax laws
- Offering suggestions to reduce your taxes
- Suggest financial planning measures
“How can you help me better manage my cash flow?”
Whether you’re running a business or are simply trying to make smarter financial decisions, keeping track of your income compared to your expenses is vital for achieving financial health and peace of mind.
Truly staying on top of cash flow is more complex than just tightening up your purse strings (and even that is often more difficult than expected). Your accountant should be able to help you better understand your financial situation by looking at your income and financial statements and analyzing your cash flow to identify potential pain points.
“Are there special considerations or changes I should make related to my industry or personal situation?”
If you’re running a business, you might be faced with industry-specific tax laws or financial conundrums. By working with an accountant, you’re partnering with a professional who is responsible for staying up-to-date on industry accounting standards and tax law.
Similarly, hiring an accountant to manage your personal finances can help you make the most out of your unique financial situation. From saving for college to planning for retirement, an accountant can help you identify and prevent potential problems and help you implement smarter habits in order to reach your goals.
Partner with an accountant who is dedicated to understanding your unique needs and meeting your unique financial goals. As a seasoned CPA, Brent Summerfield is familiar with navigating a variety of industries and personal situations.
