When your business starts to grow, bringing in an accountant, a financial expert, or a CPA in Foster City, CA, is a great idea. These are experienced professionals who understand your business, find loopholes, and suggest effective solutions for growth. If you have a new accountant onboard, you must be confused about what to ask and what not. This article highlights the top must-have questions to grow your business. Let’s dive in!
Must-asked Questions From Your Accountant
1. What steps can I take to increase cash flow in my business?
For every business, cash flow is the blood and life that keeps your business going. Everything is possible through adequate cash flow in the business, from buying inventories to paying salaries. Thus, asking how to increase your cash flow in the business is vital, as every business is different and works differently.
2. What business areas should be my number one priority?
Small business owners wear multiple hats at one time, from managing employees to formulating growth strategies, marketing all products and services, managing contractors and investors, hiring, serving clients, and more. Thus, you must prioritize business areas. Ask your accountant about their opinion and see what some of the most important tasks require your attention.
3. What business strategy can increase my profits?
As a business owner, the major aim is to increase profitability in the business. You may use different business strategies like improving the distribution channel, implementing a focused marketing plan, and relying on cost-efficient methods. You must ask your accountant about strategies specifically for your business that contribute to profits.
4. What records should I keep?
Keeping track of all business documents to access profitability, file taxes, and get funding is important. Ensure you get in touch with an accountant and ask them about different documents that you must include. These include financial records, business tax returns, receipts, banking records, credit card statements, business licenses and permits, and more.
5. What are different deductions during the taxation season?
Tax deductions help in saving taxes during the taxation season. Some common deductions that you must not avoid are medical costs, home office deductions, moving expenses, educational costs, state income tax deductions, mortgage expenses, and charitable expenses. Ask your accountant about different deductions before finalizing taxes.
When hiring an accountant, you must ask these five questions that will help your business grow exponentially.