13 Excellent Questions to Ask a Business Accounting Expert
If you’re like a lot of business owners, you likely have many unanswered questions when it comes to your business and its finances.
We’ll save you some nervous Google searching and endless IRS website scrolling and go ahead and give you the top questions to ask your accounting expert.
This way you just have to jot down one list. No Googling required. Consider it our early Christmas gift to you.
1. What Are My Tax Obligations?
Tax obligations are the responsibility for tax payment, interest, penalties, general expenses, withholding, certification and reporting requirements, and payment of taxes.
Having a clear idea of what your specific obligations will help you stay organized and be prepared year-round.
2. How Do Business Taxes Differ From Personal Taxes?
Business taxes are often paid quarterly whereas personal taxes are paid annually – but that’s not all.
Make sure to add this one to your list so that your expert can help you differentiate.
3. What Documentation Do I Need?
When you open a business bank account and are in the throes of managing QuickBooks, all of the paperwork and details are needed.
Make a note of this one for sure.
4. What Can I Deduct As A Business Expense?
There is definitely a gray area here. But to avoid making mistakes or missing out, talk through your normal expenses and ask an expert what can and should be written off.
5. How Do I Prepare for Tax Season?
It’s easy to say ‘Stay organized’ or ‘Keep all of your receipts in one place’ but what exactly do you need to do to prepare and take as much stress as you can out of tax season?
6. Do You Have Any Advice For Cash Flow Management?
Cash is king, right? But how can it be managed best? Luckily for you, an accounting expert knows the tips and tricks with cash.
7. What Area of My Finances Should I Prioritize?
Do you know what good debt is versus bad debt? Do you know if you should invest in a specific training or education or service? Do you know if or how you should invest?
If not, ask.
8. What Business Structure Would Work Best For Me?
If you’re waffling about whether you should hire a contractor, part-time help or a full-time position, or whether you’re the CEO or the owner and founder, ask.
9. How Should I Secure My Financial Data?
Do you know if it’s safe to have the same password – or where you should save your passwords? Do you know to whom you should give access to certain accounts or programs?
If not, ask.
10. How Worried Should I Be About An Audit?
This keeps countless business owners – and civilians alike – awake at night. Stop ruminating and catastrophizing and ask to be sure.
11. What Can I Do To Improve Profitability?
Ah, this one is maybe one of the most important ones.
How do you make your business profitable and stay on that trajectory once you get there?
12. What Regulations or Trends Should I Know About?
What’s changed since last year? What should you be prepared for going into the next tax season? What can you change?
13. What's the Most Common Mistake You See Business Owners Make? How Do I Avoid It?
Glean all of the knowledge you can from your accounting expert. They’ve likely worked with several business owners similar to you and can let you in on knowledge and tips that you can use to your advantage.
Maybe after you’re reading this, you’re thinking you need all the help or maybe you only need a little help.
With BELAY’s customized nonprofit and business accounting services, consider yourself Goldilocks: Finances that are just right for you and your growing organization.
Our Accounting Services offer help with bookkeeping, CFO services, tax services, E-commerce support, full-service payroll, and accounting clerks. Reach out today. We’re here and ready to help.