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.
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.
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.
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.
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.
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?
Cash is king, right? But how can it be managed best? Luckily for you, an accounting expert knows the tips and tricks with cash.
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.
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.
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.
This keeps countless business owners – and civilians alike – awake at night. Stop ruminating and catastrophizing and ask to be sure.
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?
What’s changed since last year? What should you be prepared for going into the next tax season? What can you change?
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.