Would you like to know 10 great questions every small business owner should ask their accountant?

Whether you’re running an exciting fast-paced startup or managing a successful growing business, having a great accountant by your side is like having a financial superhero. But just like with any superhero, it’s important to make sure you’re getting the most out of their powers.

One way to do this? Ask the right questions! Sure, accountants are experts, but they can only help you thrive if you’re both on the same page. So, here’s a list of 10 essential questions to ask your accountant, that will not only show you’re serious about your business but also help you get the best advice possible.

1. How can I improve my cash flow management?

Cash flow is the lifeblood of any business, right? If you’re not managing it well, it can be the difference between growth and stagnation. Your accountant can offer practical strategies to keep the cash flowing smoothly, from invoicing tips to managing expenses more efficiently. Ask them for advice on tracking your cash flow in real time and any tools they recommend.

2. Are there any tax-saving strategies I should be aware of?

Everyone loves saving on taxes! But sometimes, you might be leaving money on the table without realizing it. Your accountant is the person who can help you identify deductions or credits you might be missing. This could include things like capital allowances, R&D tax credits, or VAT exemptions. Don’t be afraid to ask about how to reduce your tax burden legally.

3. How can I streamline my bookkeeping?

Bookkeeping can be a headache, especially as your business grows. But there’s no need to get stuck in the weeds! Ask your accountant about tools or systems that can simplify the process. Whether it's using software like Xero to automate tasks or getting advice on setting up a better system for keeping track of receipts and expenses, you’ll thank yourself later.

4. How do I ensure I’m compliant with VAT?

If your business is VAT-registered, staying compliant with VAT rules can feel like a minefield. Your accountant can help you understand the ins and outs of VAT registration, reporting, and the best ways to handle VAT on invoices. Plus, they’ll help you stay updated on any changes to VAT thresholds or rates so you’re never caught off guard.

5. What’s the best way to handle business debt?

Let’s face it – most businesses will deal with some form of debt at some point. The trick is knowing how to manage it properly. Your accountant can help you create a strategy for paying off high-interest debt while still maintaining healthy cash flow. Plus, they can suggest ways to use debt in your favour for business growth (yes, debt can be a tool when used right!).

6. How do I avoid cash flow problems with taxes?

Paying taxes on time is crucial for keeping your business in good standing. But sometimes, businesses find themselves scrambling for cash when tax payments come due. Ask your accountant to help you set aside money for taxes throughout the year so it doesn’t sneak up on you. They can also help you with things like the VAT payment scheme or corporation tax planning to keep things manageable.

7. How can I track my business’s financial health?

Keeping tabs on your business’s financial health is essential to understanding where you stand. Your accountant can show you which key performance indicators (KPIs) to monitor and which financial statements (like your balance sheet, profit and loss statement, and cash flow statement) you should be paying attention to. This will help you make more informed decisions about where to take your business next.

8. What should my pricing strategy look like?

Pricing your products or services correctly is more art than science. If you’re not sure whether you’re pricing high enough to make a profit (or too high to scare customers away), your accountant can provide valuable insights. Ask them to help you analyse your costs, market conditions, and competition to come up with the best pricing strategy that will keep you competitive while maximising profits.

9. What financial metrics should I be reviewing regularly?

You don’t have to be a numbers wizard, but you do need to stay on top of some key financial metrics. Ask your accountant which metrics will give you the clearest view of your business’s financial performance. Things like gross margin, current ratio, and net profit margin can tell you a lot about your business’s health and whether you’re on track to meet your goals.

10. How do I prepare for future growth?

The ultimate goal for most business owners is growth. So, how do you get there? Your accountant can help you plan for expansion by giving you the financial blueprint you need. Whether it's budgeting for larger expenses, managing increasing payroll, or setting aside funds for bigger projects, they’ll help you make smart, sustainable decisions as you grow.

Your accountant should be an invaluable partner in your business journey. But to truly get the most out of their expertise, it’s important to engage in open, honest conversations about your financial goals and challenges. By asking the right questions, you’ll not only feel more confident in your financial decisions but also build a stronger foundation for your business's future.

Remember, they’re there to help you—so don’t hesitate to pick their brain! Take these questions to your next meeting and get the insights you need to grow your business successfully.

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