6 questions your accountant should answer...

11/05/2022 07:00 By #Marketing

Ask these six questions to every small business accountant you are considering.

As a business owner, there's no doubt that you're busy. You're working on improving your products, finding new customers, and talking to suppliers. But with all this extra time, you haven't gotten around to hiring an accountant yet - and you need to start asking these 6 questions.
A solid accountant can make or break your business. They can help prevent mistakes (like not filing your taxes on time) and ensure that you're getting the most out of your business (and tax) deductions. 
Here are 6 questions your accountant should answer:
How long has your business been operating?
Not all accountants are created equal. For SMEs, an experienced accountant will bring a wealth of knowledge and it’s essential you find one that is suited to your industry. If you’re looking for a new accountant, it can be difficult to know where to start. There are many accountants out there and it can be difficult to know who is best suited to your business and needs. A quality accountant will work with SMEs on their financial reporting and tax obligations, but the skills they use vary from one firm to another.
What methods do you use to communicate with your clients?
If you want to keep track of your financial situation, it’s important that you have good communication with your accountant. Do you want to hold regular face-to-face meetings or would you rather opt for everything to be handled online? Whichever option is best for both parties should be established at the beginning. 
Tell me how you'll improve my bottom line.
An accountant will do anything possible to minimize your tax exposure. Before you go see one, however, be sure to give them all of the information they require in order for them to ascertain what sort of strategies they can advise you on that would allow you to keep more of your hard-earned cash.
Will I have just one point of contact?
A good accounting firm will only allow one person to handle your account. This helps ensure consistent reporting and develops a better relationship with that firm.
Are any of your previous employers/clients willing to offer a reference?
Would you ever hire a new member of staff without first checking their references? The answer to this is hopefully no, and the same should be true when you are shopping for a new accountant. You need to hear from other businesses about their experiences of working with a particular accountant. If they have developed a good relationship and experienced financial success, it’s likely that you may as well.
What are the greatest threats to our business and or industry?
This is a very important question and I’d like to tell you why. It will help you to understand how proactive an accounting firm is – the better they are at recognizing potential risks, the more likely it is that they are in the know, and can steer your business in the right direction.

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