Best Questions to Ask Your Accountant

As a business owner, you might already have a lot of responsibilities on your shoulders. However, finances are a complicated sector and should be handled by experts only. An accountant can assist you with tracking your finances and keeping your records up-to-date. 

Knowing what questions to ask your Southwest Florida accountant will put you at an advantage. You will be able to understand whether they can help you reach your financial goals by working with them as a team. It does not matter whether you have worked with accountants before. If this is your first time meeting them, you should ask these few questions to understand them better. 

Best questions to ask your accountant

  1. What records should I keep?

There are certain documents that you should keep handy for safekeeping. These are required to file taxes, measure profitability, and secure funds. Some of the important records that you should keep easily accessible include: 

  • Business tax returns
  • Statement of retained earnings
  • Credit card statements
  • Check registers
  • General ledger
  • Bank statements
  • Income statements
  • Balance sheets
  • Cash flow statements
  • Business licenses and permits
  • Insurance documents
  • Receipts
  • Payroll records (e.g., payroll tax forms, pay stubs, etc.)
  • Contracts
  • Business agreements (e.g., operating agreement)
  1. How should I prepare for tax season?

While you may have already done your taxes various times before, an accountant can provide valuable wisdom. They can tell you the information you need to prepare yourself better for the tax season, so it is easier for you. You can also ask them how you can organize your records so that it takes them less time to file your taxes. Some of the questions you should ask include: 

  • What is the best way to keep track of deductions?
  • What are the latest changes to tax law that affect my business?
  • What can I do to maximize my tax savings?
  1. What business expenses can I deduct?

Depending on the type of business you have, you may be able to deduct certain expenses from your tax return. Here are a few examples:

  • Charitable contributions
  • Business use of car
  • Home office
  • Employee expenses
  • Business travel
  1. What area of my business should be my priority?

When it comes to small businesses, the priority and focus keep shifting from one thing to another. As a business owner, you must manage various things, such as marketing products, managing workers and contractors, hiring, firing, serving clients, etc. If you want to move your focus to a different area of work, you can ask your accountant for the best advice. They can tell you which tasks need urgent attention and which ones do not. 

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