For many small businesses, tax season can be a nightmare of paperwork and trying to regain some semblance of organization. Hiring an accountant that offers tax services can help eliminate some of the stress associated with tax season. Knowing what questions to ask your accountant both during tax season and the rest of the year can make managing your money easier for both of you.
The first thing you want to establish is open communication. Asking your accountant how and when they prefer to be contacted, as well as how often you should touch base, can make sure you have an effective professional relationship. You will also want to ask your accountant what things you should consult with them on a regular basis. Your accountant should be able to help you with many of the financial decisions of your business, offering small business accounting tips such as when to hire a new employee or how to cut costs in the office.
When discussing tax preparation with your accountant, you will have many specific questions to ask. Your tax accountant will be able to tell you what documents you should be keeping, which of your assets are tax deductible, and whether your employees count as employees or independent contractors. All of these questions can change your tax filing status and affect your refund.
Aside from tax services, you may wish to ask your accountant questions about the rest of the year. Asking your accountant how they can help your business grow and how you can manage your cash flow can be extremely beneficial to the running of your business. Your accountant should be able to identify potential benefits specific to your industry, as well as assessing the overall value of your business. You should not ask your accountant to review contracts before you sign them, that is a job for your attorney.
Once you have found an accountant with whom you work well, managing your money will become much simpler. Working with a good accountant is key to the success of many small businesses.
