Communication, Communication, Communication
Your accountant might have all the talent, skill, knowledge, and savvy abilities of a tax guru, but that talent is only as good as the information and flow of communication that is given to them. We want to share with you the best ways to communicate with your accountant for successful growth and maximum profitability throughout the year.
The best ways to communicate with your accountant are to:
Ask your accountant specific questions during consulting appointments.
Request a consultation to preview your taxes for the upcoming year.
Get a better gauge on what you might owe, and how to save while still in the present year.
Preparing for taxes well in advance is a smart and prudent move.
Ask how can you prepare, document, and organize your finances, from an accountant’s point of view.
This can lead you to put better practices in place to achieve greater financial stability and be well prepared for the tax season.
Ask your accountant to help you understand your cash flow, analyze problems or areas to improve, and make plans to better manage it.
Your accountant can point out cash-flow tendencies in your business that you might overlook.
Ask your accountant about industry-specific tax regulations that you should be aware of.
Some tax regulations affect only specific industries, such as freight tax in the shipping industry, food tax in the restaurant industry, and taxes on trade-in value in the automotive industry.
Information, Information, Information
Expenses. Income. Deductions. Taxes. These are all part of running a business and/or managing your personal finances. Keeping tidy and accurate information and records is key to your success. The old adage of 'knowledge is power' remains relevant; your accountant is a pool of knowledge you are able to draw from to better equip yourself with the information you need to know to make prudent, smart, and savvy business choices or personal finance choices.
Although your accountant is not your business coach or financial advisor, they are an expert in taxes and finances, and they know your business. They also know how to analyze and understand all that financial data you collect every day. It’s easy, as a small business owner, to get so busy in day-to-day operations that you don’t take the time to plan for the big picture. Use some of that time with your accountant to do just that.
As you make the most of those regular meetings with your accountant, you should see positive changes in the way you organize and handle your finances. For any small business owner, that’s a great step toward a healthier business.
Strategic Financial Reporting Inc offers bookkeeping services, tax consultations, and accounting services. Book your appointment today with one of our knowledgeable and high-quality accountants by clicking the following link: Book An Appointment.