5 Things to Talk to Your Accountant About
- Review your budget and suggest items that can be trimmed and other ways to reduce overhead; the less you spend, the better it is for cash flow.
- Help you with collection policies so you’ll get your money from sales faster and easier.
- Review your pricing policies; you may be undercharging and missing an opportunity to boost your cash flow, and consequently, your profits.
- You may want or need to raise additional funds to grow your business or undertake a specific purchase or project. An accountant can:
- Discuss whether you’ll want to seek equity financing (where you bring in a new investor) or debt financing (where you borrow from a bank, a vendor, or another source).
- Refer you to possible lenders and investors. Accountants often have a network of people that they can approach and who may be in a position to help you find capital.
- Help you in the loan application process. If you decide to look for a commercial loan such as one backed by the SBA, you’ll usually need a business plan with a number of financial statements, such as a balance sheet and a profit and loss statement. Even if you don’t need a business plan, financial statements are required. An accountant can help you review the numbers and prepare any necessary statements.
- Take advantage of new law opportunities. These come fast and furious and can easily be missed without an expert pointing them out and suggesting action you’ll need to take in order to enjoy new law benefits.
- Maximize write-offs. There are many tax elections available and it may require expert advice to make the right choices for your situation.
- Issue required statements, such as W-2s to employees and 1099s to independent contractors. Failure to issue this information returns in a timely manner can trigger unnecessary penalties.
- Avoid missteps that can “red flag” returns for audit. Failing to make certain disclosures or include certain information can cause a return to get special attention from the IRS; you don’t want to draw this type of attention.
- Taxes aren’t just about reporting income and claiming deductions and credits. It also involves considerable planning. For example, an accountant can help you understand the implications of hiring an employee versus using an independent contractor, or buying versus leasing a business vehicle. Your accountant can also help you choose the best type of qualified retirement plan for your business and make other tax-savvy decisions.
- Warehousing. Where you store your inventory can impact state taxes.
- How and when to take inventory. You’ll want to do a physical count of your merchandise on a regular basis—as suggested by your accountant.
- Re-stocking. Determining when and how much to order can impact cash flow and profitability.
5 Things to Talk to Your Accountant About
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