5 questions you need to be asking your accountant

What questions should you be asking?

1. What tax planning strategies do you recommend for optimising my business’s financial position?

• This question can help you understand the accountant’s expertise in tax planning and their ability to provide proactive advice to minimise tax liabilities while staying compliant with tax laws.

1. How can I improve my cash flow management, and what key financial indicators should I monitor regularly?

• This question focuses on the accountant’s ability to provide insights beyond basic bookkeeping, demonstrating their understanding of cash flow dynamics and their capability to guide you on monitoring crucial financial metrics.

1. What changes in the current tax laws or regulations could impact my business, and how can we stay ahead of them?

• This question shows that you are interested in staying compliant and up-to-date with the latest financial regulations. It also assesses the accountant’s awareness of the current tax landscape and their commitment to keeping their clients informed.

1. How can I optimise my business structure for tax efficiency and overall financial performance?

• Understanding the accountant’s approach to structuring businesses for optimal financial outcomes can provide valuable insights into their strategic thinking and ability to tailor financial solutions to your specific needs.

1. What technology or software solutions do you recommend for streamlining our accounting processes and improving efficiency?

• This question gauges the accountant’s familiarity with modern accounting tools and technology. Their response can provide insights into their commitment to leveraging technological advancements for efficient financial management.