As a small business, relying on the free online accounting tools is not enough in order to get finances under control. Every penny that is spent on an accountant is worth it in the long run. They can help prevent your business from making irreversible financial mistakes. That being said, when working with an accountant they only way for the relationship to be beneficial is if you know the right questions to ask and when to ask them. Below is a list of questions that you should know to help you do what is best for your business.
- What is the best way/time to get in contact with you? When working with an accountant, you should decide together how frequently you will meet or be in contact. Whether this is over the phone, through email, or in person.
- What can you do to help me prepare for tax season? They should have the ability to offer you advice on what deductions you should claim, new tax laws, etc. This is information you should have knowledge about way before tax day because it is then too late. Throughout the year, they should tell you all data that should be accumulated so by this time you are prepared.
- Can you help me grow my business? Over time, yes, a reputable accountant can help small-business owners expand their business. The only way for a business to grow is if a stable financial model is in place which is what an advisor can help you with.
- What is your businesses break-even point? In order to find out how many products or service hours your business needs to sell to cover costs you need to know your break-even point. An accountant should be able to evaluate whether or not your business is making a profit or a loss.
It can be overwhelming when you’re choosing to hire an accountant in NY to handle your finances. However, with the right tools, it can be easier than one would think.