3 accounting questions every entrepreneur should ask

You need help managing your small business finances. A professional accountant who understands small businesses can offer strategic financial advice, help manage growth, ensure you’re in compliance, uncover potential business issues and keep you on track. You need to work closely with a strategic accountant, ensure them keep asking you questions and understand your business intimately.

Your should have discussed the following with your accountants.

1. How can I improve the financial health of my company? Your accountant should:

- Be consistently helping you to increase your cash flow and reduce costs.

- Support you in budgeting, refine your accounts payable and receivable systems

- Maximize your pricing strategy

2. How can I minimize my tax burden? Your accountant should:

- have and constantly gain knowledge on new tax laws and credits to maximize your net gains

- assure that you meet all of your tax obligations and avoid an unwanted audit due to compliance issues.

- advice you with all of the available options to save on taxes and protect your business.

3. How can I support and finance company growth? Your accountant should:

- understand your aims for growth, including your ultimate company goal and help you accomplishing them

- be able to identify the right time to scale on your business

- work with you on your milestones to help keep you on track to hit targets, set budgets and plan your fundraising.

Last but not the least, your accountant should also provide the necessary financial statements and other financial documentation you need to submit as part of the due diligence process.

Small-Medium Businesses often don’t have the resources to expertly manage their finances. A more efficient and cost-effective solution is to outsource the finance function to experienced accountants who understand small businesses. If your accountant can’t answer these questions, it might be time to say bye with them.