Spotlight On Fairhurst
Six top questions to ask your accountant
As a business owner, it’s important to have a good relationship with your accountant. We can provide valuable insights into your business finances and help you make informed decisions. However, it can be challenging to know what questions to ask, so here’s 6 to get the ball rolling:
How can you help me reduce my tax liability?
Taxes can be a significant expense for any business. We can advise you on the most tax-efficient ways to structure your business, take advantage of tax breaks and reduce your overall tax liability. We can also help you prepare and file your tax returns, ensuring that you stay compliant with HMRC regulations.
How can I improve my cash flow?
Cash flow is a critical aspect of any business, and we can help you manage it effectively. We can advise you on ways to improve your cash flow, such as negotiating better payment terms with suppliers, chasing overdue invoices, and managing your inventory more effectively.
What financial reports should I be looking at?
Financial reports can provide valuable insights into your business’s performance. We can provide you with regular reports, such as profit and loss statements, balance sheets and cash flow statements, and help you understand the information they contain.
How can I prepare for an audit?
If your accounts are subject to a statutory audit, the process can be stressful, but with the right preparation, the process can go smoothly. We can advise you on what to expect, help you prepare the necessary documentation and ensure you stay compliant.
How can you help me grow my business?
As a business owner, you want help to grow your business. We can advise by offering strategic planning and by developing a growth plan for your business.
What other services do you offer?
In addition to traditional accounting services, such as bookkeeping and tax preparation, we offer a range of services that can be beneficial to your business. We also offer tax planning, corporate finance, audit, and payroll services, which can also help you achieve your business goals.
Building a strong relationship with your accountant can be one of the most important steps you take as a business owner. By asking the right questions and working together, we can ensure that your finances are in order and that you have the tools you need to make informed decisions.
Give us a call at 01942 241103, email us at email@example.com or visit our website www.fairhurstaccountants.com to find out how we can help you account for your potential.