10 Questions To Ask Your Accountant

Investing in an expert accountant is vital to help your business grow and ensure financial stability. You need to choose a trusted accountant and one who can help your organisation thrive – aligning their services with your own business goals.

When working with an accountant, there are many things you can ask them. Finding out certain information generates more confidence in you that their services are helping your business achieve the best possible outcome. See the most common questions to ask your accountant to get the best service here:

1. What More Can I Be Doing?

Your accountant should be pro-active. They should be coming to you with recommendations on ways that you can expand your business and grow financially. If your accountant isn’t proactive, then you’re not getting the best value from their services.

2. How Can I Be More Cost-Effective?

One of the main perks of an accountant is saving your business money! An expert accountant can identify areas of your business to streamline, or ways in which you could be more cost-effective.

3. Am I Using The Most Efficient Software?

Accounting software has many benefits, including automation and granular overviews of your finances. There are a variety of cloud-based platforms that your business can be utilising. Your accountant will be able to advise you on how to implement these in your team.

4. Are There Any New Regulations I Should Know About?

With schemes like Making Tax Digital coming into play this year, there are many regulations that you may not know. An accountant will be able to help you understand these and make you aware of any upcoming changes so that you can prepare.

5. Can I Improve My Cashflow?

Cashflow is one of the biggest problems for many businesses. It’s essential to ensure that your business does not struggle financially. Your accountant should be able to offer advice on managing your cash flow and financial planning.

6. Do You Have Any Industry Insights?

Accountants that work in a specific sector will have more industry knowledge and may be able to advise specifically on the unique challenges and benchmarks of your industry. Your accountant may also be the first to hear of any relevant industry insights that may help your business.

7. What Mistakes Should I Be Aware Of?

Typically when it comes to accountants, many businesses can make the same mistakes repeatedly. Your accountant should be able to point you to some of the more common financial mistakes. Furthermore, they should highlight any mistakes you’ve made yourself to prevent this happening in future.

8. What Expenses Can I Be Calculating?

Expenses can be confusing, and your business may be missing out on expense claims that would help lower your overall bill at the end of the year. An experienced accountant can help advise on these opportunities and ensure you’re claiming correctly.

9. What Can I Make You Aware Of?

Certain situations, and business advancements, should be flagged to your accountant. Make sure that you understand what changes in your business require notifying your accountant.

10. What Forecasts Can You Provide Me With?

Your accountants will be able to provide you with a financial forecast. Take advantage of this and utilise the data to create innovative strategies for the upcoming year.

Invest In Expert Birmingham Accountants Today

If you’re looking for expert accountants in Birmingham, our chartered professionals are on hand to support your business! Our wide range of services includes accounting, bookkeeping, business consultancy and taxation compliance. To find out more about investing in our professional services in Birmingham, get in touch. Contact Engage Accountancy in Birmingham today.