As an entrepreneur, finding an accountant is crucial for guarding your organisation’s financial health and spurring growth.
A skilled accountant can provide valuable insights, navigate complex tax regulations and optimise your financial strategies. However, to ensure you’re partnering with the best your industry has to offer, this article will provide five key questions to ask your accountant during your search. Read on to learn more.
1. “How Can We Harness Technology To Streamline Our Financial Processes?”
Leveraging technology is key to efficient financial management in today’s digital age. It can help you with many financial processes, saving you time, money and help you reduce the risk of human error in your financial records. Therefore, you should ask your accountant about accounting software and other digital tools that can help you optimise your finance workflows.
For example, your account should be well-versed in platforms like QuickBooks Online or Xero for real-time financial tracking, collaboration and automating routine tasks like expense and payroll processes. You should also aIso ask your accountant about data security to help you maintain accurate, up-to-date records, aid in disaster recovery and avoid regulatory penalties.
2. “What Tax Strategies Can We Implement To Improve Our Financial Position?”
Finding an accountant with knowledge of tax strategies that align with your business structure and goals can help you minimise tax liability and take advantage of tax credits specific to your industry.
For example, if you’re in an innovative field, ask your accountant if you’re eligible for R&D tax credits. Alternatively, expert accountants can provide advice on expense tracking to help you maximise tax deductions.
3.” Which Key Performance Indicators (KPIs) Should We Focus On To Monitor Our Financial Health?”
Your accountant should be able to recommend KPIs that align with your business goals and industry benchmarks. For example, they might suggest tracking metrics like gross profit margin, accounts receivable turnover, or cash flow forecasts. Read this previous article for more information on key metrics business owners should be tracking.
You should also ask your accountant why each KPI matters and how you should interpret the results to guide your decision-making. From here, they can help you identify areas for improvement in your supply chain.
4.” How Will Upcoming Regulatory Changes Impact My Business?”
A proactive accounting firm will stay informed about regulatory changes that may impact clients. For example, they will research environmental, social, and governance (ESG) reporting standards, such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), to help you meet sustainability disclosure requirements.
Finding an accountant who will help you prepare for the new regulations by assisting with data collection, key metrics identification, and adapting business processes will help you avoid potential regulatory penalties, enhance decision-making, and position your brand favourably in an increasingly complex and globalised business environment.
5. “What Services Do You Offer Beyond Basic Bookkeeping And Tax Preparation?”
While essential, bookkeeping and tax preparation are just the starting point for a comprehensive accounting service. A valuable accountant should also offer client advisory services (CAS) that help drive your business forward. For example, they should discuss their ability to assist with financial planning, budgeting, and forecasting.
Additionally, firms may offer insights on cash flow management, pricing strategies, or even guidance on securing financing for growth. An experienced accountant might also mention their network of other professionals, such as lawyers or financial advisors, who can provide complementary services as your business needs evolve.
INAA: Expert Accounting Advice To Help Your Business Thrive
Finding an accountant is straightforward with INAA. We connect expert accounting and auditing professionals from 50 countries who are dedicated to helping businesses like yours thrive in the increasingly competitive business environment.
We offer events, one-to-one networking and educational resources to help accounting professionals stay ahead of industry trends.
So, if you’re an entrepreneur who wants to learn more about our work at INAA, check out our client benefits page, here. Alternatively, if you’re an accounting or auditing professional, click here to join INAA today.