Small business owners need to utilize accountants to make better financial decisions for their business. Additionally, you cannot hire an accountant blindfolded if you run a business. It is important for small business owners to enquire about the credibility of an accountant beforehand. Small business owners can hire the right accountant if they consider asking important questions to small business accountants before hiring. Moreover, finding and choosing the right accountant can help build a rewarding relationship with the accountant. Thus, you should ask specific questions to a small business accountant prior to hiring. What questions do you need to ask? Let’s find out:
Questions to Ask a Small Business Accountant before Hiring
Here are the questions you need to ask a small business accountant:
Q1. How Should I Start or Structure My Business/Company?
A1. You can structure your small business as a sole proprietor, a limited liability company, or as a partnership. In addition, there are advantages and disadvantages of structuring a business in the aformementioned ways. Nonetheless, an accountant with expertise in business advisory can guide you through the right steps to structure your small business. Top accountants can also assist you in document filing to help you set up your small business structure.
Q2. What Are My Tax Obligations as a Small Business Owner?
A2. Business taxes are unnerving to file for small business owners. Furthermore, you will need to learn about taxes in the first year of operations when your run a small business. You need to worry about setting aside the money to pay your taxes, tax deadline, and income tax obligations. Acquiring tax services from a reputable accounting firm, such as GTA Accounting can give your relief from tax concerns. As a result, you will conveniently prepare your tax return for the year and get the peace of mind you deserve.
Q3. Should I Register for GST/HST or VAT?
A3. A business needs to register for GST/HST taxes when its taxable turnover exceeds a certain threshold. Plus, you have the option to register a business voluntarily if your business is below that threshold level. A small business accountant can tell you if there are advantages of registering for GST/HST for you. Moreover, an accountant can also tell you the way to register for GST/HST or VAT.
Q4. How Can I Ameliorate My Cash Flow?
A4. Cash flow is a common issue for small business owners to face. Further, small business accountants can help small businesses create a sustainable business model to manage their cash flow. It aids businesses in identifying cash flow issues beforehand to take the right action to avert business disruptions. In other words, accountants can come up with the best model for small business owners to improve their cash flow.
Q5. What Are My Deductible Business Expenses?
A5. When you run a business, you can also deduct certain business expenses to minimize your tax bill. Deductible business expenses may include business travel, home office, employee expenses, etc. A small business accountant can help you identify deductible business expenses. Plus, an accountant can help you easily record and track your business expenses for the year.
Q6. What Upcoming Legislations Do I Need to Remain Aware of?
A6. When tax obligations and regulations change, they can seriously impact your business. Moreover, such changes are industry-specific more often than not. Tax accountants remain up to date about such changes. Hence, you may consider hiring a small business tax accountant that can help your business successfully deal with such changes.
Q7. How Do I Need to Prepare for the Tax Year-End?
A7. You should gather all information your need ahead of th tax deadline for tax filing. Additionally, seeking help from an accountant for tax purposes is beneficial for businesses. Hence, you should look to hire a small business accountant who can help you meet your tax obligations ahead of time.
Q8. What Records Must I Keep?
A8. When you run a business, it is important for you to keep track of your financial records and maintain those records. Keeping track of your financial records, such as bank statements, contracts, insurance dcuments, payroll records, etc., can also help you at the time of the audit. A reliable small business accountant can guide you on keeping your important financial records.
Q9. How Can I Help My Business Grow?
A9. If your small business is doing well, the next step for you is to focus on expanding your business and upscaling it. Achieving business growth is possible in various ways. Plus, hiring an experienced small business accountant can help you making the best decisions concerning your business growth.
Q10. What Are Some Important Considerations I Should Consult with You Continually?
A10. In order to develop a good relationship with your accountant, you need to consult with the professional more than once in a year. Hence, you should ask this question to the accountant as well to establish a positive relationship with your accountant and manage your business successfully.
Conclusion
Small business owners have to rely on small business accountants to make better financial decisions for their business. Moreover, it is also important for small business owners to ask certain questions to an accountant before hiring. Here are the questions they should ask accountants for small businesses prior to hiring:
Q1. How Should I Start or Structure My Business/Company?
Q2. What Are My Tax Obligations as a Small Business Owner?
Q3. Should I Register for GST/HST or VAT?
Q4. How Can I Ameliorate My Cash Flow?
Q5. What Are My Deductible Business Expenses?
Q6. What Upcoming Legislations Do I Need to Remain Aware of?
Q7. How Do I Need to Prepare for the Tax Year-End?
Q8. What Records Must I Keep?
Q9. How Can I Help MyBusiness Grow?
Q10. What Are Some Important Considerations I Should Consult with You Continually?
