Having a skilled accountant is invaluable, whether for personal or business finances. Accountants provide clarity, advice, and strategies to optimise financial health and compliance.
Building a close relationship with your accountant fosters trust, ensures tailored advice, and promotes proactive problem-solving.
Below are the top 10 questions you should ask your accountant and why they matter:
- How can I improve my tax position?
Taxes can be one of the largest expenses for individuals and businesses. Asking your accountant for advice on deductions, credits, and legal tax-saving strategies ensures you’re not paying more than necessary. A knowledgeable accountant stays updated on tax laws, helping you make smarter decisions. - What business structure is most suitable for me?
Choosing between a sole proprietorship, partnership, company, or trust impacts your taxes, liability, and reporting obligations. A skilled accountant can recommend the best structure to optimise financial benefits while minimising risk. - How can I better manage cash flow?
For businesses, poor cash flow management is a leading cause of failure. For individuals, it can mean financial stress. Your accountant can help set budgets, create forecasts, and monitor cash flow patterns to ensure your finances remain healthy. - What are the key financial reports I should focus on?
Understanding financial statements like balance sheets, profit and loss reports, and cash flow statements is essential for business owners. Your accountant can explain these reports and their relevance, enabling you to make informed decisions. - How do I prepare for tax season?
Tax time can be stressful if you’re unorganised. Accountants can guide you on what records to keep, what expenses to track, and how to streamline the process. This question helps ensure compliance while saving time and money. - Are there any financial risks I should be aware of?
A proactive accountant can identify potential risks, whether they stem from market changes, new legislation, or internal practices. Knowing these risks enables you to mitigate them before they become significant issues. - What strategies can I use to save for retirement?
An accountant can guide you on superannuation contributions, investments, or other retirement-saving strategies. Tailored advice ensures you’re building a secure financial future. - How can I grow my business profitably?
Growth requires careful planning to avoid pitfalls. Your accountant can offer insights into scaling sustainably, optimising costs, and reinvesting profits strategically. - Am I compliant with current regulations?
Tax laws and regulations are complex and ever-changing. Asking this ensures you avoid penalties or fines, especially in areas like payroll, GST, or business operations. - How can I prepare for unexpected financial challenges?
Life and business are unpredictable. Accountants can help you set up emergency funds, insurance, and contingency plans to protect your financial well-being.
The Importance of a Strong Accountant Relationship
A close relationship with your accountant is vital for both personal and business reasons. For individuals, accountants provide guidance on achieving financial goals, preparing for retirement, and managing debts. For businesses, they are strategic partners who offer insights into growth, compliance, and efficiency.
Good accountants act as more than just number crunchers—they’re trusted advisors. By maintaining open communication, regularly reviewing your financial situation, and seeking advice proactively, you can navigate challenges and seize opportunities with confidence. Whether it’s planning for taxes, retirement, or business expansion, a strong accountant relationship ensures long-term financial health and success.
If this article has inspired you to think about your unique situation and, more importantly, what you and your family are going through right now, please get in touch with your advice professional.
This information does not consider any person’s objectives, financial situation, or needs. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation, or needs.
(Feedsy Exclusive)