Your accountant or CPA partner can be more than someone who files your taxes annually.

Our accountants are well-versed in many functions beyond annual tax compliance. We advise our clients in several areas, including tax planning and cash forecasting, and provide business advice to help them discover opportunities for growth and profitability.

Your accountant can be a valuable partner in the growth of your business. Sitting down with your accountant to review your books is only one part of the equation. We also help our clients prepare for future growth. Whether you need help with planning cash flow, future tax planning strategies, or raising capital for your growing business, your accounting partner can help!

We already have intimate knowledge of your business and finances. But, if you’re ready to take your relationship with your CPA to the next level, here are some questions that can help you prepare for your upcoming business needs. As your business changes, we recommend reviewing these questions with your CPA annually to get the most out of this valuable relationship!

Are there upcoming changes in tax law or accounting standards that will affect my business?

Your CPA should always be up-to-date on the latest tax law and accounting standards changes.

Their expertise can help you plan for potential changes affecting your business. For example, if upcoming changes in the tax law will increase taxes for your business, your CPA can help you plan for this by finding ways to minimize the impact.

How can I prepare for the upcoming tax season?

The best way to prepare for the upcoming tax season is to start early. Your CPA can recommend ways to ensure that your books are ready for smoother tax filings. In addition, preparing ahead of time can reduce stress on you and your employees during tax season!

Are there any opportunities to improve my profitability?

Your CPA already has intimate knowledge of your books and financial records. Therefore, they can be the right person to help you find areas of improvement regarding profitability.

A good accountant can help you find opportunities to increase revenues by focusing on profitable segments. Or they may be able to provide suggestions on areas for improvement. If you’re looking for opportunities to reduce expenses, they can also help you find places where you may be able to cut costs.

These suggestions can help you improve your overall profitability.

How can I keep my financial and business data secure?

Your CPA can help you create a plan to secure your financial and business data.

Many businesses conduct transactions online with customers, vendors, or payroll. You might even do most of your banking online or use cloud accounting software for invoicing and maintaining your books.

Taking preventative measures can help you avoid costly mistakes, like falling victim to fraud or data breaches. Your accountant or CPA may be familiar with the latest security threats and can recommend steps you can take to protect your data. In addition, they can help you come up with options to protect your information online.

Can I manage my cash flow better?

Cash flow is one of the most critical aspects of your business. Therefore, understanding your cash inflows and outflows is essential to making sound decisions about managing your finances best.

Your CPA can help you develop a cash flow statement and forecast to understand your financial picture better. They can also advise on managing your cash flow, such as reducing expenses or increasing revenues.

What are my options to raise capital?

If you are in the growth phase of your business, you might be looking to raise capital to utilize future opportunities. Your CPA may be able to advise you on options to fit your business. In addition, they can help you make sure your books and financial reports are up-to-date and relevant for potential investors or lenders to evaluate your business.

Are there any tax planning strategies I should consider?

Tax planning is essential when planning for the future. Your CPA can help you find ways to minimize your tax liability and take advantage of any tax deferral opportunities.

Since we know our clients’ businesses well, we often help them with family tax planning opportunities. For example, if you’re considering exit strategies or succession planning, keeping your CPA in the loop can help you prepare for these tax planning opportunities ahead of time.

Can you take a look at my business forecast?

A business forecast is crucial to help you plan for your future. A good forecast can help you make informed decisions about allocating resources and adjusting as needed. Your CPA can help you develop a forecast or review one you have created.

What are some red flags that could indicate financial trouble down the road?

Certain red flags could indicate financial trouble down the road. Your CPA can help you identify these warning signs and take steps to avoid them.

Some common red flags include declining revenues, increasing expenses, or cash flow problems. Taking quick action is crucial to prevent further financial difficulties. Your accountant can help you develop a plan to address these red flags and get your business back on track.

Find a trusted partner in your CPA

Your accountant or CPA can help you avoid many financial pitfalls. Asking the right questions every year can help you get the most out of your relationship and keep your business on track.

Your accountant can do more than file your taxes. They can help you manage your finances, find tax planning strategies, and identify red flags that could indicate financial trouble down the road. In addition, they can help you develop a business forecast to help you plan for the future.

Contact Ford Keast LLP in London, Ontario, for Experienced Accounting Advice

Whether you’re a seasoned business owner or are just starting, a skilled accounting professional can help you find growth opportunities for your business. At Ford Keast LLP, our financial advisors recommend simplifying your accounting function and providing services to support your accounting team. To learn more about how Ford Keast LLP can provide you with the best accounting expertise, contact us online or by telephone at 519-679-9330.