Certified Public Accountants (CPAs) aren’t just number crunchers who balance your books and do tax preparation. They can offer a wealth of business advice and insights that help you grow your small business. However, many entrepreneurs don’t know what to ask their accountants. Asking these questions can help you get the most out of your partnership with a financial expert.
Do You Have Experience With My Type Of Business?
Different industries have different accounting rules, so it’s important to find an accountant with experience in your industry. For example, if you own a restaurant, your accountant should be familiar with the rules and regulations for tracking tips and wages. It’s also a good idea to ask potential accountants what types of businesses they’ve worked with in the past.
What Are My Options For Financing?
As a business owner, you may need additional funding to meet operational needs or fund expansion projects. Your accountant can help you sort through the best small business financing options and explain the pros and cons of each. They may even be able to point you in the direction of lenders they know.
How Do You Bill?
Since your accountant will be handling sensitive information, including Social Security numbers, it’s important to choose an accounting professional with reliable internal data security practices. Ask any potential accountants what measures they take to protect your business data and how they handle breaches. You should also make sure you’re comfortable with their billing method, such as hourly billing or a flat fee.