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Questions to ask your accountant

1.     When buying business insurance is it best to work with a broker representing various carriers or should I go direct to insurance companies?

2.     I am in the market for a bank loan. What kinds of information should be included in the business plan I present to the bankers? How should this information be presented

3.     Which indicators of my company’s performance should I be tracking weekly, monthly, annually? Should I calculate these key indicators, or should I ask my accountant to do it?

4.     How do I prepare cash flow statements and how do I use them as management tools?

5.     How can I tell if my company has reached the limit of its borrowing capacity? Can I comfortably handle additional debt?

6.     How do my financial ratios and percentages compare with the averages of other businesses in my industry?

7.     What taxation implications are there for me when I go to sell my business?

8.     What strategies can I use to defer my income tax?

9.     When buying business insurance is it best to work with a broker representing various carriers or should I go direct to insurance companies?

10.   Which indicators of my company’s performance should I be tracking weekly, monthly, annually? Should I calculate these key indicators, or should I ask my accountant to do it?

11.   What types of salary packaging are available to my business? What are the fringe benefits tax implications?

12.   How do I introduce a performance measurement system for my staff?

13.   What business structure is most appropriate for my circumstances – a company, trust, partnership or proprietorship? What are the relative advantages and disadvantages?

14.   How can I protect myself against fraud or other unauthorised use of funds? Should I have controls over internet banking and what should they be?

15.   How can I establish a succession plan that ensures continuity in my business when I retire or die?

16.   Can I sell off part of my business without losing control?

17.   Am I pricing my products and services correctly?

18.   What business structure is most appropriate for my circumstances – a company, trust, partnership or proprietorship? What are the relative advantages and disadvantages?

19.   What kind of questions can I expect from bankers when they review my company’s financial ratios and percentages as part of the borrowing process?

20.   How can I establish a succession plan that ensures continuity in my business when I retire or die?

21.   Can I sell off part of my business without losing control?

22.   When buying business insurance is it best to work with a broker representing various carriers or should I go direct to insurance companies?

23.   I am in the market for a bank loan. What kinds of information should be included in the business plan I present to the bankers? How should this information be presented?

24.   Which indicators of my company’s performance should I be tracking weekly, monthly, annually? Should I calculate these key indicators, or should I ask my accountant to do it?

25.   What types of salary packaging are available to my business? What are the fringe benefits tax implications?

26.   How do I introduce a performance measurement system for my staff?

27.   How can I tell if my business has reached the limit of its borrowing capacity? Can I comfortably handle additional debt?

28.   What do my bankers expect from me in terms of financial reports? How can I maintain professional and productive relationships with them?

29.   Should I look for a general computer accounting package or am I better off looking for an industry specific system. What are the benefits and drawbacks of each?

30. When is it time to eliminate low profit items from my product / service line?

Posted in Accountant

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