Talking Cents

4 Questions to Ask Your Small Business Accountant About Financial Planning

You are running a small business and have been able to do much more than keep your head above water for a few years now. And now you took the wise decision to hire an experienced accountant. By now, you know that earning considerable profits is not enough to keep your business up and running. You need to have financial goals, proper budgeting, growth plan, and investment plans, and most importantly, you must know what each of your decisions means in terms of money spent and profit gained.

Therefore, here are four questions you must ask your small business accountant about financial planning to ensure you reap most of the benefits of hiring an accountant.

How is my business doing year after year?

This should be one of the first questions for you to ask. It would help if you found out what your revenue growth percentage is. Moreover, you should ask your accountant which existing methods are working in favour of your business. Also, ask what structural changes the company must undergo. This can raise high awareness amongst you and the staff about what executive steps everyone must take.

What Growth Potential does my business have?

After carefully analysing all aspects of your business that are working in your favour and which are not, now is the time to figure out your company's growth potential. You can map out a five-year plan and a ten-year plan as well. This is an excellent opportunity to get the best out of your accountant.

How much salary should I take?

As a business owner, this can be a tricky question. But it has more implications than one. Firstly it means you have to find out the magic number that benefits you the most in terms of the tax you pay, in both personal and company taxes. Secondly, you need to determine how you will plan out your personal finances based on how much money you "can" withdraw from your company's account. This is a crucial discussion you must have with your small business accountant.

How are the tax implications going to affect my business?

The ATO keeps on changing tax regulations year after year. Therefore, irrespective of your earnings in profits, the amount of tax you pay and even the tax deductions change invariably. It is good to plan your tax amount and keep them aside from the start. A good accountant can help you to be on top of those things.

Consider M.A.S. for your small accounting business needs:
You must analyse all important aspects of your business with the help of an expert. This ensures you reach your revenue goals whilst improving your business model and focusing on growth prospects. Contact us here to get the most experienced small business accountants in Sydney.