There are questions that we commonly ask accountants. Those often revolve around what can be written off and other tax considerations. However, there are a number of questions that should be asked, but are often forgotten. Here are three questions you should have asked your accountant.

Question 1: How can you help me detect fraud?

In an annual report by the Association of Certified Fraud Examiners, the median fraud loss by small businesses is $200,000. The most common method of this loss is fraudulent billing. Who better to help you avoid these problems and put sufficient controls in place than your accountant? In addition, your accountant can help you determine the proper course of action to any potential fraud.

Question 2: What do you think is the fair market value of my business?

While accountants see the cash flowing in and out of your business, few owners and manager think to ask for help evaluating the total fair market value of the business. This is mistake, as any accountant can help you determine the viability of your financial plan alongside building a discounted cash flow (DCF) analysis. This method is fairly common and can be used as a health barometer for an organization.

Question 3: How can I improve the cash flow of my business? 

Finally, who better to give an outside perspective on cash flow than your accountant? These individuals may work with a number of organizations and can give you valuable feedback. In addition, accountants may already be shaking their heads in silence to cash flow blunders. This gives them a proper outlet to vent their frustrations.

While you can never remember every question, trying to figure out the best questions to ask is important. After all, every minute you spend with your accountant costs time and money. In addition, you don’t know what you don’t know. If you’ve forgotten to ask these questions, or just want a second opinion on your accounts, please contact us.