If you’re a business owner, you may feel as if you just ought to know more about finances without having to ask someone. You may feel like you’re betraying your ignorance when you ask your accountant to explain things you don’t know.

But the truth is that we love it when our clients ask them things. Not only does this help them to understand your needs better, but it also ensures that they’re working with someone who understands the financial basics. Here are some of the things you should ask your accountant:

  1. Is My Business on a Good Financial Track? Your accountant may have noticed an upward or downward trend in your finances which you’ve missed. By just sitting with them and talking about how things are going, you’re giving them the opportunity to tell you anything they may have noticed.

 2. Should I Expand My Business? You may not be sure whether you have the finances to expand your business. You can sit down with your accountant and make a list of all your sources of capital, after which they should be able to give you an honest opinion.

 3. Should I Start a New Business? Maybe you’re thinking of diversifying and starting another small business, just in case the first one doesn’t work out (or because you just had a great idea for another business). In some cases, your great idea might work out, but in other cases, it might stretch you out too thin. Your accountant will be able to advise you about what to do.

 4. Am I Paying My Employees Well? If your accountant is doing your payroll, then they will know how much you’re paying your employees. And if they’re working with other businesses too, then they may have a good idea of how much other businesses pay their employees. You may think that this is something that should be restricted to human resources, but even your accountant can give you some sound advice about paying your employees a competitive rate without overpaying them.

 5. Should I Price My Product Differently? If you’re thinking about increasing the price of your product, speak to your accountant about it. They’ll be able to run some numbers and tell you how exactly this will affect your finances, after which you can make your decision.

Contact us to learn more about how we can help you start, run and expand your business.