As a business owner, how often do you chat to your accountant about the financial management of your business? When you do, what do you chat about? Here are some key questions to ask then at your next meeting. We have split them into two categories for you: Accounting and Financial Management. Spend time with your finance team and accountant discussing these points and keep talking until you fully understand each of them and are able to share the answers with others in your business and take action where action is required.

Questions about accounting

  1. How much tax should I be setting aside?
  2. How can I reduce the amount of tax I’m paying?
  3. Should I pay myself a salary or drawings?
  4. I want to purchase a vehicle/building/equipment, what is the most tax efficient means of structuring the deal?
  5. I’m expanding – new venture, product, branch, partner – what is the most efficient business structure?
  6. Am I compliant with all legal requirements?

Questions about Financial Management

  1. How can I increase my gross profit?
  2. How can I increase my net profit (will I make a profit)?
  3. When am I going to have a cash crunch?
  4. When are my quiet periods, that I need to plan for?
  5. What are the annual expenses (and when) so I can set aside money for them?
  6. How do I manage my debtors?