A certified public accountant, or CPA, plays a vital role in helping a small business succeed. However, in order to make the best use of a CPA’s advice, it’s important for a business owner to ask the right questions. If you’re a small business owner, here are a few things you should ask your CPA.
The first thing to ask about is whether you should change up your business structure. Your business structure affects everything about your business, and if you aren’t seeing the results you want, it may be time to make some adjustments. A specific type of change to ask about is how to make your business more profitable. Your CPA may recommend a variety of methods, including cross-selling your products, increasing your prices, or reducing production costs.
It’s also important to ask your CPA how you should manage your cash flow. Keeping the money that comes in and out of your accounts organized is important not only for ensuring that you don’t lose money, but also for ensuring that you comply with any applicable tax laws. Your CPA can help you find strategies for managing your current cash flow and adjusting to any changes in the future.
To ensure the success of your business, it’s important to take your CPA’s advice into account. Be sure to ask them about the items above.