The Importance of Talking to Your Accountant – Even if It Is Not Tax Season

Many people who run small and medium-sized businesses only talk to their accountants during tax season. However, it is essential to remember that your accountant is an integral part of your business year-round. Tax deadlines are important, but the most successful business owners are those who have an ongoing relationship with their accountants and other financial professionals.

Communicate with Your Accountant Frequently and Transparently

Open communication with your accountant will help you plan for the future, strategize for growth, adjust your business procedures as needed, and make sure that you are taking advantage of all available tax credits and deductions. Your CPA can also advise you on how to best deal with any financial issues that may arise and provide you with expert advice on how to handle your operations from a financial standpoint.

Ongoing contact with your CPA can also help you protect yourself and your business from potential legal problems. Along with your attorney, your CPA can help you stay current on tax laws, filing requirements, and other regulations.

What To Talk to Your Accountant About

Your CPA’s input and insight is a key part of creating long-term success in your company. When you sit down to talk with your CPA, discuss ways that you can maximize your company’s growth and improve your bottom line. Look for ways that you can be proactive and prevent problems before they occur. Talk about your current pricing, employee salaries, and other financial matters. Are there ways you could save money or spend money more efficiently? Are there areas in which you are wasting money? Have you been hit with any fees or fines that you can avoid in the future?

As we discussed in our previous blog, it is also important to consider your eventual exit plan. Your accountant will help by ensuring your financial statements are current and organized, finding ways to minimize taxes, and helping you avoid adverse financial consequences during the transition. Succession planning may not be at the top of your priority list, but it is something that every business leader needs to consider, and your CPA is a valuable asset during the succession planning process.

Call Us for Help

The Naperville business law attorneys at the Gierach Law Firm understand the value of being proactive. We can help you address tax concerns, employee matters, business contracts, succession planning, and much more. We offer an outsourced general counsel program called YourOGC for businesses that need legal support but do not want to commit to a full-time, in-house lawyer.

Call us today at 630-756-1160 for a confidential consultation to learn more about how our services can benefit your company.

Source:

https://www.dailyherald.com/business/20221204/the-importance-of-involving-your-cpa-in-your-business