Essential Questions to Guide Your Business Growth Discussion with an Accountant

Business growth

Last Updated April 30, 2024

Engaging in a dialogue with an accountant about your business growth can yield invaluable insights and strategies. Here are 12 key questions to help steer your conversation:

  1. Optimizing Cash Flow: How can I enhance cash flow management to ensure stability and support growth initiatives? Are there specific key performance indicators or receivables collection practices I should implement? Can you help me create a cash flow projection to predict and plan for temporary cash shortages?
  2. Prioritizing Business Focus: Amidst numerous tasks, what areas of my business demand immediate attention and how can I better allocate resources? Can you provide unbiased advice on what I should prioritize, considering my current challenges and opportunities?
  3. Identifying Resource Needs: Do I require additional staffing, process automation, or outsourcing to bolster operational efficiency? Based on your understanding of my operations, where can I fill gaps to free up time for focusing on strategic goals?
  4. Evaluating Business Structure: Is my current business structure conducive to long-term growth, or would another structure better serve my evolving needs? Can you provide insights into the potential benefits of transitioning to a different structure, such as an LLC or S corporation?
  5. Adapting to Regulatory Changes: Are there upcoming tax or accounting standard alterations that could impact my business, and how should I prepare for them? Can you explain how these changes might affect my business and suggest proactive steps to address them?
  6. Enhancing Cybersecurity: What measures can I implement to safeguard sensitive business and financial data from cyber threats? Can you recommend software or best practices to enhance data security?
  7. Securing Financing: What are the optimal financing options—debt or equity—to fuel future expansion plans, considering both short-term needs and long-term sustainability? Can you guide the advantages and disadvantages of each option?
  8. Mitigating Sales Tax Risks: Am I at risk for sales tax audits due to evolving economic nexus laws, and how can I ensure compliance across different jurisdictions? Can you help me assess my exposure and recommend compliance measures?
  9. Boosting Profitability: Beyond revenue growth, what strategies can I employ to enhance profitability, such as cost reduction, market expansion, or pricing optimization? Can you provide specific recommendations based on my business model and industry?
  10. Tax Season Readiness: How can I prepare effectively for tax season to minimize surprises and ensure timely compliance with tax obligations? What steps should I take to organize my finances and documents for tax preparation?
  11. Gaining Insightful Perspectives: If you were in my position, what strategic moves would you consider, drawing from your experience advising various businesses? Can you offer objective insights and perspectives based on your professional experience?
  12. Accessing Business Resources: Can you recommend reliable professionals or services for specific business needs, such as legal advice, financial planning, or insurance? Do you have any referral relationships with other professionals that you can recommend based on personal experience or positive client feedback?

Engaging with your accountant on these questions can provide tailored guidance to propel your business forward and navigate challenges effectively.