No one expects you to be able to handle everything entirely on your own. Between running your small business, handling family matters and dealing with the happenings of day-to-day life, things can get pretty hectic. But there’s no room for anything to slip through the cracks when it comes to your finances. Hiring a professional accountant in Jamestown, ND is the smartest and most effective way to ensure the financial side of your business is running just as smoothly as all of the other aspects of your life.
Maintaining a successful relationship with your accountant depends on having open and honest communication. The ideal accountant will help you streamline processes and make efficient choices while helping you understand the purpose of each move. To help keep your business finances in top shape, take the time to ask these four questions the next time you meet with your accountant:
- What specific areas do you specialize in? Just like any profession, each accountant has specific areas of expertise. Some will be more versed in auditing and preparing annual taxes, while others are more suited for planning investments or retirement. It’s important that you work with an accountant who has the experience and skills necessary to handle your unique needs.
- What is my break-even point? The break-even point occurs when your total income matches the total amount of expenses. An experienced accountant will be able to use a formula to determine a pretty precise estimate of your business’ break-even point. With this information, you’ll have a better understanding of whether your company is actually profitable, or if it is just hemorrhaging money. Additionally, break-even points can help determine the pricing for products and services so you can cover your costs.
- How can you help me grow my business? This is one of the areas where an accountant is most valuable to a small business. Using their experience of the industry and other metrics, your accountant can determine what opportunities will stimulate growth in addition to identifying any areas that appear to be having a negative effect. Oftentimes, it can be difficult for business owners to see these things on their own without having the same big picture view as an accountant.
- Is my business financially stable? Assessing the state of your company’s finances can be next to impossible without the help of a professional. An accountant can utilize a variety of different data sets to gain a better understanding of how it compares to other clients in your industry. Then, they will be able to advise you on any areas that need a little more help, such as reassessing pricing or the best moves to generate new business. Over time, a quality accountant will be able to help your business become more financially healthy with simple changes.
Working with a full service accountant in Jamestown, ND can help transform your business. Contact the professionals at Craig S. Hanson, CPA for help with all of your accounting needs. We’ll take the time to find the answers to each of your questions. Call us today to learn more.