Top 3 Questions to Ask Your Accountant for Better Business Finances

If you’re running a business, you know the numbers can make or break your success. But let’s be real, many business owners aren’t tax pros or cash flow wizards, and that’s where a good accountant comes in. Here are three essential questions to ask your accountant to make sure you’re maximising your finances.

1. How Can I Maximise My Tax Deductions?

One of the biggest missed opportunities for businesses is failing to claim all possible deductions. Whether it’s operational costs, equipment, or travel expenses, there are plenty of legitimate ways to reduce your tax bill. But without guidance, many business owners leave money on the table simply because they’re unaware of what qualifies as a deductible expense.

Key Takeaway: Set up a regular meeting with your accountant to review your expenses and identify deductions you might be overlooking. They can help track any new deductions introduced by tax legislation, so you’re always up-to-date.

2. Should I Change My Business Structure?

As your business grows, the structure you started with, be it as a sole trader, partnership, or limited company, might not be the most beneficial setup for you anymore. Each structure has different tax implications, liabilities, and flexibility. For example, a limited company can provide tax advantages and limited liability but comes with more administrative requirements.

Key Takeaway: Ask your accountant to assess if your current structure is still the best fit for your business. They can recommend options that may improve your tax efficiency, protect personal assets, or give you greater flexibility as your business expands.

3. How Can I Improve My Cash Flow Management?

Cash flow management isn’t just about knowing how much is coming in and going out; it’s about timing and planning. A healthy cash flow ensures you can pay your expenses, invest in growth, and avoid debt. However, many business owners find cash flow difficult to predict, especially if income is inconsistent or seasonal.

Key Takeaway: Work with your accountant to establish cash flow forecasts and develop a system for tracking it. They can also help you implement strategies, like setting aside cash reserves, optimising your payment terms with clients, or restructuring debt to free up cash.

Ready to Take Control of Your Business Finances?

Your accountant is your partner in growing a healthy business. Have a chat with them about these questions, and let Pandey & Co. guide you through the steps to optimise your tax, structure, and cash flow. Make the most of every penny you earn!​