Whether your company has a full-time accounting firm or an accountant who just comes around at tax time, this professional is a big asset to your organization. Accountants offer major financial advice throughout the year. If you are thinking about bringing new accounting staff to your business or working with an independent CPA in Southwest Florida, you want to address certain topics with them. These topics include the following:
Cash Flow Management
When you run a business, it’s important to manage your finances properly because this can dictate your business’s ultimate success. In general, small businesses can fail when they run out of cash. Managing cash flow includes keeping track of revenue and expenses. Also, it involves making sure that money is moving throughout various areas of your business.
Speak with your accounting partner about cash flow management. Your accountant may have recommendations depending on your company’s financial health.
Business Accounting Systems
When you speak with your accountant, ensure you ask about your accounting system. It may be time to invest in the newest software version. If your company is experiencing rapid growth, your current system may not be able to keep up with this. Ask your accountant about process inefficiencies as well as reporting delays and challenges. Your accountant can help you decide whether it’s time for a system upgrade.
Business Growth
An accountant is a great resource to talk about and plan for business expansion. They can offer financial reporting and visibility, which can help you make growth-related decisions backed by forecasts, projections, financial data, and models. Your accountant can serve as your business advisor who can weigh both pros and cons of every decision you make. Whether you are planning to venture into other areas, assess a merger or acquisition, increase your product offerings, or hire new people, having a discussion with your accountant can help you make business decisions with peace of mind.
Risk Assessment
This is performed to review the activities and investments of your business to weigh the potential for loss. This information is then used for making adjustments to your operations. It is important to complete risk assessments regularly, especially after the pandemic. When you meet with your accountant, ask about their risk assessment processes, the areas your business falls in, and the measures you must take to make sure your business succeeds.
Pricing Strategies
As inflation increases, you need to review the current pricing practices of your business to stay profitable and competitive. Adjusting pricing allows you to increase profits while ensuring you don’t lose customers in the process.
