Hiring a reputable accountant is the best business investment you’ll ever make. Before making the decision, though, you need to ask the right questions – to ensure you’re getting value for money and to improve your business’ bottom line.

To make the selection process easier, here are the top five questions every entrepreneur should ask their future accountant.

#1 How should I contact you?

While it sounds obvious, clear, effective communication is essential. Before entering into an agreement with your accountant, determine how you’ll connect (i.e. via phone, email, webchat, etc.) and how often. Establishing this early will help build a trusting, beneficial relationship with your accountant.

#2 What’s my break-even point?

Your break-even point is the sales needed to cover overhead, and when you start generating profit. Some businesses choose to break this down to a monthly, weekly or even daily figure. As you’re dealing with fixed and varied costs, it can be complicated. Your accountant can help by analysing your cost structure and determining how much you need to break even.

#3 How does my revenue grow?

As your business grows, you’ll need to increase sales. However, many entrepreneurs don’t know where to start. Your accountant can assist you by showing you which areas to focus on and strategies to develop, including:

• Customer retention
• Generating leads
• Converting leads to customers
• Increasing purchase frequency among existing customers
• Analysing pricing strategy, and;
• Finding ways to sell more in each transaction.

#4 Can you guide me through tax time?

Tax season is a very frustrating time for many entrepreneurs. To make the most of your return, your accountant can advise which credits and deductions you are eligible to claim. They can also explain any new tax laws, to ensure your business is compliant and can benefit from any possible write-offs.

#5 Can you help to grow my business?

A good accountant is as invested in your business as you are. They will help you grow over time by establishing a sound financial model. To maintain this growth, ask your accountant to update this plan on a monthly basis, to accurately measure your results. This will help you zero in on growth opportunities within the market.

To make the most of your relationship with your new accountant, call or email the expert team Propeller Advisory today.