MYOB’s blog provides small business owners with advice on questions they need to ask their accountant.
While the blog post is two years old, it can apply to any small business owners at the end of any financial year.
The ten questions that MYOB recommends small business owners to ask their accountants revolve around earning and spending, cash flow, accounting fees, profit margins, owing tax, superannuation for employees, increasing profit, making losses, planning for the end of the financial year and planning for the next financial year.
The earning and spending question focuses on finding a break-even point.
The cash flow question emphasises the importance on customers paying on-time.
The accounting fees question is important as accountants charge different rates and according to MYOB could offer a discount for business owners who are starting out.
The profit margins question emphasises to business owners the importance of asking their accountant where their profit margin sits within their industry.
The owing tax question provides details on the kind of taxes that small business owners could owe.
The superannuation for employees question provides information on when and how to pay employees’ super.
The increasing profit question provides information on how to raise profit.
The making losses question focuses on what making a loss actually means for a small business owner.
The planning for the end of the financial year question focuses on what needs to be done before the end of the financial year and the planning for the next financial year question focuses on the lesson that can be learned during the current financial year.
MYOB’s blog post on the ten questions small business owners should ask their accountants can be found and read in full here.
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