As the year 2023 progresses, it is important to make sure your finances are in order. An accountant can help you navigate tax laws, manage your business finances, and plan for the future. But in order to get the most out of your accountant’s services, it is important to ask the right questions. Here are seven questions to ask your accountant in 2023.
What new tax laws should I be aware of?
Tax laws are constantly changing, and it is important to stay up-to-date. Ask your accountant if there have been any changes to the tax laws that may affect you. For example, there may be changes to deductions or tax credits that you can take advantage of.
How can I reduce my tax liability?
Nobody wants to pay more in taxes than they have to. Ask your accountant for strategies to reduce your tax liability. They may be able to suggest tax deductions or credits that you are eligible for, or ways to structure your business to reduce your tax burden.
How can I set profit targets for 2023?
Your accountant can be a valuable resource when it comes to profit planning. They can help you set financial goals and create a plan to achieve them. Ask your accountant to review your current financial situation and provide guidance on how to reach your financial goals.
What tax or super changes will impact my business in 2023?
The impact of any tax or superannuation changes on your business is likely one of the most important questions to discuss with your accountant to ensure compliance. Tax season can be stressful, but there are things you can do to make it easier. Ask your accountant what you should be doing throughout the year to prepare for tax season. They may suggest keeping better records or making quarterly tax payments. Superannuation changes will likely impact your business, with the rate set to increase by 0.5% on 1 July until it peaks at 12% in 2025. It’s worth checking with your accountant if any pandemic-related funding, subsidies, costs or waivers your business received may be ending.
Should I raise my prices?
A realistic look at pricing and supply chain pressures may result in a recommendation to end a product or service that isn’t delivering the margin levels you need to achieve your overall financial goals. Ask your accountant about reviewing your pricing system and existing rates against the market and rely on the data to make informed decisions to increase revenue and profit.
How do I manage my cashflow?
Financial reports can provide valuable insights into your business’s financial health. Ask your accountant for tailored advice specific to your business on balancing your salary with your business finances without risking your personal assets. They may suggest reviewing your balance sheet, income statement, or cash flow statement.
How can I streamline my bookkeeping processes?
Keeping track of your business finances can be time-consuming. Ask your accountant for suggestions on how to streamline your bookkeeping processes. They may suggest using accounting software or outsourcing your bookkeeping to a professional.