Questions to ask an accountant before starting a business

There are a lot of things that need to be researched before starting a small business.  The tax and accounting side of  the business can be extremely confusing.  We spend a lot of time sitting down with potential new business owners answering their questions.  One of the things we get asked most often is:

What questions should I be asking?

It’s a great question!  There are going to be numerous accounting and tax implications that you need to prepare yourself for.  Knowing to ask what you need to ask can save you a lot of headache down the road.  Here are a few of the key questions you should be asking your accountant when you meet with them:

• How much capital do you need?

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This can vary from business to business.  We can help you in determining a budget and planning ahead.

• What amount needs to be set aside for taxes?  For that matter, how much in taxes will you pay?

There is nothing worse than tax time rolling around and finding out that you owe more than you can afford to pay.  We will walk you through the process and help you understand what needs to be put away for paying your taxes.

• Do you need someone to handle your bookkeeping?

If you’ve never done bookkeeping before then trying to handle it yourself from the start can be a disaster.  With all of the things that will be happening at the start of your business this may be something that shouldn’t be left to a novice.  We can advise you if you are set on doing it yourself.  We also provide full payroll services for businesses.  Just ask us and we will develop a plan that works for you and your new business.

• Will you be available by phone or e-mail for questions that arise down the road?

You aren’t going to get all of the information you need from your first meeting.  There are so many variables in starting a business that eventually something new will come up that will require the expertise of your accountant.  You want to make sure to ask and make sure that your new CPA will answer those questions.  Preferably without charging you a service charge to answer a simple e-mail query.

• How do I handle my payroll?

If you are going to have employees this question is paramount.  Payroll is one of the most complex areas when it comes to starting a new business.  Make sure you understand the ins and outs before jumping into hiring.  This is a place where having a CPA that handles payroll for you can be a huge time-saver.  You can read more about our payroll services here.

These are just a few of the important general questions you should ask when meeting with your potential new accountant.  There are industry specific questions that should be addressed dependent on what field you are starting out in.  If you would like to schedule a time for a free consultation please call us at 734-844-1614 or fill out our contact form and we will respond to you as quickly as possible.  We are here to help!