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6 Questions to Ask Your Accountant For A Profitable 2018

Profitable Business

One thing you can always count on is taxes. However, you want to be able to keep more of your money than giving it away.

So you should take advantage of tax credits and deductions to keep more of your hard earned money in your company. And you may be able to keep more of your money when you ask your accountant key questions.

Questions To Ask Accountant For a Profitable 2018

1. What new tax deductions and credits are available this year?

You need to ask your accountant this question well before April 15. Matter of fact, it’s best to ask that question now so you can start preparing your receipts, invoices and other paperwork to help you get these new tax deductions and credits.

2. What is my break-even point?

Your accountant is the best person to help you figure out your break-even point. They will analyze various pieces of information about your business to determine if your company is making a profit or a loss.

3. How can I increase my company’s cash flow?

To improve your business’s cash flow, your accountant will look at your budget and suggest areas where you can cut back on spending. For example, your accountant might suggest that you cut back on overhead and other budgetary items to tighten your business’s belt.

The goal of improving your cash flow includes opening up areas where money is going that are not vital to your company’s success. By freeing up that money, you’ll have more cash on hand.

4. What can I write-off from my business this year so I can save on my 2018 taxes?

Keep track of all mileage, receipts and invoices so your accountant can calculate the deductions available to you.

Additionally, you can keep more of your cash when you have an accurate inventory list. Your accountant helps you with your inventory by:

-Advising you to count it regularly.

-Using your storage yard and inventory as tax write-offs.

-Advising you on when it’s best to restock your supplies based on your cash-flow plan.

5. What paperwork do I need?

You need to make sure that you have the right paperwork from your independent contractors and your employees on file to avoid any penalties.

6. Could you assess my business?

When you ask your accountant to evaluate your business, they should know your industry beyond the surface. Your accountant will compare other green industry companies like yours to see how they’re making a profit. Then your accountant will work with you to organize your business toward maximizing those same profits.While taxes are a reality, you can work directly with your accountant to control monetary output.

How Spring-Green Can Make You More Money in 2018?

When you become a Spring-Green franchise owner, you’ll have the buying power to help keep material cost low and with one technician per truck your labor costs will be efficient.

Better yet, your business consultant will help you find ways that you can tighten your budget as well as help you develop your green industry company for success. Spring-Green is a great way to diversifying your business and improve your 2018 cash flow to grow your green industry company.

Spring-Green can help you grow and diversify with our 40 years of experience and our proven expertise in sales, marketing and technology. Learn more about how Spring-Green can expand your lawn care, landscaping or pest control services. Call 1-800-777-8608 or visit us at www.growmygreenindustrybusiness.com.

Sources: Shandrow, Kim LaChance, “10 Questions to Ask When Working with an Accountant,” Entrepreneur.com.Weltman, Barbara, “5 Things to Talk to Your Accountant About,” SBA.gov: Published February 4, 2010 and updated July 26, 2016.