After careful consideration, you have finally decided to hire the best Rochester accountant for business purposes. You have just taken the first of many crucial steps toward using accountancy, the language of business, for the advancement of your company’s goals and objectives. But to maximize the money paid for in professional fees to the member of the most reputable Rochester accounting firm, you must be able to discuss several items with said professional. Keep in mind that even the most brilliant accountant will be unable to read your mind – communicate with him so that parameters can be set early on.
Here are five of the most crucial areas of business that you must discuss with your chosen Rochester accountant.
First, taxes are probably the most common concerns that businesses have when contacting the best Rochester accounting firm. This is not surprising as the ins and outs of the rules and regulations on taxes can be a headache, to say the least. But you must also educate yourself about the ways that taxes can work in your favor. Ask your accountant about the ways to avoid red flags in audits, maximize tax savings and minimize tax liabilities, and submit the required tax documents on time.
Second, cash flow is considered as the lifeblood itself of the business mainly because cash keeps the company afloat. The cash flow statement is relatively easy to prepare – how much cash came in and came out of the company’s coffers – but its uses in effective management can best be explained by a reliable Rochester accountant. Said professional can provide assistance in several areas including reviewing the budget for expense items that can be lessened; formulating policies for better accounts collection; and evaluating your pricing policies.
Third, effective inventory management is still another area where your accountant can provide valuable assistance. Your accountant can provide expert guidance on the best inventory valuation method for tax purposes, the best times to take an inventory, and the best methods to monitor the inventory for higher sales at lower inventory costs, to name a few.
Fourth, theft protection where the best Rochester accountant is concerned pertains to theft on paper that affects the bottom line. The theft usually comes from fraudulent billing schemes, insider schemes like kiting, and losses from stolen cash, inventory and property, among others. Your accountant will be able to identify the causes of the theft, formulate the necessary internal control measures to prevent it, and then evaluate its effectiveness on a regular basis. Keep in mind that theft also adversely affects your profits and your assets, thus, the need for effective internal control.
Fifth, viable sources of financing can also be discussed with your Rochester accountant. No, he will not be able to lend you the money but he can provide assistance in various areas. These include identifying the best options for financing (i.e., equity versus debt), providing referrals to lending institutions, and ensuring that the documents are in order.
You can tap into the expertise and experience of the best Rochester accountant in furthering the growth of your business. Be sure to review all five of the above mentioned aspects and start your journey toward business success.
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