Things Any Small Business Owner Should Bring Up With Their Bookkeeper After Tax Day

Tax season can be a whirlwind for small business owners, with the focus primarily on meeting filing deadlines and ensuring compliance. Once the dust settles, however, it’s important to connect with your bookkeeper to reflect on the process, gain insights, and strategize for the future. Did your tax season go a little less smoothly than you wanted? Were you and your CPA collectively pulling your hair out as the deadline approached? Here are key questions that small business owners should consider asking their bookkeeper after tax season ends so they can have a smooth running business ready for ANY tax season that inevitably barrels its way into your life.

1. How Can I Improve My Record-Keeping Practices?

One of the first things to discuss with your bookkeeper is the quality of your record-keeping. Were there issues during tax preparation, such as missing receipts, inaccurate data, or unclear categorizations? By identifying weak points, you can implement systems or tools to keep your financial records more organized and accurate moving forward.

2. What Trends or Insights Have You Observed in My Business Finances?

A bookkeeper has a unique vantage point into the financial health of your business. Asking them for an analysis of your cash flow, expenses, and profitability can reveal important trends. Are there opportunities to cut costs, improve revenue streams, or make smarter investments? This discussion can guide better financial decision-making throughout the year.

3. Are There Any Tax Planning Strategies I Should Be Aware Of?

Tax season may be over, but proactive tax planning for the next year starts now. Ask your bookkeeper if there are ways to minimize your future tax liabilities, such as leveraging deductions, tracking eligible expenses, or restructuring certain business practices. Early preparation can save you significant stress and money.

4. How Can I Prepare for Financial Goals or Challenges?

Whether it’s expanding your business, hiring new employees, or launching a new product, ask your bookkeeper about the financial implications of your goals. They can help you assess your budget, determine funding needs, and create a realistic plan to achieve those objectives. Additionally, inquire about building a financial cushion to prepare for unexpected challenges.

5. Is There Anything You Need From Me to Work More Effectively?

Bookkeepers do their best work when they have everything they need, from clear communication to complete documentation. Asking this question shows that you value their expertise and are willing to collaborate more effectively. It may lead to suggestions such as more frequent updates or adopting new software to streamline workflows.

6. Are There Other Services You Provide That Could Benefit My Business?

Many bookkeepers offer additional services such as payroll management, financial reporting, and consulting. Explore whether their extended offerings could add value to your business. By utilizing their full range of capabilities, you can gain comprehensive support and potentially reduce the need for multiple service providers.

Engage with your bookkeepers! We are here for you! It's our job to make your job easier. It's one of the many ways we save you time and money, so you don't end up looking like that poor sap in the picture.

Robertson Bookkeeping