Co-written by Kevin Clark, CPA
Cutting costs in your business can seem daunting, but it can also be an amazing opportunity to improve and grow and make your investment work better for you. A good accountant (especially a CPA) will start by asking a few questions to better understand your business and your objectives. Accounting is personal so try to be open and realistic with your plans and goals so that you get the best guidance possible. Before your appointment take some time to consider these questions:
1. What are your goals for your small business in the next quarter and year? Think of where your business is currently at and what is on the way to where you want it to be in the future. If you can break that down into steps to help plan your objectives.
2. Is your current office space meeting your needs or is it costing you more than necessary? Compare what it would cost to lease a smaller office or building in your area if you could easily downsize or compare to try and negotiate a lower rent rate when your current lease is up for renewal.
3. Have you shopped around your insurance policies lately? This is something I believe everyone should do annually. The competition from insurance providers is a great way to get yourself a better rate and a better plan for yourself and your employees.
4. Did you have a professional CPA help ensure your tax bill is minimized? A tax advisor can help you maximize the business deductions that your business qualifies for so that your tax liability is as low as possible.
5. Are you ready to follow the advice to help cut the right costs for your business? Too often people really want someone to confirm their own ideas and plans. A professional is going to tell you what really works, not just what you want to hear.
They can also look over the budget and financial reports for your business or organization, then give you options on where you can consider cutting the right costs without impacting the quality or utility of your product/service. They may discuss managing expectations or reaching higher than your current goals. It is very important that you don’t cut out the quality when you’re cutting costs. Finding a CPA that understand that can make all the difference in your business.