- Are there any areas in my financials where the business is bleeding money?
Ask your accountant to identify specific expenses, inefficiencies, or patterns (like late payment fees or recurring charges) that could be optimised or eliminated.
- How can I use my retained earnings most effectively?
Instead of just “sitting on” profits, ask how retained earnings can be strategically deployed—investments, paying down debt, or reinvesting in the business.
- What changes in tax law or regulations should I be aware of this year?
This helps ensure you’re not blindsided by new rules and can proactively adjust your financial strategy to align with them.
- Are my current financial ratios healthy for my industry?
Financial ratios like profit margin, debt-to-equity, and cash flow ratio are often benchmarks in your industry. Get a sense of how your numbers compare to competitors.
- What would an auditor focus on if they reviewed my financials?
This question helps identify areas that could trigger red flags, ensuring your books are audit-proof and giving you peace of mind.
These questions go beyond generic advice and focus on actionable insights to strengthen your business’s financial position.
