An accountant provides indispensable services for small business owners. While you can see to financial matters on your own, doing so is often time-consuming and may also increase your chance of errors and oversights. To get the most out of your accounting services, keep the following information in mind. 

Which Questions Should You Ask Your Accountant?

1. How Should I Classify My Workers?

Different types of employees are subject to different tax codes. For example, you’re responsible for taking out taxes for full-time employees, while independent contractors must take out their own taxes. Business owners must classify workers correctly to prevent issues with the IRS, and an accountant can help you do that.

2. Which Records Do You Need to Retain?

Good financial record-keeping is essential to a small business. Not only can it help when filing taxes, but it also allows you to make decisions about your financial future. Examples of necessary records to keep might include documents related to operational expenses, revenue, employee earnings, and previous tax returns. 

3. How Should I Calculate Cash Flow Projections?

Much like budgeting on a personal level, understanding and anticipating your business’s cash flow is integral to creating a reliable budget. Because this procedure is often complex, an accountant can advise you about a streamlined method so you can stay on top of your financials.

3. How Should My Business Be Structured?

If you’re just starting out, bear in mind that business structure has specific tax and liability implications. For example, sole proprietors are personally liable for debts incurred by their business, while owners of corporations are safeguarded from personal liability. Along with providing information on different structures, an accountant can also help you complete documents to establish your business.

The professional accountants at Balanced Bookkeeping & Tax Services in Lancaster County, NE, are dedicated to helping business owners in the Lincoln Metro area. Whether you’re just getting your operation off the ground or need help untangling a sticky tax issue, this firm can help. Their services include estate planning, tax filing, bookkeeping, and payroll. Schedule a consultation by calling (402) 466-4272 or visit them online for more helpful financial guides.