A lot of things go into running a business, and one of the most important ones is maintaining its financial health. The best way to do that is by building a relationship with your CPA. After all, how can your CPA understand your business needs if he doesn’t know your business? This leads to the question: how often should you meet with your accountant, and what topics should you cover during these meetings? Let’s explore.
The Foundation of Financial Fitness
As financial experts, we recommend meeting with a CPA at least quarterly, though the frequency may vary depending on the current phase of your business. These meetings aren’t just about reviewing reports. In-person meetings provide a platform for open discussions that could lead to valuable insights and may uncover critical issues or opportunities for your business.
So, what should you discuss during these meetings? Here’s a breakdown of topics we cover at quarterly meetings:
- Financial performance review: Take a deep dive into your financial statements, including the balance sheet, income statement, and cash flow statement. Are you on track with your budget and hitting those financial goals?
- Tax Planning and Compliance: Assess your current tax situation and discuss strategies to minimize tax liabilities while ensuring compliance with tax laws and regulations. Review any changes in tax codes or legislation that may impact your business and plan accordingly.
- Forecasting: Adjust projections and forecasts based on market trends, business growth, or changes in economic conditions.
- Business strategy and goal setting: Align financial strategies with your business objectives. Set short-term and long-term goals, establish key performance indicators (KPIs), and develop action plans to achieve them.
When to Schedule Extra Chats
Life and business rarely follow a strict schedule. Here are other situations that might warrant extra facetime with your CPA:
- Major business changes: Are you considering expanding, acquiring, or restructuring? Get your CPA involved; they can provide valuable insights on the financial implications and help you navigate these transitions smoothly.
- Significant life changes: Are you getting married, having a child, or considering retirement? Get your CPA involved; these significant life changes can impact your financial future.
- Unexpected events: An unexpected tax bill, a legal issue, or a natural disaster might require adjustments to your financial roadmap.
Remember, at Boris Benic and Associates, we do more than just crunch numbers. We’re valuable partners available whenever you need financial guidance.