5 things to discuss with your accountant this month
The summer holiday is over. The kids are back in school. Bake Off is returning to our screens. And you know what that means? It’s basically Christmas.
Joking aside, we are about to enter the final quarter of this year. It’s an important time for any business – especially this year, as the economy gets back on its feet. It’s time to take stock, do some financial housekeeping, and get your business ready for next year. With that in mind, here are five things to discuss with your accountant sooner rather than later.
1. Your expenses
This is a sensible time to review your business expenses – everything from supplier costs to insurance – and look for ways to save money in the final quarter (and next year). An experienced accountant will help you identify where you might be paying too much for goods and services.
2. Your ongoing working arrangements
Like many businesses, you might have pivoted to remote working during the pandemic. Are you keen to make this a more permanent arrangement (for you and/or your employees)? Whether you decide to embrace 100% remote working, or a hybrid solution, there may be financial considerations (expenses, at-home supplies, etc.) and other business considerations (such as beefing up your cybersecurity tools and policies).
3. Your cash flow situation
Cash flow is the lifeblood of any business. How is yours doing right now? Do you have a cash flow forecast in place? And are there ways to boost your cash flow over the next few months? You’ll also want to discuss your cash flow forecast for 2022, which brings us to…
4. Your 2022 budget
Here at Jupp Castle, we encourage all business owners – no matter how small their business – to set a budget for the forthcoming year. Your budget is like a roadmap for the year ahead. It’s a useful decision-making tool, and an early-warning system for when things are veering off course. If you’ve never made a budget before, don’t worry – your accountant can help you create a budget that’s right for your business.
5. Your business goals for 2022
Thus far we’ve focused on your finances, but you should also be talking to your accountant about your wider business goals – so they can help you plan for, and ultimately achieve those goals. So start pinning down your 2022 priorities now.
The Jupp Castle team is here to help you plan for success in the next quarter, and beyond. Book a free chat with us to assess your business needs.
(Photo by Georg Eiermann on Unsplash)