Whether you’re a business owner or an individual planning for the future, knowing the right questions to ask your accountant gives you a powerful advantage. Having a list of both current and future questions to discuss during your time together will help keep you efficient, prepared, and on track to meet your financial goals. Here is our list of Top 40 Questions to Ask your Accountant.

1. How does the legal structure of my business affect my taxes?

2. Am I on track for my growth goals?

3. What are the industry-specific tax regulations that I should know about?

4. What can I cut down for better cash flow?

5. Do you have any recommendations on collection policies for faster sales?

6. Should I consider seeking equity or debt financing?

7. Do I need an employee benefit plan audit?

8. Do you have referrals for lenders and investors?

9. Do I need a financial statement audit?

10. Do I qualify for R&D credits?

11. How can I avoid red flags or mishaps with my returns or audit?

12. What are my best choices for valuing inventory for tax purposes?

13. When do I need to start paying estimated taxes?

14. What accounting software do you recommend?

15. What is my breakeven point?

16. How can I be prepared for the upcoming tax season?

17. How long do I need to keep my business records?

18. What qualifies as a business deduction?

19. How is my business impacted by the 2017 Tax Reform Act?

20. Am I required to collect sales tax?

1. What information and/or records should I keep, what can I toss, and how long should I hold on to the retained documents?

2. How will the 2017 Tax Reform Act affect me?

3. Can I deduct my car for any of my business purposes?

4. What direct business expenses can I deduct and are there any limitations?

5. How much of my household bills and/or equipment is deductible as a business expense?

6. When should I set up my estate and trust?

7. Should I consider charitable donations as a transfer of wealth?

8. How many dependents can I claim?

9. Are there any deductions that I am not currently claiming that I should?

10. How often should I consult with you about my taxes?

11. Can you help me estimate my taxes for the upcoming year?

12. Should I increase my 401(k) contributions?

13. Should I change my tax withholding?

14. Do you have recommendations for a financial advisor?

15. Am I on track for my retirement goals?

16. What is the best way to pass my wealth to my children?

17. What can I do to protect my dependents from tax implications upon my death?

18. What sort of events in my life are important for you to know?

19. I own my business, what steps should I take to separate my business and personal expenses?

20. What can I do to maximize my deductions better?

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Here is a simplified comparison:

While the list above displays their differences, there are also similarities. The first similarity is that both plan their audit effort around the areas that pose the highest risk to the achievement of company objectives. The second similarity is that both types of audits assess internal controls to determine if they are in place and working to ensure the reliability of financial data. Internal audits, which have a heavier focus on controls, usually add coverage of controls that help ensure effectiveness and efficiency of operations, compliance with laws and regulation, and safeguarding of assets. A third similarity is that both types of audits are performed in accordance to certain professional standards — such as the Statement on Auditing Standards for external audits and the International Standards for the Professional Practice of Internal Auditing for internal audits.

With all their similarities and differences, both types of audit services can play an important role in creating an effective governance structure and can help contribute to the company’s success. If you have questions about the internal or external audit process, please contact us.