Strategic Cost Saving and Tax Planning Is Money In The Bank!
You know you need to keep accurate accounts so you can keep track of your business and keep your business on track. But did you know you could save literally thousands every year through strategic cost savings and tax planning?
Knowing where you can make savings and streamline your business finances is just as important as finding new ways to generate revenues. If you think about it for a moment, a dollar saved is worth far more than a revenue dollar because you don’t have to spend any money to make it.
When you want seriously accurate accounts and tailored strategies to help you cut costs, you need the expertise of a top accountant to:
- Defer your income so you keep more of your revenues now and pay less taxes later
- Reduce your taxable income each year
- Minimize a deceased family members estate taxes
- Reduce taxes on all of your investments
- Protect your retirement funds and pay less tax so you can retire the way you would like to
- Grow your assets with tax planning and tailored strategies
If your are new to business, some questions you may want to ask your accountant could include:
- What’s the best accounting system software to use in my small business?
- If my business gets to a stage where I need to consider putting on a financial controller, can you advise me on what I need and perhaps recommend someone?
- Can you tell me what is the difference between a review and an audit?
- I’d like to know how much my business is worth. Are you able to help me get a valuation?
- How do I determine my breakeven point for my business?
What steps can I take to lower the breakeven point?
- Can you suggest any ways I can reduce my company’s operating costs?
- What is the difference between accrual or the cash basis accounting for my business?
- What are the various ways to value inventory and which would be best for my business?
- How do I set up a credit policy and what legal matters do I need to know about when doing this?
- How should I handle bad debt? At what point do I write it off?
- Should I take advantage of discounts on early bird payments… or is it better to make the payment at the end of the required limit.
- How long do I need to keep my business records for?
- Am I pricing my products and services correctly?
- Which indicators of my company’s financial performance should I be tracking weekly, monthly, annually?
- Should I calculate these key indicators, or should I ask my accountant to do it?
- How do my financial ratios and percentages compare with the averages of other businesses in my industry?
- How do I calculate the real cost of producing my products and/or services?
- What records do I need to keep if I intend to scrap obsolete or non-saleable inventory?
- Can I claim a home office as a legitimate business expense?
- For tax purposes, do I have to run my company on a standard year-end basis? Under what conditions can I change to a calendar year instead?
- If I own a non-trading company can I easily wind it up?
- What strategies can I use to defer my income tax?