Ask The Experts

Our team of experts is here to answer your questions and help you run your business as efficiently as possible. Check out their answers below to some of the questions we most frequently hear.

How often should a small business owner meet with their accountant to discuss business taxes?

I prefer to meet with clients quarterly to discuss their current position utilizing accurate and up to date accounting records. By doing so, I can help assist with tax strategies which can be implemented before the end of the year.

– Jeff Halligan

What steps can we take to make filing our taxes easier for ourselves as clients?

I start at the beginning of the year by creating a physical tax document folder. Then, throughout the year, I place receipts of items that I know will be needed for my taxes into the folder. Most frequently those receipts are real estate taxes and donations. In January, I add all of the tax related items that arrive in the mail to the folder. If you’re feeling really ambitious, make a list of the items that you received the previous year and cross them off as they come in. This will give you a good idea of what might be hanging out there. When everything comes in its in one place and you give it to us to prepare your taxes.

– Jesse Lambert

What investment have you seen a small business make that resulted in significant growth?

I have seen a business owner invest in a CPA as a trusted business advisor. Her company was able to financially grow immediately by analyzing expenses and cutting items that were not being used. A business plan was written and a budget was created. One of the strongest strategic discussions formed while creating the business plan was to create awareness of her company through social media and a stronger online presence. This teamwork resulted in double the revenue.

– Barb Leese

Is financial planning beneficial for most people?

Yes, I think that almost every person can be helped by some sort of financial planning. Financial planning encompasses such things as beneficiary designations on life insurance policies or retirement plans, in whose name to title assets, budgeting, investment planning, wills, estate planning, and much more. The planning (or lack of planning) and decisions that a person makes regarding these items can make a significant difference in both wealth accumulation and taxes paid over that person’s lifetime and often their children’s lifetimes, too.

– Jim Bruzga

What is your favorite business book to recommend to small business owners just starting out and why?

Hunting in a Farmer’s World is a book by John F. Dini. The book talks about how entrepreneurs are driven to hunt and win, and successful ones have very specific traits. This is a book about the mind of an entrepreneur and how entrepreneurs hunt and managers farm.

– Jason Vathis

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