10 Helpful Questions to Ask a CPA for Small Businesses


Running a small business is exhilarating, challenging, and often a little bit…confusing. That’s where your trusted CPA comes in.

But like any valuable relationship, open communication is key. So, what are the most helpful questions to ask a CPA to unlock the full potential of this partnership? Here are our top 10. 

“Am I structuring my business for optimal taxes?”

This isn’t just about minimizing your tax bill (although that’s never a bad thing!). It’s about choosing the right business structure – sole proprietorship, LLC, S corporation, etc. – that aligns with your goals, protects your personal assets, and maximizes your tax advantages. Your CPA can analyze your specific situation and recommend the most beneficial structure for long-term growth.

“What tax deductions and credits am I missing?”

Beyond the obvious expenses, there’s a treasure trove of hidden tax deductions waiting to be claimed. From home office deductions to research and development credits, your CPA can identify hidden gems that reduce your tax burden and keep more money in your business.

“How can I optimize my bookkeeping system?”

Efficient bookkeeping isn’t just about compliance – it’s about gaining valuable insights into your business health. Your CPA can assess your current system, recommend user-friendly tools, and establish clear processes for accurate and timely record-keeping. This translates to better financial management and informed decision-making.

“What strategies can I implement for long-term financial stability?”

Cash flow can be a rollercoaster for small businesses. Your CPA can analyze your financial data, identify potential cash flow gaps, and recommend budgeting strategies, investment options, and financing models to ensure your business remains financially stable and poised for growth.

“What are my options for employee benefits and payroll?”

Employee perks are crucial for attracting and retaining talent, but navigating benefits and payroll taxes can be complex. Your CPA can break down your options, recommend cost-effective plans, and ensure compliance with all regulations, saving you time and potential headaches.

“How can I prepare for unexpected financial challenges?”

From economic downturns to natural disasters, it pays to be prepared. Your CPA can help you develop contingency plans, assess insurance options, and build financial buffers to weather any storm and keep your business afloat.

“What legal and compliance requirements do I need to be aware of?”

Tax laws and regulations change constantly. Your CPA can act as your legal and compliance radar, keeping you informed of critical deadlines, new regulations, and potential areas of risk. This proactive approach helps you avoid penalties and stay on the right side of the law.

“How can I track my business performance and identify areas for improvement?”

Beyond the bottom line, understanding your key performance indicators (KPIs) is crucial for optimizing your business. Your CPA can help you establish relevant KPIs, monitor your progress, and translate financial data into actionable insights for growth and efficiency.

“What are my options for raising capital if needed?”

Whether you’re looking to expand, invest in new equipment, or weather a temporary setback, your CPA can be your financial consultant. They can analyze your options, explain loan requirements, and guide you toward the most advantageous funding opportunities for your business goals.

“How can I prepare for a successful exit strategy?”

If you’re considering selling your business, passing it along to family, or merging with another company, having a well-defined exit strategy is crucial. Your CPA can help you value your business, navigate tax implications, and ensure a smooth transition that maximizes your long-term benefit.

Bonus Tip: Keep a running list of questions throughout the year – anything from day-to-day concerns to long-term goals. That way you can ask all of your questions at one time.

Don’t be Afraid to Ask Your CPA Questions

Your CPA is there to help you, don’t be afraid to make the most of the relationship!

By asking the right questions and fostering open communication, you maximize the value you get from the partnership with your CPA and empower your business to reach new heights.

So, fire away with your questions – every inquiry and concern holds the key to optimizing your financial journey and paving the way for a thriving small business.


About Pattar & Co. CPA

Pattar & Co. CPA is an expert in all areas of accounting with offices in Indianapolis & Fort Wayne. We provide tax, bookkeeping, payroll, and accounting services to individuals and businesses across Indiana. If you’re looking for a knowledgeable local CPA in the area, let’s talk!

what we do


What else we're talking about.