Top questions to ask my accountant.

[LouisianaLawnboy]

OK, I have been in the lawncare biz for about 3-4 years now. This year I'm a senior in HS, so I've decided to go legal.

So far I have applied for an occupational license, passed the pesticide app test, and made an appointment with a lawyer.

Now I have called and scheduled an appointment to have a meeting with an accountant. What questions should ask???

[mississippiturf]

Order you a set of QuickBooks software. Get some insurance. Open you up a business checking account. Set up an appointment with an accountant. Send in at least 15-20% of your profits each quarter to the IRS for tax estimates. If you hire folks, then everything gets complicated!!

[LouisianaLawnboy]

I know, I talked to him about QuikBooks, and we will have a 2 hr trainging sessions, where he will teach me everything about QuikBooks.

[hackalot]

Your major point of discussion should be what legal form your business should take; i.e Sole proprietorship, S Corporation, LLC, etc. The major benefit of incorporating is limiting your liabilty, however incorporating brings a number of filing requirements into play and has a cost. The actual initial outlay to incorporate in terms of fees paid to the state is in the neighborhood of $100. There are also some legal costs you will incur to draft various documents, articles of Incorporation, operating agreement if you an LLC, etc. Depending on how comfortable you are with this kind of stuff you can do it yourself with a little research on the web. But a lawyer shouldn't charge more than $100 for basic stuff.

Not familar with LA law, but you should also discuss sales & use tax liability, payroll taxes- both federal & state. You may discuss insurance with your accountant and I would reccomend in any case that you get some type of umbrella policy. Obviously if you are going to have employees your life is going to get even more complicated.

One thing I cannot stress enough if to keep good records. It takes real discipline to do this, but it is important to develope a good discipline early and continue it as you grow. Too many lco's get lazy in this area and adopt a manana attitude towards recordkeeping.

Once you have a discussion about your business plans with the accountant, I would pose the question to him/her How can you help me?

Well I'm getting pretty verbose, so I'll cut it off here. Best of luck on growing your business. One last thing, I know you have worked thru these things in your mind, but over my career I have always found it helpful to write a simple business plan, nothing real complicated, but something with your major goals and your stategies to achieve them. Then when things seem out of control and not going the way you think they should, pull out the plan, review it, does it still make sense?, if so, i ask myself if my actions are consistent with the plan or have I gone astray.

[LouisianaLawnboy]

Your major point of discussion should be what legal form your business should take; i.e Sole proprietorship, S Corporation, LLC, etc. The major benefit of incorporating is limiting your liabilty, however incorporating brings a number of filing requirements into play and has a cost. The actual initial outlay to incorporate in terms of fees paid to the state is in the neighborhood of $100. There are also some legal costs you will incur to draft various documents, articles of Incorporation, operating agreement if you an LLC, etc. Depending on how comfortable you are with this kind of stuff you can do it yourself with a little research on the web. But a lawyer shouldn't charge more than $100 for basic stuff.

Not familar with LA law, but you should also discuss sales & use tax liability, payroll taxes- both federal & state. You may discuss insurance with your accountant and I would reccomend in any case that you get some type of umbrella policy. Obviously if you are going to have employees your life is going to get even more complicated.

One thing I cannot stress enough if to keep good records. It takes real discipline to do this, but it is important to develope a good discipline early and continue it as you grow. Too many lco's get lazy in this area and adopt a manana attitude towards recordkeeping.

Once you have a discussion about your business plans with the accountant, I would pose the question to him/her How can you help me?

Well I'm getting pretty verbose, so I'll cut it off here. Best of luck on growing your business. One last thing, I know you have worked thru these things in your mind, but over my career I have always found it helpful to write a simple business plan, nothing real complicated, but something with your major goals and your stategies to achieve them. Then when things seem out of control and not going the way you think they should, pull out the plan, review it, does it still make sense?, if so, i ask myself if my actions are consistent with the plan or have I gone astray.


Thanks. Good Post.

Anybody else???

[milsaps118]

Ask him about his fees and how he bills? Will he bill you for petty things like phone calls you make to him, a quick stop into his office to show him letters that you get from various tax agencies? Charging you for postage and envelopes for things he might mail for you etc...

Sometimes these accountants act like lawyers and they want to bill you for every little thing they do for you.

Does he charge flat fees for preparing the appropriate tax documents that he has to file for you at the end of the year? Or is he hourly?

Basically....just make sure you know what he is charging you for because when you get your first invoice from him it will not be itemized and you WILL get sticker shock if you go into it blind.