Tips on a Visist with an accountant.

Discussion in 'Business Operations' started by SpudsM15, Feb 23, 2003.

  1. SpudsM15

    SpudsM15 LawnSite Senior Member
    Posts: 627

    I am going to goto an accountant this week for the first time.
    This will seriously be my first time:)
    I'm just starting out and I want to make sure I will be doing everything right with taxes.
    What are some things I should ask when I go to visist the accountant?
     
  2. KenH

    KenH LawnSite Bronze Member
    from CT
    Posts: 1,622

    Do you keep your records on a computer??
     
  3. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,604

    If you need help selecting an accountant, their experience in the profession and with similar businesses as yours is primary. Go with a CPA. As for your business and not to overly simplify the situation, the accountant will need your income and expenses. Maintain a separate checking account for your business and as best you can, keep business separate from personal. Maintain a file of all business related invoices divided by major expense category. (supplies, repairs, truck etc.) Maintain mileage records on your truck cause in the final analysis, you'll need them. Keep a separate file on equipment purchased. Your accountant can decide the best tax advantage (ie section 179 or annual depreciation). Maintain your records so that all business expenses can be identified. Make sure your accountant is available throughout the year for consultation and not just in business during tax season.
     
  4. Tvov

    Tvov LawnSite Bronze Member
    from CT
    Posts: 1,157

    Do you use an accounting program for your business? Such as QuickBooks or Peachtree? If so, the accountant should be familiar with it, and it will save time (meaning: money) in your dealings with him/her.
     
  5. bruces

    bruces LawnSite Senior Member
    Posts: 648

    Have your business income and expenses summarized when you go in. It will save them time and you money. If you use software for your accounting, take a backup disc and printouts of your P & L and balance sheet.

    Also make a backup copy of your data if you are using standard software like Quickbooks so that the accountant can look at the data if necessary.

    Take a list of equipment purchased, with dates, description and cost.

    Also have information on vehicle usage for the year, business miles vs. total miles driven.

    This information will help the accountant to ask you the right questions.
     
  6. 65hoss

    65hoss LawnSite Fanatic
    Posts: 6,360

    My interpretation is you plan to go to the accountant for business help/advice on starting and not tax work this time. Correct?

    Talk to the cpa about tax situations in sole proprietor/S corp/LLC/etc. Ask what type of accounting software for you would they suggest. They can help with getting biz licenses. Ask about insurance and if they suggest anyone to talk with. Ask about your retirement funding issues being self employed. Deductions you need to watch out for. What is deductable and what is expense.
     

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