10 Questions to Ask Your Accountant for Business Growth

Running a business is no small feat. Between managing staff, ensuring clients are happy, and keeping up with day-to-day operations, it’s easy to let the “numbers stuff” fall to the bottom of the to-do list.

But your accountant isn’t just someone who handles your tax return once a year. A good accountant can help your business thrive – saving you time, money, and a lot of headaches. The key? Asking the right questions.

Here are 10 essential questions to ask your accountant that every business owner should know. These will help you stay on top of cash flow, make tax season easier, and grow your business with confidence.

Are You Getting the Most Out of Your Accountant?

For many small business owners, accountants are the go-to for filing tax returns and keeping the books in order. However, simply ticking those boxes isn’t enough if you want to grow your business or improve your cash flow.

Not every accountant takes the time to truly understand your business needs, let alone help you make smarter decisions for the future. That’s why asking the right questions is so important. It can mean the difference between an accountant who just crunches numbers and one who helps you make those numbers work for you.

Whether you’re managing a limited company, tackling tax season, or rethinking your business structure, knowing the essential questions to ask can uncover blind spots, save you money, and give you the confidence to run your business better.

The 10 questions we’ve listed here will help you:

• Make sure your accountant is covering what matters most.
• Spot gaps in their advice or support.
• Find ways to save on tax obligations and improve your bottom line.

If your accountant isn’t helping you plan, grow, or get real clarity on your finances, it’s a sign you need to start asking better questions – or reconsider the support you’re getting.

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Ten Questions to Ask Your Accountant

1. What’s the Best Business Structure for My Business?

Your business structure – whether you’re operating as a sole trader, partnership, or limited company – impacts everything from taxes to liability.

An experienced accountant can explain whether your current structure is the best fit for your business needs or if it’s time to change. For example, a limited company might offer tax advantages but comes with stricter reporting requirements.

Why It Matters:

Getting this right can help your business stay compliant, reduce tax liabilities, and ensure your business is protected legally.

2. How Can I Improve My Cash Flow Management?

Cash flow is critical for any business. Whether it’s suppliers, wages, or rent, expenses add up quickly. Without a clear understanding of cash flow, your business can be at risk.

Ask your accountant for strategies to improve cash flow, such as reviewing payment terms, reducing business expenses, or forecasting future inflows and outflows.

At Outmin, for example, our daily cash flow insights give you an instant view of your finances, so you know where your business stands – without waiting weeks for updates.

Why It Matters:

Better cash flow means fewer surprises and more confidence in making business decisions.

3. What Tax Obligations Do I Need to Be Aware of?

Tax regulations can be overwhelming – especially with initiatives like Making Tax Digital (MTD) in the UK, for example, which has changed how businesses submit VAT returns. Ask your accountant about your specific tax obligations, including income tax, VAT, and corporation tax.

Depending on your business structure, your accountant will explain what you owe, when it’s due, and how to stay compliant.

Why It Matters:

Missing deadlines or underestimating your tax liabilities can lead to penalties that hurt your bottom line.

4. Am I Claiming All the Right Business Expenses?

Many business owners miss out on tax-deductible business expenses that could lower their tax bills. From equipment and software to travel and energy costs, ask your accountant to review your expenses and ensure you’re claiming everything you’re entitled to.

For example:

• A retail store might deduct display fixtures and point-of-sale systems.
• A café can claim kitchen equipment and uniforms.
• A consultancy business might claim home office expenses or travel costs.

Why It Matters:

Your accountant can help you keep accurate financial records and ensure you claim what you’re entitled to, saving money during tax season.

5. How Can I Use Accounting Software to Save Time?

If you’re still relying on spreadsheets and manual records, you’re likely losing hours every week. And you certainly don’t want that! Using accounting software can streamline your business accounting, automate invoicing, and simplify tax filing.

Ask your accountant which software is best for your type of business. For example, cloud-based platforms can connect to your bank accounts and provide live updates on your financial health.

Outmin combines AI-powered bookkeeping with cloud-based tools, ensuring your business records are always accurate and up-to-date.

Why It Matters:

The less time you spend on manual admin, the more time you have to run your business!

6. What Can I Do to Prepare for Tax Season?

Tax season can be a nightmare if you’re not prepared. Ask your accountant what financial records and information you need to keep throughout the year.

For hospitality, this might include receipts for inventory and payroll records, while for professional services it could mean project-specific invoices and travel costs.

 Organising these with a system – like automated document collection – will make tax season stress-free.

Why It Matters:

Proper preparation means your accountant will be able to complete your tax return quickly, saving you both time and money.

7. How Can You Help Me Plan for Business Growth?

Your accountant shouldn’t just focus on what happened last year; they should also help you look forward. Ask them how they can assist with tax planning, budgeting, and financial forecasting to support business growth.

This might include advice on securing funding, investing in new equipment, or expanding to a second location. Outmin provides weekly and monthly reports that highlight key trends in your financials, so you can make smarter decisions for the future.

Why It Matters:

Knowing where your business is headed financially helps you plan better and grow your business confidently.

8. What Are the Key Financial Reports I Should Be Reviewing?

Every business owner should know where their business stands financially. Ask your accountant to explain the most important reports, like:

• Profit and Loss (P&L): Shows your revenue, costs, and overall profitability.
• Balance Sheet: A snapshot of what your business owns (assets) and owes (liabilities).
• Cash Flow Statement: Tracks where your money is coming from and going.

Outmin’s reporting tools provide easy-to-understand breakdowns of these reports, without any of the accounting jargon.

Why It Matters:
Understanding your financial statements helps you stay in control and spot opportunities to improve.

9. Are There Any Financial Benchmarks I Should Be Aiming For?

Understanding how your business measures up can provide super valuable insights into areas for improvement. 

Ask your accountant if they can offer benchmarks or key performance indicators (KPIs) relevant to your industry. This might include profit margins, cash flow ratios, or cost percentages compared to industry standards.

The reality is, most traditional accountants don’t provide this level of strategic insight – they focus primarily on compliance and tax preparation. 

At Outmin, we go beyond the basics by delivering clear, actionable KPIs tailored to your business needs. Our tools and expertise help you understand not just where you stand but how to get ahead.

Why It Matters: 

Clear benchmarks help you set realistic goals, monitor your progress, and make data-driven decisions to grow your business effectively. Having access to these insights can give you a competitive edge.

10. How Are You Streamlining Bookkeeping?

Bookkeeping can eat up hours of your week, especially if your accountant isn’t using modern tools. Ask your accountant what they’re doing to automate bookkeeping tasks like bank reconciliation, expense tracking, and financial reporting.

Outmin’s AI-powered bookkeeping takes the heavy lifting off your plate, automatically managing the “boring bits” of business accounting so you can focus on running your business with zero stress.

Why It Matters:

Less time spent on bookkeeping means more time spent delivering great customer experiences and growing your business.

Taking Control Of Your Finances

Knowing the right questions to ask your accountant is the first step to making smarter decisions for your business. Traditional accountants often stick to the basics: handling tax returns and compliance. 

While that's important, it barely (!) scratches the surface of what modern businesses need. With outdated approaches, you might be left without the insights that truly drive growth, efficiency, and clarity.

That’s where Outmin stands apart. We go beyond the basics, offering an AI-powered bookkeeping solution and advanced reporting tools that provide the kind of financial visibility most accounting and bookkeeping partners don’t. 

Whether it’s daily cash flow updates, proactive planning, or actionable insights, we give you the tools to make confident decisions – without waiting for a quarterly or once-a-year check-in.

See how Outmin can transform your accounting experience and free you up to focus on what you do best. Book a demo today and start the shift to smarter, more efficient financial management.