Questions To Ask Your CPA About Accounting And Auditing

  • Which indicators of my company’s financial performance should I be tracking weekly, monthly, annually? Should I calculate these key indicators, or should I ask my CPA to do it?
  • How do my financial ratios and percentages compare with the averages for my industry?
  • When do I need to set up an internal audit function?
  • As a privately held business, when and why would I need an audit & review?
  • How much is my business worth? Can you help me with a professional valuation?
  • What can I do to maximize the interest income from my business bank accounts?
  • What are five good ways to reduce my company’s operating costs?
  • Should my business be on the accrual or cash basis of accounting? Why?
  • How can I speed up the collection of receivables? Should I offer extra discounts for prompt payments?
  • When should I write off a receivable as a bad debt? Is it worth taking the customer to court?
  • When paying my company’s bills, should I take advantage of early payment discounts or pay late and use the float?
  • What kind of background should a Controller have? Can you suggest guidelines for hiring the right person? Can you help me to identify appropriate candidates?
  • What forms of stock options make the most sense for my employees and me? What is the difference between “qualified” and “non-qualified” stock options?
  • What is an “Employee Stock Ownership Plan (ESOP)”? How can I use it as a motivational tool and turn some of my “sweat equity” (as the company’s owner) into cash?