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Preparing for an Accountant in your Farm Business

Questions Accountants Will Ask You In Their Office:

Already In Business

1)  Client’s track record with business

2)  Past tax returns

3)  Past financial statements

 

Never In Business

1)  Find out the need to register for GST

2)  Incorporate or not

3)  Selecting year end

 

Generally the first meeting with an accountant will be to educate the client and the accountant.

 

How To Be A Good Client: Things That Bug Accountants

  1. Be open with your accountant-tell them everything they need to know or you think might be important.
  2. Don’t hold back any information-be willing to communicate.
  3. Be organized with your records
    • Don’t bring in a mashed up hard to read receipts and paper
    • A shoebox is not the worst thing you can do to your accountant
    • The worst thing you can do is mix up business and personal expenses together
  4. Book appointments-don’t just show up.  Accountants like to be prepared when you talk with them.
  5. Pay your accounting fees promptly!
  6. Writeoffs.  These can be very gray.  Some accountants will be more aggressive than others.  The accountant doesn’t have the time to determine the validity of every receipt they look at.
  • the accountant will go be what is reasonable
  • you will have to be able to defend any expenses

 

The biggest mistake accountants see is people not filing on time!

Copyright: Freedom Investment Club 2005

Finances can be messy! Have trouble organzing your stuff? Read on to find out how to create a financial snapshot.

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