News & Blog

December 13, 2023

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5 Critical Discussions for Business Growth

In the dynamic business landscape, strategic discussions with your CPA can act as a catalyst for your business’s efficiency and growth. These conversations chart the course through complexities, reveal opportunities, and lay the groundwork for a successful year ahead. Here are five pivotal discussions to consider having with your CPA before the end of the year: 

Expense Analysis and Optimization

Do you think there are any expenses we can tweak or reevaluate to bolster our financial standing?

Why it Matters: Rethinking expenses directly impacts profitability. Finding and trimming unnecessary costs can fuel growth initiatives and bolster the bottom line.

Insights: Successful businesses keep their expenses top of mind, with a healthy ratio between spending and revenue. For instance, investing in energy-efficient practices after an energy audit can reduce utility bills by up to 30%.

Streamlining Record Keeping

Any thoughts on how we can streamline our record-keeping for smoother accounting and reporting?

Why it Matters: Streamlined record-keeping leads to accurate financial reports, less time spent on errors, and quicker decisions based on real-time financial data.

Insights: Manual record-keeping often leads to errors, causing financial discrepancies and compliance issues.

Growth Strategies Assessment

What potential growth strategies do you recommend based on our financial performance?

Why it Matters: Well-informed strategies stemming from financial performance guide decisions, with the potential of leading to increased revenue, market expansion, and enhanced profitability.

Insights: Analysis of ROI, debt-to-equity, and current ratios, coupled with market trends, allows your CPA identify opportunities for growth.

Retirement Planning Optimization

From the CPA perspective, how can we optimize retirement plans for key stakeholders?

Why it Matters: Optimizing retirement plans for stakeholders attracts and retains key talent. It also offers tax advantages and promotes financial security for key individuals, aiding in business continuity.

Insights: Regular reviews of retirement plans are vital to guide alignment with stakeholders’ evolving financial goals. It’s worth considering different options like 401(k)s, SEP-IRAs, or profit-sharing plans since each has unique benefits, allowing stakeholders to make informed decisions about their retirement planning. 

Accounting Technology Updates

Are there any new accounting tools or software you’d recommend for our upcoming year?

Why it Matters: New tech often streamlines operations, reduces errors, and improves efficiency—saving time and resources for your core business.

Insights: Modern accounting tools often integrate with other business systems and boast robust security features, helping to safeguard sensitive financial data from cyber threats.

What’s on the Horizon

As we step into the new year, these discussions can steer your small business towards greater efficiency, sound decision-making, and sustainable growth. Wilke CPAs & Advisors is your partner in success. Contact us for proactive advisory services year-round.

For further insights into strategic year-end discussions, delve into our article on Key Tax Questions to ask your CPA.

Estate Tax Shakeup: Unpacking the Connelly Decision for Closely Held Corporations
Creating a Lasting Legacy for Your Small Business
The Rise of Fractional CFOs in Small Businesses
Commonly Missed Tax Deductions for Business Owners
Choosing the Right Business Structure