Key Questions to Ask your Accountant

Your Financial Reports are the key to improving your business performance…  so what are the important questions to ask your accountant?

How does my business compare?
Benchmarking against competitors in your industry is a great way to evaluate the performance of your business against industry averages.  Is your revenue more or less than the average?  Do others spend as much as you do on overheads?

What is my gross profit percentage?
Gross profit is the difference between the value of the sales and the cost of sales.  Gross profit percentage is your gross profit divided by your sales as a percentage.  Ask your accountant how you might increase your gross profit margin.

What is my net profit percentage?
Is all your effort worth it?  And if not, what can you do about it?  Reviewing the efficiency of your business can help you improve the way you operate… and generate a healthier bottom line.

What is my breakeven point?
Your breakeven point is critical as it measures at what point you transition between making a profit or a loss.  You may want to know the breakeven point for a particular product, service or for your business as a whole at a particular time period.

Which products or services are the most profitable?
Reviewing the profit margin for each product and service can help you decide which to continue with, and which to phase out. 

How can I improve cashflow?
Measuring your Days Receivable, Days Payable, Days Inventory and the speed of your Work In Progress cycle will help you to identify how you can improve your cash-flow.  Your Accountant can assist you to establish cashflow budgets.

How can I increase sales?
Talk to your accountant about ways to increase your sales.  You can increase the number of customers, and the value and frequency of transactions.  You may also explore new products and services or new markets.

Where can I cut expenses?
Expense control is an area worthy of regular review in your business.  How can you reduce costs without compromising on quality and service?

Is my business financially healthy?
Your accountant can advise you on the financial health of your business as a whole, including your debt and equity levels and your overall return on investment.

As a small business owner, it is essential to understand your financials so you can make sound business management decisions.  Your accountant is there to help and advise you - so make sure you make the most of the service he is able to offer you.

 

We have been clients of NM Accountancy & Tax Services for over 20 years.  All of our business, personal and self-managed superannuation taxation affairs have been handled by Nayan, with the able support of his team.  We have always received reliable, ethical advice on taxation and considerable assistance in navigating the complex regulations and changing compliance issues concerning superannuation. We would have no hesitation in recommending NM Accountancy & Tax Services to anyone considering establishing and maintaining a self-managed superannuation fund.
Val and Geoff Nadin
NM Accountancy and Tax Services manages our Superannuation Fund skillfully and with great care.  Our relationship spans more than 20 years over which time we have observed a strong culture of professionalism and integrity. The personal attention and service we have received has been exceptional.
Graeme Archer, Managing Director, Australian Tel-Tec Pty Ltd
NM Accountancy & Tax Services are always accessible, available and give concise and clear responses.  Nayan’s friendly, focused attention makes sure that tax time is as stress-free as possible.
Dr John Curotta
If you want someone who will always answer your phone call, someone who’s advice you can rely on, tax advice that both very satisfactorily manages your tax and allows you to sleep soundly at night, then I would thoroughly recommend Nayan, whether you are just starting out (as I was), or if you have extensive business interests as I currently have.
Malcolm White
During the past ten years of service Mr Nayan Majithia has demonstrated a most extraordinary amount of efficiency in his work and produced Tax Returns for us and our Super Fund that have provided most satisfactory outcomes.  His professional fees too have been most reasonable. We cannot recommend more highly the excellent work experienced by NM Accountancy.  On a more personal note, Nayan and his staff are so friendly and always available on the phone to advise where necessary. We have been in business for forty years and would most certainly recommend NM Accountancy & Tax Services.
A & J Papandrea – Westleigh
NM Accountancy & Tax Services have provided real value for all aspects of our organization. We are very comfortable with the working relationship and ease with which they are able to communicate with us, and their availability when we need them.
NM Accountancy has provided us with strategic business and tax advice for both our local and international activities. We certainly consider them part of our company. Thank you everyone at NM Accountancy.
Ashay Sharma and James Camilleri
I strongly recommend NM Accountancy for their thoroughness and professionalism. I am a demanding client and in over the 20 years that Nayan has been managing my tax affairs my needs have grown from simple tax returns, to very complex medium to large company and trust structures, property, plus GST, BAS, self-managed superannuation etc. I regularly test the completeness and accuracy of the accounting and tax work, and always find I have wasted my time as it is always totally accurate. Nayan is also always fully informed of the latest tax changes.  NM Accountancy provides personal care as well as expertise and experience.
Malcolm White
Nayan has given me unending support and advice throughout the process of establishing my specialist medical practice. Having received no training in running a small business, I found changing from PAYE employee to a small business operator with 3 employees a daunting and confusing process. I now have a successful medical practice, and furthermore I am familiar with most of the business operating procedures such as BAS statements, MYOB accounting and payroll management, Workcover insurance, business registration, and car leasing.
Nayan was always readily available to answer any questions, no matter how basic.
As my business has grown, I am now making complex business growth and investment decisions with confidence, knowing that Nayan is available to assist with every step. I have no hesitation in recommending his personalised service to anyone contemplating starting a small business.
Dr Kalman Piper