Business Checklist (before meeting with your TaxAssist Accountant)

Before meeting with your TaxAssist Accountant, here are some items to put together. If you don't have these all in order, not to worry! We can help you organize your thoughts and your documents. If, however, you prefer to line up your ducks first, here's a helpful list:

 

Financial Statements: Compile your company's financial statements, including balance sheets, income statements, and cash flow statements. These documents provide essential insights into your business's financial performance and position.

 

Tax Documents: Gather all necessary tax documents, such as payroll records, sales records, expense receipts, depreciation schedules, and any other relevant financial documents. These will help your accountant accurately assess your tax obligations and identify potential deductions or credits.

 

Business Goals and Objectives: Clearly articulate your business's short-term and long-term goals, such as revenue targets, expansion plans, or cost-saving initiatives. Discussing these objectives with your accountant will enable them to provide strategic financial advice aligned with your business goals.

 

Compliance Requirements: Ensure that you're up-to-date with all regulatory compliance requirements relevant to your industry and jurisdiction. This includes tax filing deadlines, licensing requirements, and any industry-specific regulations. Your accountant can help ensure that your business remains compliant and avoids any penalties or legal issues.

 

Records of Business Transactions: Organize records of all business transactions, including sales invoices, purchase orders, receipts, and bank statements. Having well-maintained transaction records facilitates accurate financial reporting and simplifies the process of identifying any discrepancies or irregularities.

 

Employee Information: Provide details of your employees, including payroll records, employment contracts, and benefits documentation. This information is crucial for payroll processing, tax withholding, and compliance with labor laws.

 

Inventory Records: If applicable, maintain accurate records of your inventory levels, including quantities on hand, cost of goods sold, and inventory valuation methods. This information helps your accountant assess your business's inventory management practices and financial health.

 

Business Expenses: Document all business-related expenses, including rent, utilities, office supplies, marketing expenses, and travel costs. Categorize these expenses to facilitate accurate expense tracking, budgeting, and tax deductions.

 

Business Structure and Entity Information: Provide information about your business structure, such as whether you operate as a sole proprietorship, partnership, corporation, or LLC. Additionally, share any changes in ownership, mergers, acquisitions, or restructuring activities.

 

Questions and Concerns: Prepare a list of specific questions or concerns you have regarding your business finances, tax planning, or operational challenges. Discussing these issues with your accountant will enable them to provide tailored solutions and guidance to support your business's success.

 

Ready to meet with us?

 

Date published Mar 11, 2024 | Last updated Mar 11, 2024

This article contains general information only and should not be relied upon for accuracy or completeness. You should seek appropriate tax or accounting advice from a qualified accountant before you take, or refrain from taking, any steps based upon this article. This article should not be construed as tax, accounting or other professional advice and QX Franchise Limited (Master Franchisee for TaxAssist in Canada) disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this article.