QUESTIONS TO ASK YOUR CPA ABOUT ACCOUNTING AND AUDITING
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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? 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? Should I use
the FIFO or LIFO method of inventory accounting? What are
the relative merits and drawbacks of each? 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 myself and my
employees? 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?