Ask Joe: Essential Year End Conversations to Have with Your Accountant | POP 819

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Do you have some goals for next year that require a couple of financial decisions? Have you undergone any shifts in your personal life? How can you and your accountant work together to wrap up the financial year in the best way possible?

In this podcast episode, Joe Sanok speaks about essential year-end conversations to have with your accountant.

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In This Podcast

  • Are there any major changes in your business?
  • Have you undergone any life changes?
  • Has tax law developed?
  • Comb through the numbers
  • Moving forward

Are there any major changes in your business?

Are numbers way up, [or] are they way down? Are the assumptions that your accountant maybe did your quarterlys on still true?

Joe Sanok

Where is your business situated right now? Are you ahead of schedule, on track, or completely off the rails?

You need to have some sense of where your business is at before you can take any action, to first assess what’s what and what’s where.

Have you undergone any life changes?

Since your last big chat, what is your life looking like? Have you gotten married, divorced, are expecting a baby, or perhaps had a death in the family?

Any big life changes, whether recently or in the works, are important to take into consideration as you plan the financial aspects of your business.

Make sure your accountant knows about [these changes] because it may change what state you’re filing in, where your quarterlys need to do, [which] calculations they need to do. So, those kinds of changes are important [to note].

Joe Sanok

Has tax law developed?

Make sure to ask your accountant whether there have been any changes in tax law that could impact you in some way.

I’ll send an article to my accountant and say, “Hey, does this apply to me? This ‘tax relief’ fund or this approach, would this apply?”

Joe Sanok

Keep an ear to the ground to remain up to date with current affairs and news so that you can have informed discussions about taxes with your accountant, and areas where you could perhaps save or make a change.

Comb through the numbers

Often your bookkeeper is a different person from your accountant, even though they work on the same branch within your business.

Your bookkeeper will look at the day-to-day expenses of your practice and keep them organized for each month’s end.

Then, you’ll take the monthly statements from your bookkeeper to your accountant to create a financial plan for the practice.

Are there any payments and expenses that you can make that are tax deductible?

Moving forward

What do you expect next year [with] regards to your growth? Are there any other changes coming up? Are you hiring? … is there some planning that you could do around [them]?

Joe Sanok

Have a glance at the year to come and some of the goals that you have.

Can you start to visualize them financially, and bring them to fruition with early planning?

Useful Links mentioned in this episode:

Check out these additional resources:

Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

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