Meeting an accountant for the first time can feel like a big step, especially if you’re running a small business. Whether you’re looking for help with tax planning, financial reporting, or just need a hand with your bookkeeping, proper preparation is the key to getting the most out of the meeting.
Bringing the right documents and having a clear understanding of your goals ensures that your accountant can provide the best advice tailored to your business.
In this blog, we’ll outline exactly what you should prepare before meeting an accountant. By the end, you’ll feel confident and ready to make your time together productive and valuable.
- Know What You Want to Achieve
Before anything else, take a moment to consider why you’re meeting an accountant. Are you looking for advice on tax planning? Do you need help with payroll, hiring, bookkeeping, or preparing your financial statements? Or are you seeking guidance for business growth?
Common Reasons to Meet an Accountant:
- Setting up a business or choosing the right structure (sole trader, limited company, etc.).
- Managing tax returns or planning for upcoming changes, like registering for VAT.
- Preparing for growth or seeking funding.
- Understanding financial reports or improving cash flow management.
- Addressing compliance issues or filing deadlines.
By outlining your goals, you’ll help your accountant focus on what matters most to your business.
- Gather Key Financial Documents
Your accountant will need access to your financial information to give accurate advice. Even if you don’t have everything perfectly organised, bringing the documents you have is a great start. This helps them assess your current financial situation and identify areas for improvement.
What to Bring:
- Bank Statements: At least 6–12 months of business bank statements.
- Invoices and Receipts: Records of sales and expenses.
- Tax Returns: Copies of your most recent self-assessment or corporation tax filings.
- Payroll Records: If you have employees, provide payroll reports or summaries.
- Contracts: Copies of any major contracts with clients, suppliers, or lenders.
- Debt and Loan Details: Information about outstanding debts or financing agreements.
- Financial Statements: If available, bring your profit and loss statement, balance sheet, and cash flow statement.
If you use accounting software like Xero, QuickBooks, or Sage, having access during your meeting can save time and make things much easier.
- Prepare Questions for Your Accountant
Accountants are not just there to crunch numbers—they’re valuable advisors who can help you make better business decisions. To get the most out of the meeting, come prepared with questions.
Examples of Questions to Ask:
- How can I reduce my tax liabilities?
- What changes should I make to improve cash flow?
- Are there any tax reliefs or grants I qualify for?
- Is my current business structure the most tax-efficient?
- How can I prepare for the upcoming year-end?
- How much knowledge do you have about my industry?
These questions help guide the conversation and ensure you leave the meeting with actionable advice.
- Be Honest About Your Challenges
Transparency is essential when meeting an accountant. If you’re struggling with cash flow, dealing with late payments, or behind on your tax returns, don’t be afraid to bring it up.
Accountants are problem-solvers, and the more honest you are about your challenges, the better they can assist you.
Common Issues to Share:
- Overdue taxes or fines.
- Unorganised bookkeeping or missing records.
- Difficulty managing personal and business finances separately.
- Uncertainty about tax deadlines or compliance requirements.
Remember, your accountant is there to help, not judge. Addressing these issues early can save you time, money, and stress down the line.
- Understand Your Business Numbers
While accountants are there to make sense of the numbers, having a basic understanding of your finances is always helpful. Familiarising yourself with key metrics like income, profit margins, and cash flow trends makes the conversation more productive.
Key Metrics to Know:
- Monthly or yearly income.
- Gross and net profit margins.
- Largest expenses and areas of overspending.
- Average customer acquisition cost (if applicable).
- Current debts or liabilities.
Even if you’re unsure of specific details, showing that you’re engaged with your business’s finances helps build a strong and open partnership with your accountant.
- Bring Details About Your Goals and Plans
Your accountant isn’t just there to handle the past; they’re a critical part of planning your business’s future. If you have specific goals, such as launching a new product, expanding into a new market, or securing investment, share these plans during the meeting.
What to Discuss:
- Short-term and long-term business goals.
- Plans for hiring or restructuring.
- Growth strategies or upcoming projects.
- Any concerns about market trends or competition?
- Make Sure Your Records Are Organised
Bringing organised records to your meeting not only saves time but also leaves a good impression. If your paperwork is in disarray, your accountant may spend more time sorting through it than giving valuable advice.
Tips for Organising Your Records:
- Use accounting software to categorise transactions.
- Create separate folders for bank statements, invoices, and receipts.
- Ensure all documents are labelled and dated.
- Digitise records where possible to make sharing easier.
If you’re overwhelmed, your accountant can also provide a quotation to help set up systems to keep you organised moving forward.
- Be Ready to Discuss Fees
Finally, remember to ask about your accountant’s fees and what’s included in their services. Some accountants charge hourly rates, while others offer fixed packages for ongoing support. Understanding the costs upfront avoids surprises and helps you budget accordingly.
Your Next Steps
Meeting an accountant is a step in the right direction, taking your business to the next level. By preparing in advance, you’ll ensure the meeting is productive, leaving you with actionable insights and strategies for success.
If you’re ready to hand over your finances, reduce stress, and focus on growing your business, we’re here to help. At Keirstone, we specialise in helping small businesses achieve their goals through expert financial advice and tailored solutions.
Schedule a free consultation today, and let’s work together to make your next meeting with an accountant the start of something great.
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