How to prepare for your first meeting with an accountant

Why preparation pays off

A first meeting with an accountant is partly a fact-find and partly a chance for both sides to decide whether to work together. The more clearly you can describe your situation and what you want, the more useful the advice will be and the more accurate any fee quote. Walking in prepared also tells a prospective accountant that you run your affairs well, which helps the relationship from the start.

None of this needs to be daunting. The goal of the meeting is simply for the accountant to understand your business and your goals, and for you to understand what they can do and what it will cost. A short amount of preparation gets you there quickly.

What to bring

Bring enough for the accountant to get an accurate picture, without turning it into a full audit. Depending on your situation, useful things to have to hand include:

• Basic details of your business, what you do, how you are structured (sole trader, partnership or limited company) and how long you have been going.
• Recent figures, last year's accounts or tax return if you have them, or a rough idea of your income and costs if you are just starting.
• Bank and bookkeeping information, how you currently keep records, and which software you use, if any.
• Details of any employees or subcontractors, if you have them.
• Your tax position, whether you are VAT registered, and any other income you have, such as property or employment.
• Any current problems, a looming deadline, an HMRC letter, or something you are unsure about.
• Your goals, where you want the business to be, and any decisions coming up.

If you are brand new and have very little to show, that is fine. In that case the meeting is more about setting up correctly from the start, and a few honest answers about your plans are more useful than paperwork.

Questions worth asking

This is your chance to work out whether the accountant is the right fit, so come with questions. Good ones to ask include:

• What services would you recommend for a business like mine, and why?
• How do you charge, and what would my fee cover? Ask what triggers an extra charge, and whether the fee is fixed for the year. Our guide on accountant costs covers what to look for.
• Who will I actually deal with? Will you have a named contact who knows your business?
• How and how often will we be in touch?
• What software do you work with, and would I need to change?
• How do you help clients plan ahead, not just file on time?
• What do you need from me, and when?

Pay attention not just to the answers but to how they are given. An accountant who explains things in plain English now is likely to do the same when it matters.

What they'll ask you

Expect the accountant to ask about your business and your aims so they can give relevant advice. Typical questions include how your business is structured, your turnover and rough profit, how you keep records, whether you are up to date with HMRC, what is working and what is frustrating you, and where you want to be in a year or two. There are no wrong answers; honest ones simply lead to better advice. If something is in a mess, say so; untangling it is often exactly what an accountant is for.

A simple checklist

If you want one thing to glance at before you go, use this.

• ☐ A one-line description of what your business does and how it is structured.
• ☐ Last year's accounts or tax return, if you have them.
• ☐ A rough sense of your income and main costs.
• ☐ How you keep records now, and any software you use.
• ☐ Your VAT status and any other income.
• ☐ Any current deadlines, letters or worries.
• ☐ Two or three things you want to achieve.
• ☐ Your list of questions for them.

What happens next

A good first meeting ends with you knowing what the accountant would recommend, roughly what it would cost and what the next step is. You should not feel pressured to decide on the spot, take the proposal away, compare it if you are speaking to more than one firm, and make sure the scope and fee are clear before you commit.

If you would like a first conversation with a Newcastle accountant, our free consultation is exactly this: a no-obligation chance to talk through your situation and find out how we would help. We will tell you honestly what you need, and what it would cost, so you can make an informed decision. You can also learn more about how we support small businesses before you get in touch.