Transitioning to a new accountant marks a significant step for your small business. It’s a chance to enhance your financial management, gain valuable insights, and streamline your operations. A well-structured onboarding process is key to ensuring a smooth transition and laying the groundwork for a fruitful partnership. Here are some best practices to consider.

Compile Financial Records for Your New Accountant

Gather and organize all crucial financial documents, including past tax returns, financial statements, bank statements, payroll records, and relevant legal agreements. Handing over a complete package of documents expedites your new accountant’s grasp of your business’s financial situation.

Establish Open Lines of Communication

Arrange an initial meeting to introduce your new accountant to your business operations, goals, and any financial challenges you face. Set clear communication channels and preferred contact methods for ongoing collaboration.

Outline Internal Processes

Explain your internal procedures for invoicing, bill payment, expense tracking, and other financial activities. Discuss the separation of duties between people and departments to ensure accountability. Clarifying these workflows helps your accountant understand your operations and identify potential areas for improvement.

Set Clear Expectations and Deadlines

Articulate your expectations regarding financial reporting, tax filings, and other accounting services. Agree on calendar dates for key deliverables to ensure timely compliance and informed decision-making. If your business operates in a specialized industry, make sure your new accountant is well-versed in its specific accounting or tax requirements and understands any relevant deadlines.

Provide Access and Authorization

Grant your new accountant the necessary access to your accounting software, bank accounts, and other relevant financial platforms. Discuss the technology and tools your business uses for financial management and provide any training or resources your accountant might need.

Maintain Regular Check-ins

Schedule periodic meetings or calls to review financial performance, discuss any emerging issues, and address questions or concerns. Regular communication promotes transparency and strengthens the accountant-client relationship.

Contact us to learn more about managing your business’s financial health. Our experts are here to help.