Choosing and Using an Accountant

4. Explaining Your Business

To be able to give a realistic estimate of fees, and suggest how best to proceed, an accountant needs to understand what your business is all about.

4.1 If you have completed your business plan, give the accountant a copy.

This will contain most of the information that is needed (see Writing a business plan).

4.2 If your business plan is still in preparation, provide the following information, giving whatever rough estimates are possible:

• Your product range at launch and any plans to extend it.
• Likely annual sales of each product, with forecasts of sales growth and predictions of how sales will vary at different times of the year.
• Number of customers and number of purchases each is likely to make during the year, and payment terms - cash or credit.
• Number of suppliers, expected number of purchases per year and supplier payment terms.
• Number of staff, now and later. It will also help if you can tell the accountants how many admin and finance staff you will have, and the salary payment system that will be used.
• Accounting systems installed, and other management controls.
• Areas where you think the accountant could help you.

4.3 Hand over a brief written summary at the start of the meeting, then discuss the details.

• If your start-up business is unusual or complicated, it may be useful to let the accountants have this summary a day or two beforehand.