The most common mistakes when working with an accountant, and how to avoid them

Even the best entrepreneurs fall into these traps… The good news is: they can be avoided. Here’s a A Very Practical Checklist to strengthen your Working with Your Accountant, avoid Costly Mistakes, and Take Back Control of Your Finances (and choosing the right tools with The Most Popular Accounting Software in Quebec).

🧩 what you’ll learn in this checklist

Do you think your accountant “Handles everything”? Do you approve their requests without really looking into them? Are you afraid to ask questions?

You’re not alone. These mistakes are common… but they don’t have to happen.
With this checklist, you’ll:

• Understanding the Most Common Pitfalls
• Identify what you can actually do (for example, by organizing your chart of accounts)
• Building a Healthy and Proactive Relationship with Your Accountant

Ready? Let’s go through the checklist 👇

📋 the complete checklist for avoiding mistakes with your accountant

1. 🤔 thinking that “the accountant will handle everything”

“I pay an accountant, so they take care of everything.”
False. Your accountant needs your input to do their job properly.

A good accountant can’t They’ll only process what you give them. If invoices, contracts, or supporting documents are missing… the file is incomplete. And you risk errors or penalties.

Here’s what you can do:

• Establish a weekly routine for sending them all your documents
• Use an automatic bank synchronization tool (e.g., QuickBooks, Xero, FreshBooks, Zoho Books, Wave, Odoo)
• Share a cloud folder (Google Drive, Dropbox, Notion) and a structure inspired by this Guide to Bookkeeping
• If necessary, delegate the bookkeeping to stay on top of things and be accurate

2. 🛑 not approving what’s submitted

Signing without reading is like signing blindly. Even if you trust your accountant, You remain legally responsible.

A Incorrectly Reported VAT/GST-QST, incomplete tax registration (see The GST/QST Registration Guide), an incorrect figure in your balance sheet, forgetting to file the source deductions… These small mistakes can be very costly in the long run (and result in a notice of assessment (not very pleasant).

Here’s what you can do:

• Request a simplified version with key figures before signing
• Take 15 minutes each month to Review and Understand documents (and review the structure of your chart of accounts)
• Don’t hesitate to ask questions if you’re unsure
• Check if you’re in Compilation engagement/Notice to reader and understand the scope of the engagement

3. 🗣 never ask questions

“I don’t want to bother you…”
You’re not supposed to be an accountant. It’s normal not to understand everything.

A good accountant should be able to clearly explain the numbers and accounting decisions. And when you need a tax specialist, understand the Difference Between Roles is helpful (and feel free to Finding the Right Tax Specialist if needed for your tax planning).

Here’s what you can do:

• Jot down your questions as they come to mind
• Schedule a 30-minute meeting every quarter (keep this in mind) A Guide to Effective Meetings)
• Use a fast communication channel (Notion, WhatsApp, etc.)

4. 📅 falling behind on documents

Delays are the enemy of quality, and of tax compliance.

Your accountant needs time to do things right. Sending your documents the day before a deadline is risking mistakes or penalties. Plan ahead year-end closing and don’t wait until the last minute to GST/QST Tax Instalments.

Here’s what you can do:

• Set up a recurring reminder in your calendar (e.g., on the 1st of every month)
• Use a tool like Indy, Pennylane, or Sage to automate
• Give them access to your business banking account if appropriate, and keep track of your cash flow
• Prepare the required documents for the compilation engagement in advance

5. 📂 keeping documents scattered everywhere

One invoice by email, another on paper, and a third on WhatsApp? Your accountant can’t keep up.

A centralized archiving is essential for accurate bookkeeping (and complies with Mandatory document retention periods).

Here’s what you can do:

• Organize your documents in a shared folder structured by month (see Our Guide to Bookkeeping)
• Use a scanning tool with automatic recognition (e.g., Scanbot)
• Avoid sending documents “as they come in” through all channels

6. 💬 not discussing your plans with your accountant

Planning to hire someone? Setting up a subsidiary? Let’s talk about it previous to do so.

Your accountant can help you anticipate tax, social security, or financial implications.
But they need to be aware of this (also consider topics like Tax Registration, Incorporation or the corporation).

Here’s what you can do:

• Let them know as soon as a major change is planned (e.g., hiring and Taxable benefits)
• Schedule a strategic meeting every 6 months to discuss Tax Optimization (e.g., Salary vs. Dividends)
• Share your Budget Forecasts and Goals

7. 🕵️‍♂️ never checking your accounts

Just because you delegate doesn’t mean you have to let go of everything.

A Quick Monthly Read Managing your accounts helps you avoid mistakes and oversights (and optimize your costs thanks to the full-cost method or the ABC method).

Here’s what you can do:

• Learn how to read an income statement (find out more The Difference Between Cash Basis and Accrual Basis Accounting)
• Track your revenue and your cash flow per month
• Check for inconsistencies or unusual entries

8. 📉 not questioning the numbers

If your profit margin is shrinking or your bottom line is falling, it might be time to look into it.

Your accountant is there to help you Analyze, understand, and optimize. Think about the Accounting + Tax Services, at the Cost Centre Method and to your creditworthiness rating.

Here’s what you can do:

• Request an analysis of your financial results and suggestions for improvement (e.g., billing, costs, prices)
• Follow me monthly dashboard
• Identify the most profitable products/services (via the Cost Accounting)

9. 💸 not checking the fees

You’re paying for a service: it’s only natural to want to understand what you’re getting.

Sometimes, additional services are billed, or certain services aren’t included in the package.

Here’s what you can do:

• Ask for a breakdown of the services included in your contract (here are our Accounting Services)
• Check your fee invoices at least once a year and review what Put it simply: your accountant
• Compare with other firms if necessary (use Find my accountant)
• Assess the market with this guide on The Cost of Accounting Services in Quebec (and, if needed, add a service to Corporate Tax Return)

10. 🧱 not building a genuine relationship

An accountant isn’t just a service provider. It’s a Strategic Partner.

The more transparent, organized, and communicative you are… the more they’ll be able to help you.

Here’s what you can do:

• Communicate regularly, not just at the end of the year
• Give them feedback on how it works (or not)
• Share your vision and priorities (set SMART Goals)

💬 want to go over this checklist together?

At Bankeo, it’s commonly believed that the Accounting should never be a source of stress.
Our mission: to help you Avoiding Pitfalls, Take Back Control and build a Seamless collaboration with your accountant (or ours 😉). To learn more, check out our A Guide to Finding the Ideal Accountant, our Accounting Guide and how Find the right professional for your business taxes online. Need an accountant in Montreal or at Quebec ?

👉 Would you like us to go over this checklist together?
Write to us!

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