“Onboarding” a term you might have heard a lot, but not understand what it entails. This guide breaks down what onboarding is, and how it impacts you.

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Onboarding is a term used by accountants and refers to the process from signing you up to completing some final internal checks. Everybody’s onboarding process will be slightly different but are all fundamentally the same. This is because a lot of the onboarding process is a legal requirement for licenced accountants and accountancy practices, and without completing the onboarding process they are unable to act on your behalf, in any capacity.

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Realistically, a lot of the onboarding process is internal, but we will have to request certain information from time to time to ensure we complete it with accuracy and in a timely manner. Accountants are always grateful when you reply quickly, or ask questions if you’re unsure of what you need to provide us as this allows us to ensure that we are doing our job effectively.

 

At Sunflower Accountancy, our onboarding process looks like this:

• Going through an application form with you over the phone, to gather the basic information to allow us to begin the process.

• Completing Anti-Money Laundering (AML) checks, including identity verification.

• Issuing a letter of engagement, which details the formally set out the responsibilities between ourselves and yourself, together with the scope of work you have engaged us for; and having that signed and returned.

• If you have an accountant and are moving, or used to have an accountant but haven’t used them in a while, the process will also include requesting professional clearance from them, confirming their disengagement and obtaining any requested information.

• Ensuring we have all relevant numbers, references and codes in order to act on your behalf. This could include, but is not limited to, items such as: your personal UTR, the company UTR, your VAT number, PAYE references, Companies House codes.

• Requesting and receiving agent authorisation for all relevant HMRC taxes that we are acting on your behalf for during the engagement.

 

Onboarding might seem like a faff to you, having to gather and provide information, but one of the main purposes of onboarding is to ensure that we don’t have to come back to you for information when we’re right up to a deadline, and complying with our supervisory bodies requirements to prevent money laundering and “dodgy” businesses.

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Got any questions about onboarding? Why not get in touch and we’d be happy to answer any questions you have!