Your own accountant

What this seat actually does

Your existing accountant holds the institutional memory of your finances and is genuinely valuable in a transaction: preparing information, explaining historical decisions, and translating between your books and what a buyer or a lender is asking for. On the sell side, the state of the records they have kept will materially affect how a buyer prices the risk.

There are two jobs, though, that sit awkwardly with them. The first is independent transaction diligence, because reviewing financial statements they themselves prepared is not independent review, whatever their competence. The second is transaction structuring advice, which is a specialty and not the same thing as tax compliance work.

When you need one

Already engaged, which is the point. The decision is not whether to involve them but which parts of the transaction to give them and which to give to someone independent.

How they charge

Their existing arrangement, usually hourly for transaction support. Agree scope in writing before a process starts, because deal support expands and the bill arrives during the busiest month of your year.

What to ask before you hire

• Have you supported a transaction of this size before, and on which side?
• Where do you think your involvement stops and an independent reviewer’s should start?
• What in our records would you want cleaned up before a buyer sees them?
• Do you have transaction tax capability in house, or should we bring someone in?

How to compare candidates

• This is not usually a competitive hire, so the real question is scoping rather than selection.
• A good accountant will tell you where they are not the right person. Treat that answer as a quality signal rather than a gap.

The mistake owners make

Asking them to do the quality of earnings review. Even done well it will not carry weight with a buyer or a lender, because independence is the product, and you will end up paying for the work twice.

What this is not

Not a quality of earnings provider, and not transaction tax counsel. Adjacent skills, different seats.

The Institute accepts no payment from any advisor, takes no fee tied to any transaction, and does not place or refer professionals for compensation. This entry describes a role, not a recommendation of any firm.