A new accreditation scheme, backed by senior people in the trade, is being launched next month to help licensees choose a reputable pub accountant.
The Association of Licensed Trade Accountants (ALTA) is being introduced to set standards in the industry and provide reassurance to pubs that they are dealing with accountants who understand the sector.
The new body has the backing of the BII (British Institute of Innkeeping), Punch Taverns and property agent Fleurets.
According to David Jones, managing director at DRJ Accountants and chair of the ALTA, it is intended to help licensees choose an accountant who has specialist knowledge of the sector.
"People have been failing in business for the wrong reasons," said Jones. "As the licensed trade is such a niche market, those accountants that are not experts in the trade are unable to offer specialist advice. So by accrediting members, it is hoped that the failure rates will drop.
"I know this isn't the case for everyone, because businesses can fail for other reasons, but I do think this is a major contributory factor."
The new association is subscription-based and requires pub accountants to pay an annual fee of between £48 and £120 for membership.
The accountants need to produce evidence of their client list, professional experience in the pub sector and provide two or more business references.
There are a range of membership levels depending on experience. Stocktakers, book-keepers, solicitors, finance brokers, surveyors and insolvency practitioners can also sign up at entry level.
The ALTA website will feature contact details for licensees to choose a suitable advisor.
Jones explained that this is the prime time to set up ALTA because HM Revenue & Customs is homing in on pubs, with proposals that small businesses be charged up to £3,000 for bad record keeping.
"HMRC said that it will be targeting 50,000 self-employed small businesses to make £600m in taxes, and the licensed trade makes up the majority of this," added Jones. "It'll be attacking people's records and there will be more taxes and fines."
Neil Robertson, chief executive of the BII, added: "We fully support this development as it is important to give licensees the confidence that the accountants in-volved are experienced in the trade."
There is a launch event at the Diglis House Hotel, in Worcester, on 13 May.