Accountant

Switching Accountant? When Is the Right Time to Change Accountants?

When Is the Right Time to Change Accountants?

It is self-evident how important a role an accountant plays in the daily and effective running of a business. A good accountant not only helps with your savings but also ensures that you and your company realise all the necessary and applicable tax benefits.

In addition to that, they carry out and take care of a number of complicated tasks such as payroll, HMRC, bookkeeping, tax, auditing as well as other vital accountancy services. That said, this business, like any other, is constantly evolving and in order to stay ahead of the competition, it is essential to ensure that your accountant is providing premium services for your welfare.

When Is the Right Time to Switch Accountants?

There are a number of events that can help you decide if it is time to change your accountant.

1. If You Are Changing Your Business

It is obvious that changing a business can also require you to change your account vis-à-vis find one who understands the nature of your new business better. In addition to that, if you are switching to an LLP or a limited company instead of working in the capacity of a sole trader, you will need all the help you can get in terms of expertise and know-how of the industry. This might be the right time for you to change your accountant.

2. If You Do Not Have the Best Relationship with Your Current Account

In case you have been experiencing friction or hostility with your current accountant, you might want to get out of it while you are still unscathed. One of the most crucial aspects of having an accountant is to be able to work in cohesion to resolve problems and make the most out of the collaboration. That said, if that is not the case, you might be better off looking for an accountant who better meets your requirements and with whom you can have an amicable working relationship.

3. If Your Accountant Has Retired

There can be N number of reasons why your accountant might quit. Maybe he/she is retiring or has decided to travel the world or is simply moving away. In any case, you might be required to look for a suitable replacement who understands your needs well as it will obviously leave you sans an accountant.

In addition to these aspects that indicate when to change your accountant, there are a number of attractive benefits you can reap by making this crucial switch.

Why Change Your Accountant?

Although loyalty is a fierce and strong value to possess, it might stand you in good stead to consider replacing your accountant every few years to ensure he/she stays competitive and at par with the latest accountancy services. That said, here are some compelling reasons to change your accountant:

Cloud Accountancy

In the present times, there is countless cutting-edge cloud accountancy software that helps accountants with delivering quicker and more accurate accountancy solutions to clients. Therefore, having one such accountant in your corner can go a long way to stay on top of your game at work.

Fees

It is a good idea to check the market rate if you think your accountant is charging you exorbitant amounts of money each month. You can go online and compare accounting packages or just ask around to see if you need a reasonable replacement.

Services

Nothing beats value-added services and an accountant who is willing to go above and beyond the call of duty to ensure your business prospers and grows. Therefore, if you do not think that nuances can be found in your current accountant, you might want to look for someone who is more proactive and efficient.

Experience

Experience also plays a major role in making an informed decision. You must check if your current accountant is following all the up-to-date and latest accountancy solutions to drive your business to the zenith of success. If not, look for somebody who can better contribute to the financial health of your business.

Fresh Outlook

A fresh outlook and a new perspective are always a boon for a business to prevent it from going stagnant. You might want to check out new accountancy firms to see if you can get more value for money and better services than what you receive now.

Final Words

And there you go! These are some pretty convincing reasons for you to decide on a transformation in your business where your financial activities are concerned. If you are finally ready to make the switch, get in touch with DNS Accountants for optimum accountancy solutions!

About the Author:

Sumit Agarwal
, A specialist accountant and tax adviser for freelancers, contractors and small businesses since 2005, He is an expert in business growth and development strategies. A renowned tax expert for owner managed businesses and contractors, He won the British Business Forum’s Young Entrepreneur Award in September 2012, presented at the House of Commons by MP Vrinder Sharma.