A good accountant is worth their weight in gold. But what if you’re not happy with your current one? It’s understandable that some business owners don’t want to go through the hassle of switching accountants, but it can be a huge mistake in the long run. If you’re unhappy with your current level of service, here are 4 steps to take to switch accountants.
Find an Accountant That You Like
To switch accountants, to one that will make a far more positive impact on your business, you first need to find one that you like and who will satisfy your needs. To help you in your search, think about why you want to change accountant in the first place.
- Are you unhappy with the level of service?
- Is your accountant not being proactive enough?
- Have you outgrown your accountant (i.e. they don’t understand or can’t offer all of the services you need)?
- Have they outgrown you (i.e. you never speak to the same person)?
- Do you want more communication and availability?
- Are you questioning whether you’re getting value for money?
Whatever your reasons for wanting to change, keep these front of mind in your search. When comparing accountants, make sure that they provide all the specialist services you require, that they understand your goals and needs, and that their client testimonials back this up.
Inform Your Current Accountant
Once you have found someone more suited to your business and needs, you need to notify your current accountant that you will be leaving. Before you inform them, read through your original letter of engagement to check if there is a notice period before leaving. Once you know this, you can then notify them that you will be leaving and that your new accountant will be in touch to request clearance and organise the transfer of key documents.
This is all you have to do on your end. Once you’ve notified them, your new accountant will send a letter of professional clearance and take care of all the formalities of disengaging with minimal input needed from yourself.
Register With Your New Accountant
You’ve done this part before and it’s exactly the same. As with any new accountant, at the beginning of a new relationship, a letter of engagement will be drawn up. Here, the expectations of each party will be outlined together with stipulated fees and the level of service.
Once this has been signed and returned, your accountant will then request authorisation from HMRC to act on your behalf.
Monitor Your Ongoing Relationship
You’ve just taken an important step for the sake of your business and financial future, so make sure to monitor the performance and progress of your new arrangement regularly.
The best relationships are based on communication and trust, so keep in contact with your accountant frequently. Ask questions if you have any concerns or queries and make sure to communicate your goals to them. A great accountant will be proactive in helping you achieve these.
Don’t let fear or effort hold you back!
Hopefully, now you can see that switching accountants really isn’t that hard. Yes, it takes some effort on your part, but it can pay you dividends if you find the right accountant for you and your business.
If you’re unhappy with your level of service or you feel like you’re not getting value for your money with your current accountant, don’t do nothing. You could do so much more with your finances and the future of your business if you just have the right person to support you.