Switching Accountants – Is it the right time?
If you are thinking about changing accountants, these are the signs which will support your decision
Startup owners encounter numerous challenges at the very beginning of starting their business and are prone to suffer from losses and dire consequences as compared to medium or large businesses. Therefore, it’s very important to hire an expert to guide you in the right direction
A startup accountant can help startups design and implement effective strategies, introduce cost-cutting methods, ensure quality financial reporting and provide expert advice that is going to help startups deal with complications at various stages of business growth and guide them towards the right path
However, if you already have a startup accountant on board and if you feel that you are not being provided with the quality services and support promised, then it is time to switch your accountant to someone who can cater to your needs.
Below are the 5 signs you should look out for which will flag that its time to switch your accountant.
1. Your accountant is charging you extra for basic advice and guidance
A professional accountant on-board ensures that your business stays compliant with official laws and regulations, you are paying the right amount of taxes, identifies tax reliefs and saves you money by providing daily basic advice. However, if your accountant slips in an invoice every time you ask simple basic questions, it is a clear indication that you should switch your accountant. Your accountant should help you retain maximum profits and save you extra money, instead of charging extra on any basic work that should be within their service.
By hiring Clear House Accountants, you will get unlimited basic accountancy support required to pass your business through the various stages of business growth and you won’t be charged any extra for the basic services required to stay compliant.
2. You are paying over the odds
Not every business can afford an accountant at the startup stage, however, that doesn’t necessarily mean that accountants are very expensive to hire. Hiring one should not cost you a fortune and if you feel like you are overpaying your accountant and not getting enough services in return, then it’s time to make some serious decisions.
Lookout for accountants, tax accountants or accounting firms who are ready to offer you multiple services in form of packages, and will let you choose one at an ideal monthly rate, so that you don’t need to pay for any service that you don’t require.
3. You have to take out time to visit your accountant
Booking an appointment and taking out time to visit your accountant on a regular basis is not feasible for small business owners, as the daily visits add up extra transport costs especially if your accountant is situated at a distant location. You also need to focus primarily on your business growth strategies, for this purpose, it’s better to switch to an online accountant who will provide you multiple services anytime you want and without the need of making arrangements for a meeting every day, saving you a tremendous amount of time and money.
4. Your accountant does not put any effort to improve communication
The realm of accounting consists of endless complicated and confusing concepts and terminologies. It is normal for someone from a non-accounting background to get easily frustrated in understanding these terminologies.
Many individuals and businesses claim that the most repetitive issue they face is not understanding what their accountant is trying to communicate.
If your accountant is not putting any effort in helping you understand your business financials to make better business decisions, then its time to switch.
5. Your accountant is not excited about your business
Your accountant should be a business partner who provides insight and expertise on ways through which you can increase your business’s profitability and visibility. To ensure you get the required feedback from your accountant, you must have a relationship of trust and respect with your accountant.
If you speak to your accountant once every few years, then it’s impossible to build a useful relationship. You should speak to your accountant frequently, however, if you feel your accountant does not express much interest in your business’s goals and future prospects, it’s time to change your accountant.
You need to find someone who is easily approachable and is interested in your business growth and prospects as much as you are.
6. Your accountant is not adding enough value
Your accountant might be extremely proficient in managing the accounting side of your business and might be performing well. But accountants can do more than just mere bookkeeping, filing tax returns and ensuring your business’s compliance, in fact, there are a lot of other additional services they can provide.
If you feel your accountant is not providing you with the desired level of services, you can request them to put in some extra effort in exchange for additional monetary benefits, but if they are unwilling or unable to do so, then its time to switch.
If you think after reading the above article that its time to switch your accountant, then click here.
Clear House Accountants are specialist Accountants in London who have built tools, processes and teams of accountants who will help you create smart solutions for your business to help you grow faster, save tax and improve cash flow.