• February

    20

    2020
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Why (and How to) Change your Accountant

Why (and How to) Change your Accountant

You may want a new accountant to handle your business for numerous reasons. Here are some of the most common ones:

They Do Not Understand the Needs of Your Business

An accountant will be unable to perform optimally if they don’t understand everything about your business and the sector you operate in. Without this knowledge, it will be difficult to plan for the growth of your business. If you continually observe that your accountant is clueless on matters involving your enterprise, then you need to get another one.

Bad Communication Skills

Some accountants find it difficult to return calls or reply to emails on time. Some are even late or completely miss important business meetings without prior notification. If you find yourself working with such a person, we recommend changing your accountant. The accountant in charge of your business must be easy to reach and communicate with.

Not Getting Value for Money Spent

The quality of the accounting services you receive should be proportional to the amount you paid. Check and compare what your accountant is charging you to what others are charging for the same service. If you find out you’re significantly overcharged, it may be time for a change.

Late/Improper Filing of Tax Returns and Other Obligations

Penalties can be imposed on businesses that file their taxes late or improperly. Your accountant should adequately prepare for this ahead of time to avoid errors and sanctions.

Things to Do Before Changing

Before you make such a vital switch, here are a few steps to take.

Go Through the Engagement 

Check the terms of engagement with your current accountant before deciding to part ways. This is important to ensure you handle the situation by the book and prevent future problems from arising.

Prepare for a Software Change

If you made use of accounting software, check to make sure it can be migrated easily without any issues.

Resolve All Outstanding Issues

Before handing over, take care of all pending transactions, including unpaid bills. This prevents potential disputes.

Choose the Right Time

Decide on an appropriate time to make the handover. It should ideally be during a period of little activity so it affects the business the least.

Steps to Take to Change Your Accountant

Notify Your Present Accountant

The first thing to do is to tell your current accountant about your intention. Try to make sure you end things on good terms so the process can go smoothly and quickly. This should also facilitate correspondence between your previous and new accountants for any handing over.

Assigning Authority

This will give your new accountant clearance to handle all of your tax affairs and file returns for you.

At Reed & Co. are some of the best in the business. We will ensure that the transition of accountants goes as smoothly as possible. Contact us today.

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