When it’s time to switch accountants

Starting a new company venture comes with its own set of hurdles, and you shouldn't have to tackle them alone as an entrepreneur. Hiring the proper personnel, particularly an accountant, will allow you to focus on what you enjoy while the specialists steer you in the correct way.

If you currently have an accountant and don't feel like you're getting the level of care and assistance you need, it's time to find someone who can meet your business demands.

How can accountants help my business?
When your company reaches a certain size, it's a good idea to employ a professional to handle the accounting so you can focus on operating the business. A smart accountant, on the other hand, may do far more than merely free up your time.

Businesses that engage skilled accountants frequently get a variety of additional services as well, which may help them save money, minimise risk, comply with regulations, manage growth, and plan for the future. Because the majority of your major decisions as a business owner will have a financial component, it makes sense to consult with your accountant first.

Head to our blog post on, “Choosing the right accountant”, where we discuss the importance of accountants and how choosing a suitable candidate can yield great results for your business. 

When and why should I switch accountants?
As previously said, if you believe your present accountant is no longer adding value to your company, it is strongly advised that you locate a new one to work with. Here are a few indicators that it's time to change your accountant.

  • Overcharging your business for basic advice 
Your business will remain compliant with official rules and regulations if you hire a competent accounting agency. The accountant will ensure that you are paying the correct amount of taxes, uncover tax breaks to help you save money, and provide you with basic guidance. 

If your accountant costs you every time you ask a simple or fundamental question, it's evident that it's time to change accountants. Instead of charging extra for fundamental labour that should be included in their service, your accountant should assist you in retaining maximum earnings and saving you money.

  • Overly expensive prices
At the start-up stage, not every firm can afford a costly accountant. Hiring one should not be prohibitively expensive. If you think you are overpaying your accountant and not receiving adequate services in return, it is time to take action. 

Many accounting companies provide fixed package pricing that includes all of the services you'll need for your company in one monthly payment. Some accounting companies allow you to customise packages by adding or removing any services you want.

  • Frequent visits with your accountant
If you need to see your accountant to get things going or if you have to go to their office on a regular basis, you might consider switching accountants. Small company owners cannot afford to schedule an appointment and set aside time to meet their accountants on a regular basis.

As a small company owner, you need to focus on your business, which is why it's best to switch to an online accountant, who can offer you a variety of services without the need to schedule meetings, saving you time and money.

  • The accountant has not demonstrated efforts to improve communication
In every part of business, communication is crucial. It is critical for any business to have clear and precise communication. 

In your relationship with your accountant, the same standards apply. If your accountant fails to communicate with you or fails to clarify crucial terms, you should consider changing accountants. Communication is a major problem that many business owners face. 

A professional accountant should be able to explain not only deadlines and what information they need to complete your compliance obligations, but also what critical financial data means and how you can utilise it to build your business.

  • Your accountant fails to add further value to your business
Your accountant may be an expert at handling the financial aspect of your organisation. Accountants, on the other hand, may perform more than simply bookkeeping, tax filing, and verifying your company's compliance. Budget forecasting, financing guidance, cash flow management, financial dashboards, and much more are all things that a good accountant can assist you with. 

If you believe your accountant is not giving you the kind of service you want, you might discuss acquiring advice services with them. However, if they are unable to provide you with the services you require, it is time to change accountants.

Persona Finance strives to provide value to your company since we understand the difficulties and obstacles that come with running a business, especially in these uncertain times. We are committed to assisting your business by handling your tax obligations and providing the most basic accounting services.

For more information on our services, please contact Persona Finance at [].