Changing Accountants Is Easy Peasy!
Updated: 6 days ago
Are you fed up with your accountant?
Your accountant should be an investment that provides you with value for money;
Your requirements change as your business develops and grows, and your accountant should keep up;
An accountant should be approachable, friendly and proactive - but also firm when it's needed;
Some accountants are just very boring and set in their ways - you'll never change that but you can change them.
Research by Xero found that 70% of businesses surveyed would not recommend their accountant and 34% went as far as to tell people to avoid their accountant.
The top mistakes identified included:
Rarely providing support
Limited industry knowledge
Making them feel like a low priority
Being behind on technology
Not providing enough value
All too often, businesses stay with an accountant that they have outgrown in the mistaken belief that changing to a new accountant will be difficult, disruptive and potentially costly. This is a myth perpetuated by accountants that don't want you to go.
If you're not happy then it's time for you to escape.
Changing accountants is easy!
Find a new accountant
Tell your old accountant
Leave your new accountant so sort everything out for you.
Switching accountants can be done with no effort or fuss
All you need to do is find a new accountant that you feel happy with and tell the old accountant to sling their hook. Your new accountant will take care of everything else for you.
Firstly, they will request professional clearance from your old accountant. This to make sure that there are no reasons for them to not accept the engagement (e.g. outstanding fees with the old accountant). Your new accountant will also ask the old accountant for information, like last year’s accounts, returns and computations.
If your old accountant is Chartered, Certified or Accredited under a professional qualification, they are required by their regulatory body to cooperate with these requests within a reasonable timeframe unless there are exceptional circumstances.
The professional bodies oblige the documents to be provided without charge. However, in some instances you might find that your old accountant will charge a small fee for compiling the paperwork. This fee should be small to reflect the small effort involved.
Things that your new accountant will need to do
Your new accountant, if they are licensed*, will have to check your identity - this is an anti-money laundering requirement. They will provide you with a letter of engagement outlining the expectations and requirements of both of you, a copy of their terms and conditions and an outline of the fees. They will also get you to sign a form that gives them authorisation to deal with HMRC on your behalf (or you will be asked to do this authorisation online via the Government Gateway system).
Once this is done and all the information has been received from the old accountant, your new accountant can start work and you can relax.
*highly recommended as unlicensed accountants is not regulated and ha no requirement to hold a qualification or keep their skills up to date.
"I'm passionate about helping businesses to improve and grow"
Rebecca Webster, Electric Accountancy founder
Want to see if Electric Accountancy can help you?
Let’s have a friendly chat to see if we’re a good fit 😃
You can either take your chances and call me on: 01526 354 764
or you can book a call at a time that suits us both: Book a call
Why don't you connect with me on LinkedIn?
©2021 Electric Accountancy