Maybe you have been considering changing your accountant for some time. But each time you border on the thought of actually going through with it, it seems like too much hassle. Largely, because you don’t know what’s involved and what processes you need to follow to make it happen.
Then you might oscillate between should I/shouldn’t I: casting your mind back to all those times you had a question or request and had to wait for countless days or weeks to get a response from your existing accountant. Or had to chase up because it’s taken months for them to do your accounts. Or it doesn’t seem like they are ever proactive about helping you. Or you get to speak or communicate to your accountant so seldom, you barely remember their name.
You know that really, it’s something you would like to do. Some day. When you can wrap your head around what needs to be done.
But really, there’s no need to be stressed about it or worse still, let your personal or business finances suffer in the meantime.
Because what you can and should expect from your accountant is that they:
- work as though in partnership with you and your business,
- should understand all aspects of (and changes to) tax law, devising all legal strategies to minimise your tax,
- manage your financial statements and tax and ensure you understand these by explaining them in non-technical jargon,
- advise you on the financial ramifications of business ideas you have, always helping maximise the financial health of your business,
- help you select the latest accounting software to manage the financial processes of your business, making it convenient and time-saving for you, e.g. using cloud accounting and apps,
- are responsive and available to you whenever you need them.
Far easier than you thought, far faster than you thought.
The good news is it can be easy to arrange the whole switch in less than your lunch hour. And give you enough time to finish eating your sandwich. Once you know how easily and quickly it can be done, you will wonder why you procrastinated for so long and wish you would have done it sooner.
Switching Accountants: The easy steps to get it done.
- Do research to find your new accountant. Think about the frustrations you have encountered with your present accountant, and put together a quick list of what you are looking for in your new accountant. The above mentioned bullet-point list of things you should expect can be a guide. Once you find a new accountant you are interested in switching to, contact them for a quick. Ensure you feel comfortable with them, their service and pricing. If you’re happy to switch over to them, let them know of your intentions.
A note about timing:
If your current accountant is actively working on a specific project you have recently tasked them to do—such as completing your tax return—it may be advisable to wait until this is finished before proceeding with the change.
- Advise your current accountant about the change. At this point, as a courtesy, send a letter to your current accountant, advising you wish to end their service and switch to your new accountant.
- The new accountant contacts your current accountant, requesting your financial documentation via a letter of ‘ethical clearance’ in reply to which your current accountant sends all relevant information. This transfer of information is done according to CPA Australia’s ethical practice standards.
And contrary to what you may think, you don’t have to wait until the end of the financial year to switch accountants. Nor do you need to wait until the new year to make your longed-for resolution a reality. Just shave off some time during your next lunch hour, and the task of switching accountants is done.
Once you experience the difference of working with a proactive, responsive and progressive accounting service like Ignite Accounting, you will be glad you finally made the switch. And your business will be all the better for it.
Contact us today for a free confidential chat on (07) 3808 5144.