Search Your Query Here

Signs It is Time to Switch Accountancy Firm

Having the right accountancy firm is the first step to success in any business. An accountant is an essential pillar of any business, and they have the capability to steer your business to greater heights. They have a role in keeping you compliant, feeling assured and maximising on profits. However, sometimes things may change and feel like the relationship is not rewarding as you would expect it to be. Therefore, there may be a need to find an alternative accountancy firm.

Signs It is Time to Switch Accountancy Firm

Here are key signs that would point out to you, to switch to a new accountancy firm.

Failing to advise – This should be the first indicator that you need to change your accountancy firm. Your accountancy firm has the responsibility to handle taxation, business acquisition, accounting systems and procedures auditing and litigation. But once you feel they are not providing comprehensive advice on all critical areas then you are at liberty of firing them. They have a duty to advise you, not only to tax returns. It is also recommendable you do away with an accountancy that charges for giving you advice. You should not pay for answers and advises.

Unanswered calls – When there is a hitch in communication especially unreplied emails, calls or other forms of communication; this might be a pointer to bad things to come. In such a case, you will need to move with speed to save your business from such an accountancy firm.

Unavailability – When your accountant develops a routine of not being available at the office, then you have a reason to be alarmed. They might be somewhere attending to other clients. This simply means they are not taking your business seriously. It's now time you switch to a more committed firm that will offer time to your business.

Fails to discuss financial reports with you – As the owner or the manager of the business, you have the right get every detail of your financial report. If your finance expert doesn't create time to take you through the plans, this is a clear indicator that they are not of good service to you. Failing to understand the reports simply means you cannot have confidence in the accounting systems and procedures.

The firm doesn't understand the purpose of your company – If you have to explain what your business deals with to your accounting personnel every time you approach them for a service; it means you are too small or very complicated for them. This might also mean they are ignoring your business. It's recommendable to have an accounting firm that finds time to understand your business in detail.

Lacks relevant experience – The accounting firm will be handling finances for you; don't risk being the accountancy firms' largest client. In this regard, they will be learning through managing your business. Don't allow a firm to learn the job doing your taxes. Go for firms with proficient experience with businesses of the same size.

They fail to charge a fixed fee – Those who do not charge a fixed fee, mostly tend to charge a high unreasonable accountancy bill at the end of the year. This could be a great pull back to your business and may seem unsustainable leading to massive losses. Be careful on how your accounting firm does the billing.

Fails to offer a guarantee – When a firm is ready to offer a guarantee, it means they are confident. If your accounting consultant does not offer such guarantee means they are dishonest or untrustworthy.

The above-outlined criteria are some of the warning signs that you need to switch your accountancy firm. Be on the lookout. Have these insights at the fingertips and cross check them when working with your accountancy. Implementing them will save you a whole lot of trouble and losses.