Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

We’ve already told you how to tell when you need an accountant but do you know when it’s time to swap for a new one? If you’re a business owner or a sole trader who is currently outsourcing accounts to an accountant and you’re beginning to doubt the impact they’re having on the success of your business, it might time to rethink your recruitment.

If you can identify with any of the issues below, you may need to think about transitioning to a new accountant…

You’re running into trouble with HMRC

Being on HMRC’s radar is never a good sign. If your accountant is missing deadlines, filling in forms incorrectly or accidentally omitting important information, it’s time you traded them in for a new one. Mistakes like these – even if they are honest accidents – can land you in serious trouble with HMRC and potentially leave you with fines that could cripple your business.

You find yourself correcting mistakes regularly

If you’re aware that mistakes are being made with your finances and you find yourself correcting them regularly, it’s a sure sign that you’re not working with the right accountant.

The nature of accountancy means precision is obligatory so you can’t afford to leave your books with somebody who isn’t meticulous or thorough enough. Nor can you afford to waste valuable time and energy doing the work you’re paying somebody else to do.

Your business has simply outgrown their skill set

Your existing accountant doesn’t have to be making mistakes or causing HMRC to raise a critical eyebrow for you to consider parting ways – perhaps your business has just experienced accelerated growth which their skill set can no longer cater for. It’s perfectly acceptable to terminate your contract amicably and employ the skills of someone with more extensive experience.

They aren’t finding adequate time for you

If you’re already working with a reputable accountant who is hot on the heels of HMRC, thorough with your tax returns and faultless in ensuring you remain compliant, the chances are they’re skilled at what they do. This means they might have an ever-expanding client base that eventually means they can’t quite dedicate a sufficient amount of time to you.

Taxes can be complicated, confusing and extremely time consuming so you need to be working with an accountant who can allocate an appropriate level of concentration to your business.

You’re not getting good ROI

If you’re finding that your return on investment just isn’t tallying up with the finances you’re pumping into employing your existing account, it’s time to reconsider their position within your business plan. The right accountant will give you good value for your money and not leave you feeling out of pocket.

If you’re thinking about changing your accountant and want to inquire our expert services, send an email to info@theaccountancy.co.uk or give us a call on 020 3355 4047. Better still, get a free no-obligation quote and one of our trained accountants will be in touch.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.