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.