Thinking About Changing Accountants? Here's What to Look For
Changing accountants can feel like a big decision. You may have been with your current accountant for a while, who already have your records and deal with your accounts and tax returns.
But if you're considering a change, you have a crucial question to answer beyond: “Who should I move to?”
“What do I actually want from my next accountant?” is just as important to ponder on.
It makes complete sense to find an accountant who is a better fit for your business and where you want to go next.
Don't think comparing fees is the end-all
Cost will obviously be part of the decision, but it shouldn't be the only thing you compare. Two accountants might offer very different levels of service for seemingly similar fees.
When speaking to a potential new accountant, ask exactly what is included and, crucially, what happens when you need advice outside of the standard accounts and tax work.
Such as:
Will you be able to speak to someone when you have a question?
Will they take the time to understand your business?
Will you receive useful information throughout the year?
Your business might look very different in a few years. The accountant you choose now should ideally be capable of supporting you as those circumstances change.
Find an accountant who understands your business
As well as covering your turnover, accounts and tax position, a good conversation should also be about what you're trying to achieve:
Are you looking to grow?
Are you taking on employees?
Are you planning to invest in the business?
Are you concerned about cash flow?
Are you thinking about selling or stepping away from the business eventually?
The answers to these questions give an accountant a much better understanding of where they can add value.
Think about the level of support you actually need
Some businesses may need their annual accounts and tax returns dealt with. Others need regular management information, bookkeeping, payroll, cash-flow forecasting or help with tax planning.
If your business has grown since you first appointed your current accountant, the level of support that worked five or ten years ago might not be enough today. Your accountant should be able to support you as your business changes.
Ask who you'll actually be dealing with
When you meet a new accountancy firm, find out who will actually look after your business:
Will you have a regular point of contact?
Can you speak to an experienced accountant when something important comes up?
How quickly can you expect a response?
You don't want to choose a firm, only to find that you're passed around a large team afterwards and struggle to get hold of anyone. The relationship with your accountants matters a great deal.
Look at their qualifications and experience
Accountancy is a professional service, so qualifications and experience are worth considering. If you're looking for a Chartered Accountant, check that the firm and the people advising you have the relevant professional qualifications and experience for the work you need.
Think beyond your immediate needs
Your business might look very different in a few years. The accountant you choose now should ideally be capable of supporting you as those circumstances change.
That could mean helping with:
Business growth
Cash-flow forecasting
Tax planning
Management information
Payroll and bookkeeping
Business restructuring
Succession planning
Buying or selling a business
You don't necessarily need all of these services today, but knowing they are available can save you from having to start looking for another adviser every time your circumstances change.
Looking for a new accountant? Contact Culverhouse & Co if changing accountants is on your mind
At Culverhouse & Co, we understand that changing accountants is an important decision, finding an accountant who understands your business and can provide the level of support you need.
We work with businesses on their accounts, tax and day-to-day financial requirements, while also helping owners look ahead with areas such as cash flow, profitability and tax planning.
And if you decide to move to us, we can handle much of the practical side of the transition.
There is no charge from us for changing from your current accountant to Culverhouse & Co, and we'll work with you to make the process as straightforward as possible.
Thinking about changing accountants? Naturally, you don't have to make a decision today - you can simply start with a conversation.
We'll listen to what you need, explain how we work and give you the information you need to decide whether we're the right fit for your business.
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