The decision to change accountants can be a difficult one. Especially if you have had a long-term relationship with your current accountant. You need to ask yourself if, after all these years, are they still providing the service that you require and expect. As your business has evolved, have they kept up the pace? Do they support you with the potentially stressful matters related to auditing, payroll, business advice and tax compliance?

In this article, I will give you some ideas to help you making the right decision.

When and Why Should You Change Your Accountant?

Here are the possible signs you should look out for to determine is a change to your accountant needs to be considered:

1. Strained Relationship with Your Current Accountant

Is your accountant getting back to you with answers to your queries in a prompt manner? Can you call them at a time that suits you? If not, it may be a good time to start looking for a more suitable accountant who will meet your needs. It can be hectic during busy periods, but you shouldn’t be left unanswered for days or even weeks. The lack of communication is usually indicative of how valuable you are as a client.

2. Changes to Your Own Business

As your business grows, sometimes it is worth revisiting whether your current structure is still beneficial and relevant to your circumstances. If you haven’t had the discussion recently, it could be time to change your accountant. This situation could arise if you started as a sole trader but are now employing others, or have grown your personal wealth and assets etc. Has your accountant kept up to date with the changes in your circumstances? If not, it may be time to switch as your accounts may be getting too complex for your current accountant.

3. Your Current Accountant is Confusing

Your accountant could be going through some changes of their own such as retiring or moving away. Are they getting too big? Which means you become less important to them? If this situation occurs, you may want to  start looking for a new accountant.

3. Your Current Accountant is Confusing

As overheads and other costs increase, it is usually for accounting fees to also go up. However, if your business and circumstances have not changed dramatically, your fees should not increase too drastically from one year to another. If they are increasing quite significantly, it could be a sign to start comparing prices and services.

How Do You Change Your Accountant?

Changing your accountant is a simple process. And usually you don’t have to lift a finger:

1. 1. Shop around. Find an accountant who fits your needs. Has the experience and expertise to take care of your business.
   2. After you agree to the terms of service, your new accountant will draft a professional clearance which is a courtesy between accountants to inform them of your change.
   3. Your new accountant will then arrange for the transfer of files and documents.

I hope this article will help you to decide if you should change accountants.

If you have any questions feel free to email us at admin@privatewealthaccountants.com.au or call us at (03) 9973 5905. We are here to help.