How to Know When to Change Your Accountant
Changing your accountant can be a stressful decision, but it’s important that you get it right. You want someone who will help you stay organized, help you understand your financials, and offer advice on how to improve your business. So how do you know when it’s time to make a change? Here are some tips that can help you make the right decision.
Find the best accountant for your business
Choosing an accountant for your business is an important decision. Accountants can save your business thousands of dollars in taxes. They can also help you avoid costly mistakes. You want to choose an accountant that you feel comfortable working with.
Accountants can work on your books, audit them, and create a blueprint for your future business. They can also set up an accounting system that will work for your company. You should find out the costs of their services before hiring them. You should also ask for references. This will give you the opportunity to contact the accountant’s past clients.
Your accountant should have the proper credentials. You should also have a background check to see if they have any regulatory complaints against them.
You should also meet with your accountant in person. This will allow you to see if they are a good fit for your company. The best accountants will also have experience working with small and medium businesses.
Notify your current accountant of your decision
Leaving an accountant is never a pleasant experience. Having said that, if you’re looking to change firms, a well-thought out plan can be the key to making the transition as smooth as possible.
First, find a new firm. You don’t want to leave your accountant’s office with a mountain of unfinished business. Make sure that your new firm has the resources and knowledge to deal with your existing accounts.
Second, notify your current accountant of your decision to change firms. Make sure you give them the right time to do the work. For example, if you’re moving across the country, it may make more sense to do the work at a time when you’re not active in the financial realm. You don’t want to be left with an unpaid bill, or worse, have to start all over again with an entirely new accountant.
The best time to make this transition is during a time of slow financial activity. The same holds true for transferring your accountant’s billing and payroll accounts.
Assign authority to your new accountant
Whether you have a personal tax return, company house issues, or partnership returns to file, you should assign authority to your new accountant. The new accountant is your first port of call with HMRC, so it is important to be sure they have all the information they need to file your returns. You can use the HMRC online authorisation service to assign authority to your new accountant.
Once you have assigned authority to your new accountant, they will begin filing your tax returns. This can include personal tax returns, partnership tax returns, limited company tax returns, or companies house issues. You will need to provide your new accountant with all of your accounting information, such as tax returns, copies of your accounts, tax records, and any other information you feel is relevant. You will also need to provide them with your passport and driving license to make sure they have access to your personal information.