There are a few reasons to switch accountants.
You may not feel like you have the right ‘fit’ and that your accountant isn’t meeting your needs. It could be that your accountant doesn’t really have time for you, or you may have relocated to somewhere like the Gold Coast and decided to work with somebody local.
Whatever the reason, you need to choose carefully and follow the right steps for a smooth transition to a new provider.
We have pulled together a few pointers to help you out:
Choosing a new accountant
Ask for referrals
If you have recently moved and want to work with someone local, your existing accountant may have someone they can recommend. Otherwise, ask around. Speak to friends or other business owners to find out who they use and why.
Do your research
Once you have a preliminary list of accountants in the area, take some time to look them up. Check for testimonials and Google reviews.
Find an industry specialist
If you need a business accountant, it is always helpful to work with someone who has experience in your industry. They will be aware of the challenges you face and be able to share specific information about minimising your tax expenses.
Ask for quotes
Is a flat rate or an hourly billing model better for you? Speak with your accountant about how they charge as well as what the costs will be. Remember that investing a few thousand dollars per year with a good accountant will save you hours of time and potentially a great deal of money.
Do a background check
You need to make sure your new accountant is qualified and registered. All accountants must be registered as a Chartered Accountant, Certified Practising Accountant or with the Institute of Public Accountants.
Get to know them
You will be working with your accountant on a regular basis. Schedule an appointment to sit down and have a chat with prospective new accountants to see if you are comfortable working with them. You don’t need to become best friends but you should feel confident with their communication skills and find them pleasant to be around.
Find out how they will help your company grow
Talk to your new accountant about the future of your business. Quality accountants will be there to take your business forward, not simply handle your tax requirements a few times a year.
How to switch accountants
Making the switch to a new accountant shouldn’t be stressful. Once you have done the work and chosen the accountant who suits you best, follow these easy steps:
- Write a letter to your previous accountant so that you both have a record of your decision. This letter will advise them that you’re changing accountants. If you’re on good terms, you can also give them a call to let them know you are switching to a new provider.
- Ask for copies of all your financial records. This will include prior tax returns, any financial statements, and entity documentation.
- Arrange to have your ASIC and ATO records transferred electronically (your new accountant can help with this).
*Please note at Crest Accountants we will send an ethical letter to your previous accountant to inform them that you are changing accountants and will request all copies of all your financial records.
Legally, unless you are under contract, you aren’t required to talk to your old accountant before you move on from them. You aren’t even required to give them any notice. Of course, if you have been working with them for some time, it may be polite to let them know. If they have a successful business, there shouldn’t be any hard feelings.
Once you have nominated a new accountant, they may even be able to take over quite early in the process and gather documents on your behalf. Ask them how they can help make the transition easier for you.
Need to switch to a Gold Coast accountant? Reach out to Crest Accountants today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
