If you’ve been working with an accounting service for many months or even years, the thought of switching to another provider can fill you with dread, even if the relationship with your existing accountant is no longer fit-for-purpose. Will it be disruptive? Will it cost more? You may also feel a certain loyalty to them that discourages you from seeking a new accounting firm.
However, switching to a different accountant in Coral Gables could be a strategically sound move; businesses evolve, and as they do, so should their financial support. With the right accountant to support you, you could make improvements to cashflow, uncover new opportunities for saving on your taxes, and gain a clearer insight into your financials during the entire year.
Signs your accountant might not be the right fit
If communication with your accountant is limited to tax season, you don’t get timely responses to your questions, or there is no constructive advice being given or planning taking place, it could be time to reassess your options.
What can happen if you don’t switch?
From limited planning and missed deductions, to unclear financial reporting, staying with an accounting service that is falling short of what you expect from them could have a negative impact on cashflow and your growth in the long-term. You could even be at risk of costly compliance errors.
If you feel it might be time to switch accounting services, here are a few tips for doing it in a way that feels organized and progressive, without being overly stressful:
- Try to switch outside of peak tax season
Onboarding can be smoother during quieter periods of the year for accountants, such as outside of tax season, and switching once your tax return has been filed, can help simplify the process. However, if you feel you need to switch right away in order to protect your financials, you can do so at any time.
- Define the level of support you’re looking for
Think about the level of help you want with such things as bookkeeping and monthly reporting, planning, preparing and filing your business taxes, advisory support etc, and define your expectations for communication. Once an accounting service knows what you expect from them, the better they can meet all of your needs.
- Compile key documents
Most accounting firms will ask that you provide them with the previous year’s tax returns, credit card and bank statements, existing bookkeeping records, and if applicable, payroll and sales tax information.
How to switch accounting firms
Once you’ve carried out plenty of research and found an accounting service that seems to be capable of meeting your needs, you should have at least one consultation with them to decide, before going on to inform your current accounting provider. When doing so, be professional and clear, and you should find that they will furnish you with the information related to your financial records.
Once officially hired, your new accountant will take care of transferring records and system access, and maintaining clear lines of communication at this stage can help to expedite the process and avoid duplication.
All that’s left then, before work begins with your new tax accountant in Coral Gables, is to sign an engagement letter outlining their services and responsibilities and pricing.
With the right accountant to guide and support you, your business may begin to flourish in ways you couldn’t possibly have imagined. Stronger insight and planning will give you more confidence in your business finances, and before you know it, you’re ready to take on more staff and generate more revenue. By following the simple steps outlined above, you can give your business the accounting partner it deserves.