How to change accountants: everything you need to know
Are you thinking about changing accountants? The process can seem confusing and frustrating, but it doesn’t have to be. Keep reading for some tips and tricks to make the process of changing your accountant as straightforward as possible.
Can I change my accountant?
The simple answer is yes. The important thing is making sure you follow the correct steps to make sure everything transitions smoothly and easily.
When is the best time to change accountant?
You can change accountant any time you like, however it may make sense to wait until the end of the financial year, or until a point in your business when you have no outstanding invoices to pay your existing accountant. This is the safest and most efficient way of avoiding any complications.
How to change accountants
When you’re planning to change accountants, the first step is communication – speak to your current accountant about the reasons you want to move on. If the issue is service related, you may be able to reassess how best to move forward together. If it’s cost related, it can be worth raising the topic with your current adviser to find out if there are any solutions before searching for someone willing to do the work at a lower cost.
Once you’ve made the decision to change accountants, it’s important to find a new accountant you want to work with before moving on from your old one. Take a look at our services page to find out how we could help you.
After finding your new accountant, it’s good practice to let your current accountant know that you are moving on. Find out if there is extra work that needs to be done before leaving and where you stand with regards to your fees. Make sure to keep your current accountant informed of your decision, as this will result in a friendly, professional end to your working relationship.
Keep a note of the services you still need from your old accountant and when these would be taken on by your new adviser. For example, it may make sense for your current adviser to finish off a VAT return if they have done all the bookkeeping for the period before you transition all your services to your new adviser.
In the early stages of working with your new accountant, they will be dealing with a bit of a learning curve while they get to know you and your business. Be prepared for some questions about what things are and why you do things the way you do. Keeping your old accountant up to date during the leaving process is also important, as it will enable your new accountant to contact them to ask for professional clearance and request copies of relevant documents like recent accounts or tax returns.
From then on it should simply be a case of working with your new accountant as normal. Anything they require from your old adviser can be resolved between them, and you shouldn’t be required to give much input.
Thinking about finding a new accountant? Get in touch to see how we can help you and your business.