When you run a small or medium-sized business, your accountant plays an important role. In addition to helping you stay on top of your BAS and tax liabilities, your accountant should be able to help you create a plan to increase your profits and secure the future of your business.

If you don’t feel like your accountant is giving you the proper guidance to optimize your financial performance and financial position, you may want to consider changing your accountant. You can change accountants at any time during the exercise.

Why switch to another small business accountant?

Your accountant plays such an important role in your business and should work with you on the following:

• business forecast – To help you plan ahead and create budgets and cash flow forecasts
• earnings dissection – By examining your income streams, your accountant can identify where to focus to increase revenue
• Expense analysis – Break down the costs of running your business to see where you can potentially save money
• patrimonial advice – In which areas of the business should you spend money and how can you put your assets to work for you?
• liability analysis – What parts of your business are holding you back financially?
• Regular financial health checks – A good accountant will check in with you throughout the year, not just at tax time, to make sure you’re on a budget and on track to achieve your goals.
• Education – To allow you to clearly understand what is happening with your numbers
• future planning – You and your accountant should work to form a long-term strategy for the business, including selling the business or liquidating it so you can retire.

If your accountant isn’t covering the points in the table above, there are likely a number of areas where your business could improve financially. In this case, it’s a good idea to consider a new accountant.

Before looking for a new accountant, take the time to do some research. In addition to meeting the above criteria in terms of managing your finances on a daily basis, there are a few things to ask yourself about what you want from your accountant:

• communication requirements – Do you expect your accountant to answer your calls quickly?
• expertise – Are there areas of your business that you need your accountant to focus on?
• reliability – Will your new accountant meet deadlines for deliverables?
• Technology – Does your accountant use software that will easily integrate with your systems?
• Values – What are the counter values? Are they aligned with yours?

How to change your small business accountant

Before switching to a new provider, you’ll ideally want to tie up all your loose ends with your current accountant.

Please select your new accountant before proceeding as they will need to contact your old accountant.

From there, it is time to break the news. You may choose to call your current accountant and explain that you are moving. If they are professionals, they will say goodbye to you on good terms and wish you all the best.

It is your new accountant’s responsibility to contact your old accountant to request a transfer of your financial information. In Australia, it is good ethical practice for your former accountant to comply and hand over the information.

Once your new accountant has your numbers and financial statements, make an appointment for both of you to review your business. Now is the time to explain your trouble spots. Talk about your business and personal goals so your accountant has a clear idea of ​​what you’re looking for.

Starting a relationship with a new small business accountant can seem daunting, especially if you know your finances aren’t in the best shape. However, there is no better time than the present to get on the right path and prepare for financial success in the future.