Numerous small businesses today work closely with a bookkeeper or accountant, and if you are one of them, then you know exactly how important their job is. But the sad fact is that not many of these small businesses would actually recommend their bookkeeper or accountant to other customers, and even more are thinking of changing their accountants to go with their business’ growth. One common complaint of business owners when it comes to accountants is that they don't understand the challenges their business is facing, and yet another complaint is that accountants cannot provide them with up-to-date technology. If you are thinking of relying on a new accountant for your small business, here are the top factors you should remember.
When To Know If You Should Change Accountants
It’s normal if you are hesitant about changing your accountant, and you want to be sure about your decision. But there are some clear warning signals that you should change your accountant as well. For instance, if your current accountant is no longer able to answer specific questions, it may be time to consider a replacement. If your accountant cannot give you clear and concise answers or they don’t seem to know much about a specific topic, you may be better off with another one as well.
The Top Factors To Remember When Changing Your Accountant
Set Up That Initial Meeting
You should make it a point to set up an initial meeting with your prospective accountant; this way, you can meet them face to face and listen closely to how they can help you and what they have to say. Initial consultations will often be free, so take advantage of this. It may be a wise idea for you to select an accountant who is situated near you or your business as you may have to meet regularly to exchange paperwork and discuss various concerns. Remember that the accountant-client relationship is also highly confidential, as you are giving them important information about your business, so consider somebody with whom you can see yourself working. If you have the initial meeting and you can say that you are comfortable with the accountant, this is a good sign. You need to have confidence in your accountant and know that you can have a good and proper working relationship.
Consider The Taxation Process And Cycle
Here’s one piece of advice which can make the process of transitioning from one accountant to another easier for you: try to do it at the end of your tax year, as recommended by the expert accountants in central London from Griffin Stone Moscrop & Co. If you tell your new accountant to prepare your tax return, you will, of course, be billed for it, and this new accountant may put a lien on your paperwork if their bill isn’t paid. It’s best to stick with your existing accountant until the tax year ends so you can avoid a double charge when it comes to accountancy services.
Don’t Forget Important Documents
When you have already chosen a new accountant, they will, under law, be carrying out an anti-money laundering assessment or check on your business and you. This means you have to show them the proper identification, which can include a photo ID and a utility bill (make sure it’s recent) as proof of your address. You should also provide them with other documents proving or showing your date of birth, your UTR tax code and tax reference, your NI number, your company number, and your Companies House authentication code. Don’t forget to authorise your new accountant to handle your HMRC concerns and responsibilities as well; you can do this through a new form (the 64-8 form).
