Changing accountants is a weighty decision, there are lots of factors you will need to take into consideration and much like any decision around your finances, it’s important never to rush into this decision.
Whether you have outgrown your current accountant, they are retiring or you may simply be seeking a fresh start, finding the right financial partner is crucial for your future financial success.
Why Transitioning Matters?
Changing accountants provides an opportunity to reassess your financial needs. A new accountant can bring fresh perspectives, updated knowledge, and a tailored approach to your specific situation. It also provides the perfect opportunity to give your business or your circumstances a financial health check.
Identify Your Needs
1. Access your current situation – Before appointing a new accountant, take a moment to evaluate your current financial situation.
How do you believe you are going financially, could things be better? Are you looking at any major life events in the next few years such as starting a family, starting a business, or retiring?
What are the accounting services you value most? Is it tax planning, compliance or financial advice.
This will give you a good starting point before researching new accountants. This way you can be on the look out for the right professional for your circumstances.
2. Consider your Business Goals – As time goes by, your business may have grown which may mean that your financial needs have changed.
If you are aiming to expand or achieve stability for your business, factor this into your search. The Accounting firm you appoint should have the particular expertise that you need and should perfectly compliment your needs.
Look for a financial partner who not only understands your industry but has expertise working in it and can provide relevant insights.
How do you find the right Accountant?
Ask for Recommendations
Ask those you know for recommendations or feedback on their chosen accounting professional. Often those working in same industry or at similar life milestones could provide you with a perfect match.
The Process
Selected your new accountant? Book an initial appointment, take along any necessary documents which may include copies of tax returns, financial statements, and any other relevant correspondence such as business plans or budget. In this meeting, discuss your financial goals, any area of concern and more importantly your expectations.
The first meeting with any new professional is essential for establishing a strong working relationship. Be sure that you feel comfortable discussing your financial matters openly.
Following this appointment, you may wish to communicate your decision to your current accountant. This professional courtesy can ensure for a smooth transition. Both accountants can then arrange for the transfer of important financial information on your behalf.
Importance of Building Relationships
At Armada, we believe strongly in building long-term relationships with our clients. We are able to offer more than just accounting and taxation services. Our professionals are down-to-earth and dedicated to understanding your unique needs.
We also understand that building trust can take time, which is why getting to know you and your business (and vice versa) is crucial to our long-term relationship. By regularly checking in and assessing where you are at, whether that be in business or your personal life, helps us to offer better financial advice that’s truly tailored to your needs.