5 Reasons to think about changing your Accountant

1. Is your accountant keeping up to date with the latest technology

HMRC requirements change often, particularly at the moment. HMRC are trying to drive more and more of their processes online but they have certain requirements that accountants need to follow to ensure filing is completed correctly.

2. You’re never quite sure what additional charges they may add on

We hear horror stories all the time about accountants sending bills of £100 or more for a response to an email or for a 10 minute phone call. Charges like these make it so difficult for business owners to manage their finances and make them fearful to ask the people they need to speak to most about their business. Our clients have access to advice, free of charge, at all times…no matter how complicated the question.

3. Are they meeting the most basic requirements

By basic, we mean basic. Like advising clients about cashflow, asking for invoices and receipts regularly (and in sufficient time to be able to prepare the accounts without causing the client stress), giving advice about how to correctly administer the company in line with Companies House regulations etc.

4. Are they saving you money

Basic advice on things like overheads are the minimum you should expect from your accountant. They should also be checking to make sure that your structure is as tax efficient as possible and that you make use of all available allowances. The advice they give you should save you a lot more than the amount they charge for their services.

5. There is a difference between them doing what they SHOULD and doing everything they COULD

Your accountant should be almost an unpaid business mentor. They should spot things in your monthly accounts and bring them to your attention. You should also be able to ask them about any future business plans, either development, downscaling or diversification and they should be able to guide you through it.

At Think Formations, we are happy to answer any questions you have about changing your accountant or growing your business.