When you run a small or medium business, your accountant plays an important role. In addition to helping you stay on top of your BAS and tax obligations, 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 your accountant is giving you the proper guidance to optimize your financial performance and financial position, you may want to consider changing accountants. You can change the counter 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 revenue 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
• Wealth advice – What areas of the business should you spend money on and how can you make your assets work for you?
• Liability Analysis – What parts of your business are holding you back financially?
• Regular financial health checks – A good accountant will stay in touch with you throughout the year, not just at tax time, to make sure you have a budget and are on track to achieve your goals.
• Education – To let you clearly understand what is going on with your numbers
• future planning – You and your accountant should work to form a long-term business strategy, 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 criteria above 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 you switch 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 their old accountant.

From there, it’s 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 bid you farewell 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 provide the information.

Once your new accountant has your figures and financial statements, make an appointment for the two of you to go over your business. Now it’s time to explain your trouble spots. Discuss 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 overwhelming, especially if you know your finances aren’t in the best of shape. However, there is no better time than the present to get on the right track and set yourself up for future financial success.