A lot of business owners are not happy with their current accountant, however, they don’t make the choice to change. Why?
It has been proven that sometimes people prefer to accept poor quality of something they know, as opposed to going out in the realm of the unknown and finding something new. In other words, they are comfortable being uncomfortable.
This article outlines 5 crucial reasons you should change accountants if they aren’t providing you with what you deserve:
1. Receive insights from your numbers
The role of your accountant should not be to simply lodge your tax returns and BAS, they should be reviewing your information and noting interesting patterns and trends within your data.
Interpreting monthly results, analysing sales trends, planning, forecasting, and helping to measure key numbers are all actions your accountant should be doing to help your business grow.
2. Have a plan in place for 2021
Your accountant should at the beginning of the year (or preferably before it starts) be considering your 2021. This way they can help you determine whether you can purchase that asset, take that holiday or hire that extra staff member you need.
Along with this, your accountant should undertake Tax Planning each year. This involves determining the best strategies/options to save you as much on tax as possible.
3. Adopt cloud accounting (especially Xero)
If you haven't already gone to cloud accounting, the time is now.
This is a no-brainer. At Link, we cannot stop raving about the benefits of Xero as it can save hours and hours of time.
Cloud accounting gives many benefits to businesses including:
- Automating menial tasks adding up to hours
- Bank feed automation
- Payroll functions
- Integration with other cloud business applications
- Live access to your data
If you face the problem of getting surprise bills every month or at the end of the year, it is possible your accountant is taking you for a ride. You should determine the work required prior to signing on with your accountant, that way everything is open and honest, and you can’t be billed for having a chat about your most recent holiday.
Your accountant can include features in your proposal such as unlimited access via email and telephone so that you can touch base without haste or fear of being charged.
You should consider reliability/dependability as one of the most important traits of your accountant. Whether this comes in the form of being responsive to emails or phone calls and ensuring you are on track with deadlines, your accountant is there to help your business grow. There is nothing more frustrating than sending an email, only to get a response a week later (if you are lucky to get a response at all).
If your accountant isn’t looking after you the way you feel they should be, contact Link Advisors for an obligation free chat about how we look after our clients.