Making the Move - What you need to know about changing your accountant

Many businesses consider switching service providers on a regular basis – be it electricity provider, broadband, stationery provider – it’s natural to ensure that you are getting the best value for money service in the marketplace.

One area where people are traditionally slow to make the move is, with their accountant, as they feel it can be very time consuming and lead to a lot of headaches. Getting the right accountant for your business is of paramount importance and if you are not satisfied with your current accountant you need to make the move!

Below we look at some of the reasons businesses give for not making the move and why they should not hold you back:

There is loads of paperwork to complete –

The switching process is actually very simple. Once you find a new accountant more suited to your needs they will send a letter to your old accountant informing them that you have decided to switch and requesting the latest financial information relating to your business. The old accountant will then give their clearance to the new accountant to take over along with the information they requested and the switch is complete. You may wish to contact your old accountant yourself out of courtesy but it is not a necessity.

I need to wait until my last set of accounts are finished –

The process of switching accountant can take place at any stage during the year. The old accountant will need payment for any work done to date but a new accountant can pick up straight from where the old accountant left off with the minimum of fuss

My old accountant will not release my books and records if I switch –

Accountants are bound by ethical guidelines and are required to release any property belonging to you should you request it. This should not be an issue but your new accountant will assist should any issues arise.

Revenue keep an eye on people who switch accountants –

Switching accountant will not trigger any suspicions amongst Revenue as it is seen as a normal part of business life whereby people will choose to switch service providers from time to time, they will not see it as an attempt to conceal anything.

A new accountant will not understand my business like my old accountant does –

A good accountant will be able to get to grips with your business in a very short period of time and it has the added benefit of having a fresh set of eyes look over your business. This can often result in new ideas being suggested which can grow your business and put more money back in your pocket.

Date published 9 Jan 2018

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.