Maybe you’ve had the same accountant for ages, or maybe you found someone new, but things aren’t going so well. Whatever the case may be, sometimes changing accountants is a must – and more than a nice-to-have. No doubt the global pandemic has thrown you a few curveballs too; perhaps it’s forced you to re-look the way your business operates – and this includes what your accountant has been doing.
We thought we’d give you the lowdown on whether you should make the switch (and how to find the right fit).
The signs that the relationship is are over
Like many relationships, things start off great, but then red flags start appearing – and ignoring them is never a good idea. The same goes for your accountant; problems may start creeping up and there may be signs you should be wary of, such as:
- They’re full of surprises
…but not the nice kind! A day or two before your staff salaries are due to be paid, they drop the bomb on you that you have a big, fat VAT bill to settle.
- They only know the basics
An accountant shouldn’t simply be a bean counter – if yours is, you might want to reconsider. You need someone who understands business strategy, whose tax knowledge is up to date, and who can help you make the right decisions for your business.
- They’re always on the back foot
Back to the business strategy, you probably need to switch to a new accountant if they don’t check in with you throughout the year to see where your business is headed. If they only show up to file your tax return, are you with the right accounting partner? You need someone who is well-rounded, and who genuinely wants your business to succeed.
Finding the right fit
If you think it’s time to change accountants, you’ll obviously need to find a new one – but where to even start? It may be tempting to ask around on Facebook neighbourhood groups, or even ask a friend, but in our experience you need to look at the whole picture (which is where accounting services like YourCFO comes in).
The right fit means asking these questions:
- Are they fully remote and accessible to you (is their software on the cloud, too)?
- Are they value for money?
- Do they really understand what your business needs, and do they have a solid understanding of business strategy?
- Are they licensed with the appropriate accounting bodies? (YourCFO is a Chartered Institute of Management Accountants practising certificate holder, a SARS registered tax practitioner, and is a member of the South African Institute of Tax Professionals).
- Do they specialise in SMEs?
- Do you see yourself getting along with them?
YourCFO could be the change you need right now – plus we tick all of the above boxes (and more). Think it’s time to make the switch to a new accountant? Contact us; we’re here to help.