Whatever the size of your business, you’ve probably used an accountant at some point. They might have just helped you with a tax return, or they’re currently looking after the longer-term finances of your business.
But when was the last time you asked yourself, ‘Is my accountant actually any good?’.
Have you ever stopped to consider if they’re right for you?
Your reply might well be ‘Well, my accountants get the job done…’, but ‘getting the job done’ may mean something entirely different to your current accountant – and even to you – than it does to us.
If you feel your accountant is no longer cutting the mustard then switching might be a reality for you. But it’s difficult to do. There’s every reason in the world to stay where you are, because changing accountants is difficult, time consuming, and exhausting.
Actually, it doesn’t have to be.
Sticking with your current number cruncher
Switching to the right accountant for your business could be a smart move – and one with significant benefits for the business if you partner with the right one. But, as with most changes in life, people tend to find reasons not to switch.
Off the top of my head, here are few reasons I’ve heard over the years:
- ‘They charge me nothing’ – Well, we all like a freebie, but paying nothing usually gets you nothing (or not much). The accounting advice you need could cost you a bit more, but you’ll gain far more than you ever realised was possible.
- ‘It could be very expensive to have someone good’ – But quality pays its way. How much more expensive it is to make costly business mistakes because you had poor financial advice?
- ‘I like that they’re just around the corner’ – Being local is helpful, but how often do you actually visit them in person? Don’t you do most of your communication by phone and email, anyway? With the right accountant, regular contact is far better – and you’ll travel if they’re good. Some of our clients come from far-flung reaches of the UK, because they love that we work with digital creative agencies, we introduce them to Xero (or help them use it better), or just because we’re their type of person.
- ‘They’re nice people and I want to support their business’ – Supporting your local businesses is a great thing. But ultimately you need a practice that will support your business and has the expertise to do that.
- ‘We’ve got history and I’d feel guilty’ – Loyalty is a wonderful thing (and scarily rare in some industries). But you can’t feel obliged to carry on using an accountant that’s not helping you move in the right direction.
Ultimately, your accountant has to fit. They have to be the right people, with the right level of expertise. And they need to be capable of taking your business to the next level.
So, have you decided that now’s the time to switch accountants yet? If you have, there are a few things you should think about when eyeing up the marketplace for a new numbers supremo.
Make sure they speak your business language. If all they talk about are numbers, spreadsheets and due dates, and it’s all done in confusing accounting terminology, then move on.
For most small business, there are just a few very simple things you want to know. And your accountant needs to be able to focus on these, keep you updated and do it all using language that you actually understand.
So, for example, you’ll want to:
- Know how much tax you have to pay ahead of time.
- Pay the least possible tax while still having integrity.
- Know there’s cash in the bank to pay that tax without stress.
- Make a profit that you can actually see in your bank account, not just on the books.
- Stop feeling stressed about the big financial decisions.
- Feel that you really understand your numbers, without ‘guesstimating’ them.
- Feel confident enough to take time off and enjoy life.
- Do all of this while giving your customers the best possible service you can.
So you need an accountant that understands you, your business and your numbers. And one who’s totally focused on helping you drive the success of your business.
They also need to talk the same technological language. If you’re a tech-savvy, modern company that works exclusively in the cloud, you won’t want an old-fashioned accountant who keeps all your record in dusty filing cabinets. And equally, if you’re the kind of business that doesn’t know its Skype from its social media, you’ll be more comfortable with a traditional practice.
It’s about finding the right person, or people, to work with. And about knowing that they do business like you do – whether that’s using a MacBook and wearing jeans, or using an IBM ThinkPad and wearing a pin-stripe suit.
We might be the right accountant for you…
Here at My Accountancy Place, we know that having the right fit with our clients is crucial for the way we work. Our focus is always on listening to our clients, finding out about their business and delivering the results they need to succeed. And we do this by explaining their financial and business issues in plain English.
We also believe that modern cloud technology helps us guide your business more effectively. We use Xero accounting software for all our clients, and that means we can give you those all important numbers quickly and without hassle. So you’re better informed when making the big decisions about the future of the company. (There are also lots of really cool add-ons that help you use Xero even better for your area and industry.)
And we specialise in digital creatives.
So, if you were thinking about (or avoiding) getting a new accountant, this might be the place for you.
If My Accountancy Place could be Your Accountancy Place, drop us a line.
