Is It Easy to Change Current Accountant to Another Small Business Accountant?

When you run a small to medium business, your accountant plays an important role. As well as assisting you to stay on top of your tax obligations, your accountant must be able to help you create a plan to increase your profits and secure the future of your business.

If you do not feel as though your accountant is giving you the right guidance to optimize your financial performance and financial position, you may want to consider changing accountants. You can change your accountants at any step during the financial year.

Why change to another small business accountant?

Your accountant performs such an essential role in your business and should be working with you on the below:

• Industry forecasting - To help you plan forward and create estimates and cash flow estimates
• Regular financial health inspections - A skilled accountant will keep in touch with you throughout the year, not only at tax time, to make sure you are on a budget and on track to reach your goals
• Expense review - Break down the costs of running your business to see where you can possibly save money
• Asset advice - Which sections of the business should you spend money on and how can you make your assets work for you?
• Profit analysis - By analyzing your revenue streams, your accountant can identify where to focus on enhanced revenue
• Future plan - You and your accountant both should work towards developing a policy for the business in the long term, including selling the business or winding it down so you can retire

If the accountant is not covering the points in the above schedule, it is likely there are several regions where your business could be developed financially. In this case, it is a best idea to consider a new accountant.

How to switch small business accountant

Before you go to a new provider, ideally you want to tie up all your loose ends with your current accountant.

Select your new small business accountant before you move on as they will need to interact with your former accountant.

It is the responsibility of your new accountant to get in touch with your previous accountant to request a transfer of your financial data. In London, it is an ethical best practice for your old accountant to comply and hand over the information.

Starting a relationship with a new accountant of small business can feel daunting, especially if you know your finances are not in a better frame. However, there's no time like the present to get on the right track and set yourself up for financial progress in the coming days.

Imagine Accounting aims to make a significant difference to the lives of our clients, their families and the community. We take a holistic approach to maintaining your accounts, providing more than the basics to assure your business remains in better financial health.

Contact East London based Accountant for making tax digital (MTD) for VAT as a business step by step. Prepare and fill VAT returns with Astron Chartered Accountants.

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Astron Accountants Joined: April 25th, 2020