Six Reasons To Replace Your Accountant

Published on 27 February 2018
Categories: Wealth

How long do you believe it takes to form a habit? A month, six weeks, six months or a year? Well the answer is often simply: the next time you do the same thing. That could be the next day or even later the same day. We are after all, creatures of habit. And so in business, we often deal with the same people day in and day out, year in and year out because we are comfortable and it is easier not to have to go through an evaluation process with a new supplier, a new bank and so on. And sometimes we pay the “lazy tax” as a result. When service levels slip, or prices go up, we live with it because we are busy people and we don’t have time to think too much about it. And we are loyal and that’s important. In part it is what defines us.

Questioning the People You Do Business With

There was a time when you dealt with certain suppliers of goods or services because they were the only ones around. But these days, competition is everywhere and it may well be possible to find alternatives. Particularly with professional services because methods of communication have changed so dramatically in recent years. You can talk to your professional advisor face to face even if he is thousands of kilometres away if you need to.

So here are six reasons to think about changing your accountant:

1. The only regular contact you get from him is an invoice for tax compliance work. It’s been a while since he reviewed your finances and gave you strategic advice;
2. Your accountant deals with a lot of farmers in the area which makes you wonder where the fresh ideas are going to come from;
3. Confidentiality may or may not be an issue in a local setting, and it is something you wonder about;
4. Your current accountant is no longer at the cutting edge of technical and technological change impacting accounting and taxation;
5. Your accountant may not have kept up with regulatory requirements and may no longer be allowed to provide certain advice – for example, superannuation;
6. Your accountant may not have the skills to help you with a life plan and succession issues and may be too close to certain members of your family to be able to be completely impartial in the process.

Making the Move

There are many more reasons why you might like to change your accountant and you may believe that saving some money would be right up there. Which is why you need to be talking to an accountant who takes a holistic approach to servicing clients to provide real value for the fees charged. One who looks beyond the clock and is prepared to give you an upfront quote if you want one.

Does your accountant fit the bill?