When it comes to managing your finances as an SME, hiring the right accountant is imperative to your success.
An effective accountant will give you insights into how you can improve your bottom line and will be able to recognise risks that could potentially harm your industry.
Sometimes though, professional relationships with accountants can turn sour and it is necessary to look for someone else to handle your finances.
But how do you know when it times to turn your back on the old and start looking for a new accountant? Read on to find out.
You’re paying too much for their services
As an SME, especially one that is in its early stages, you will always be looking for ways that you can reduce your outgoings to save money. While having a good account is necessary, you want to make sure that you aren’t paying over the odds for their services. If you feel as though you are, consider shopping around and looking for an accountant that can offer a number of packages that can fit in your businesses needs.
Deadlines are frequently missed
With regards to your finances, especially in terms of tax implications, it’s crucial that deadlines are consistently met. Whether it is an internal deadline between you and your accountant or a tax return deadline, these need to be met to avoid any fines from HMRC. If you are finding that deadlines are consistently not met, it’s time to look for a new accountant.
Your accountant lacks the relevant experience
If your finances are going to run smoothly, it’s important to work with an accountant that has a lot of experience working with clients that are similar to yours. This will mean that they have the relevant knowledge to make informed decisions about your business and will also be able to forecast changes that might affect you.
Your accountant charges by the hour
Traditionally, this was the payment method used by accountants as opposed to agreeing on a fixed term rate. The only problem with this is, it may encourage your accountant to spend more time handling your finances and subsequently charge you more for the services. If you are choosing an accountant that charges in this way, ensure that you receive a predicted timescale for each job as this will help you to avoid being charged more than you should.