As a business owner, you entrust your accountant with the financial health of your company.
But how can you be certain they’re providing the services your business truly needs?
Evaluating your accountant’s performance can be challenging, especially if you’re unsure what best practice looks like.
Signs that it’s time to change accountants
- Your accountant just doesn’t understand your business – they apply their standard approach to every business client whether it fits or not
- You feel you’re in the dark about financial performance – bookkeeping, accounting and financial information are ongoing, not a once-a-year task
- Their fees are not good value for money – “our previous accountants cost even more and did even less!”
- There’s no personal chemistry – relationships matter
If you’re seeing some or more of these signs then you definitely should be questioning the effectiveness of your current accountant.
In which case, it might be time to change.
At Blue Dot Consulting Limited, we specialise in transforming businesses by enhancing their financial management. Our approach focuses on:
- Accurate bookkeeping: Ensuring your financial records are complete and up-to-date.
- Efficient processes: Redesigning workflows to be more streamlined and, where possible, paperless.
- Profitability analysis: Identifying key drivers that boost your bottom line.
- Customised reporting: Tailoring financial reports to meet the specific needs of your company.
- Cashflow management: Monitoring and optimising cashflow to maintain financial stability.
- Robust credit control: Implementing effective strategies to get paid quicker.
- Technology assessment: Evaluating and recommending the right technology tools for your business, cutting through the hype to find what truly works.
By focusing on these areas, we lay the foundation for sound financial management, making tasks like VAT returns, PAYE payments, and annual tax preparations more straightforward.
Pro tip: It’s rarely a good idea to change payroll provider or payroll software in any month other than April, the start of the payroll year. So, change accountants whenever it suits but maybe keep the payroll where it is until next April.
Case studies
High-volume, low-value transactions business
These guys had gone through two firms of accountants and neither could deal with a part of the business that yields a high-volume of low-value repetitive transactions.
With a bit of tech and a bit of fresh thinking we got the transactions flowing through the books easily and efficiently every day.
Everything else – management reports, VAT, year-end – now gets done in good time because the high-volume beast has been tamed.
I use the family accountants but they don’t really deal with businesses like mine
One thing is non-negotiable – your accountant MUST understand your business!
We stepped in here and changed the way the bookkeeping is done so that reports now reflect real business activity and the owner can see recognisable business performance in the numbers.
My accountant only gets in touch once a year
Businesses are continuous and therefore accounting should be continuous, not once a year well after the financial year has ended.
We did some QuickBooks training with this business owner who is happy to do the bookkeeping and she now has less work to do and VAT is a walk in the park.
Through the client’s eyes:
“Michael and the Blue Dot team have been an essential part of our journey from startup through to being an established company, and we look forward to continuing working together long into the future. They have always been on hand to offer support and sound advice whenever it is needed.“
MD
Take the next step
It’s a big step and not one to be taken lightly.
As members of the ICAEW Business Advice Service (BAS) we offer a free, confidential initial consultation to discuss your business needs.
So, if you’re thinking about changing accountants, give Michael Austin a call on 020 7125 0270 or email info@bluedotconsulting.co.uk and let’s talk about your business.
Michael Austin
FAQ and related links:
What’s actually involved in changing accountants?
Firstly, make a list of what you’re looking for in a new accountant.
Then, look online, ask around and go and meet some potential alternatives. Only progress with people that really understand your business.
Agree a basis for fees.
Once you’ve made a decision then break the news to your current accountant. None of us likes to find out from the new accountant!
There will be a transfer of information such as:
- Previous years’ accounts and tax returns and supporting documents
- Reference numbers for HMRC, Companies House and others
- Transfer ownership of the accounting software being used
Don’t worry about this – accountants all know what’s required and how it’s done.
Get to work!
Related links:
Bookkeeping, accounts and tax for a one-person company
We’re a small business, I do all the bookkeeping – I just need someone to keep us on the right track
Overhaul and rebuild your finance function
Chartered Accountants – Bedford House, Fulham Green, London, SW6 3JW
