Are you considering changing your accountant? Switching accountants in the Midlands is easier than you think, if you choose the right provider. In this guide, we outline the process of moving to a new accounting provider and the steps required for a stress-free transition, while explaining how firms like PKF Smith Cooper can support businesses throughout the switch.
When to consider changing accountants
There are many reasons to switch accountants. Some of the most common reasons that PKF Smith Cooper clients have stated for leaving their former accountants include:
- Communication problems – Do you find it difficult to contact your adviser? Is the communication you receive from your accountant limited or confusing? Reliable communication is critical to a trusting client-accountant relationship.
- Lack of fee transparency – A good accountant will agree all fees upfront with you before any work is carried out. Hidden costs or unexplained price changes reduce trust.
- Loss of trust – Once you lose confidence in your accountant, it can be hard to move forward. Allowing someone to have control over your finances requires a lot of trust and confidence and, once lost, it is hard to regain.
- They no longer meet your needs – When your business grows, your needs change and sometimes that means your accountant is no longer the right fit. Switching to an accountant that can accommodate your growth plans and fuel them through strategic support is essential.
Sometimes it can be challenging to pinpoint exactly why you want to leave your accountant. Speaking to a firm like PKF Smith Cooper can provide clarity and help you assess whether your current provider is meeting your needs.
The step-by-step process of switching accountants
Many businesses have reservations about changing accountant, worrying that it will be a complex and time-consuming process. In reality, the process of switching accountants is straight-forward, regulated and designed to require minimal input from you.
- Notifying your current accountant – Informing your current accountant that you wish to move to another provider is the first step in switching.
- Authorising the switch – Your new accountant will require authorisation to act on your behalf. You can grant this authorisation through a letter of engagement, which will be sent to you by your new provider. This letter also serves to formalise your new client-accountant relationship and outline the scope of the services you will receive, along with the associated fees.
- Transferring your records and data – Once you have signed the letter of engagement, your new accountant will manage this part of the process for you. Your current accountant is legally obligated to transfer your records within a reasonable time-frame and the transfer is managed between the two providers.
At PKF Smith Cooper, we oversee the entire transition process for you, free of charge, to ensure a seamless switch from your old provider to us. This allows you to focus on your business while we take care of the administration.
When is the best time to switch accountants?
You can switch accountants at any time. The end of the financial year is often a good time for businesses to change accountants as less handover is involved. However, if your needs are not being met by your current accountant, delaying the move to a new provider could have a detrimental impact on your business. The best course of action is to discuss your current circumstances with your new accountant to see what they advise.
Is it easy to switch accountants?
Yes, although the ease of switching accountants largely depends on choosing the right provider. The right accountant will prioritise a smooth transition with minimal disruption to your business operations. At PKF Smith Cooper, our partner-led teams keep new clients fully informed of the process before it begins and provide guidance throughout the transition.
Choosing the right accountant for your business
There are several factors to take into consideration when choosing a new accountant, especially when it comes to making sure they are suitably equipped to meet your business needs:
- A strong reputation and track record – A reputable accounting provider will have evidence of professional accreditation, client testimonials and case studies published on their website.
- Experience of supporting businesses in your sector to ensure they understand any industry-specific challenges you may face.
- If growth is your goal, does the new provider have the size and resource to support your plans? Make sure they provide specialist business advisory services rather than focusing solely on compliance.
As members of PKF Global, PKF Smith Cooper combines local expertise with international connections to facilitate client growth plans and provide all-encompassing accounting and advisory support.
Benefits of switching to the right accountant
- Improved communication, clearer guidance and fee transparency
- Support in growing your business – A provider that offers a full range of accounting and advisory firms will be able to support your growth plans.
- Confidence and peace of mind from the certainty that your finances are being handled by an accountant you can trust.
Seamless onboarding experience
The right accountant will guide you through the move and ensure a smooth transition for your business. Switching accountants does not have to impact your business operations and most accountants will be able to co-ordinate the transition without disrupting your services.
- Communication between providers – Your new accountant can notify your current provider of your intention to leave and arrange the transfer of all your data and records.
- Setup and admin – The transfer of your information happens relatively quickly, ensuring business continuity.
- Introductions to your new accountants – Once the onboarding process is complete, you will be introduced to the accountants at the firm who will deliver your services and serve as your first point of contact for any support or queries.
Award-winning accounting and advisory services in the Midlands
PKF Smith Cooper is the home of PKF Global in the Midlands, with offices in key locations including Derby, Nottingham, Birmingham and Ashbourne. We provide ambitious businesses with access to local support and international reach through a full range of accounting and advisory services.
Whether you are already set on changing your accountant or still gathering information to aid your decision making, contact us today to find out more about the ease of switching accountants and how we can support your business.
