As a business owner, you rely heavily on your accountant to keep your financials in check and provide valuable insights to help you grow your business. Whether it's to support your next phase of growth, get tailored strategic advice for a new business priority, or many other reasons, there may come a time when you need to reevaluate your current accounting services. 

Here are some signs that it might be time to consider a new accountant, along with a list of fundamentals to help you make an informed decision.

Errors and Inaccurate Financial Reports

Accurate financial reports are vital for strategic decision making and understanding your business’s performances. Persistent errors can lead to poor decision-making and financial losses.

Timely Delivery

Timely filings are crucial to avoid penalties and maintain a good standing with tax authorities. Not only will an accountant who misses deadlines cost you money, they’ll cause hard to shake harm to your reputation.

Lack of Communication

Clear and prompt communication is essential for effective financial management. If your accountant is unresponsive, you’ll likely miss crucial information needed to help you make informed decisions.

Outdated Knowledge and Skills

The field is constantly evolving with new technologies and regulations. If your accountant is behind the latest developments, so too will your business. 

Limited Strategic Advice

Your accountant should be a strategic partner, offering insights and advice to help your business grow. If they are only handling transactional tasks, you might be missing out on valuable guidance.

High Turnover Rate

A high turnover rate in your accounting firm can lead to a lack of continuity and understanding of your business’s financial history. Consistency is key to maintaining accurate records and strategic planning.

Overpriced Services

While quality accounting services are an investment, they also must offer a good return in terms of value and support. Overpaying for basic services can put undo strain on your finances without offering additional benefits.

Conclusion

Delaying the decision to switch accountants can have far-reaching negative consequences. Compounding errors, worsening performance, poor strategic decisions, lost opportunities, and increased stress are all potential outcomes of waiting too long. 

Recognize the signs early and take prompt action to secure a competent accountant who can provide accurate, timely, and strategic financial support. 

You won’t regret it.