Does the success of your business REALLY matter to your accountant?

Does your Accountant care about your business?

As a business owner, having a good accountant is essential for your financial success. An accountant that cares about your business is essential if they are to give you the right advice for your business to succeed. The first step is to make sure that your accountant takes an active interest in your business.

They should

• Get to know you as a person. What are your goals both personal and business? What pressures are you under financially and in terms of business stresses.
• Get to know your business. Have they visited your business premises? Do they know who your key staff are? Do they understand the structure of your business and operations? What your key products and services are? What about the market you are operating in?
• Offer you pro-active advice. Do they ask the questions you haven't thought of? Do they bring to your attention risks for the future and advice you on how to avoid them? Do they give you sensible, practical business advice that you can put into practice and which achieves results?
• Care about your business. Are they willing to go the extra mile when you need that extra help and support? Do they listen when you need someone to talk through problems with? Do you feel that you matter to them?

What signs should you be looking out for if your business no longer matters to your accountant?

To wet your appetite, here's a run down of the 12 signs to look out for,  to find out more on our dedicated page "12 signs you need to change your accountant".

1.Lack of availability

If you find that your accountant is difficult to get in touch with or takes a long time to respond to your calls or emails, it may be a sign that they aren't prioritizing your needs. Good communication is key to a successful accountant-client relationship.

2.Lack of expertise

Your accountant should have expertise in your industry and be able to provide you with the specific financial advice you need. If you find that your accountant doesn't have the necessary expertise or knowledge, it may be time to look for someone with more experience in your field.

3.No proactive advice

A good accountant should not only be reactive to your needs but should also be proactive in providing you with financial advice. If your accountant is simply processing your paperwork without offering any proactive advice, it may be time to find someone who will provide more value.

4.Errors in your financial statements

If you notice errors in your financial statements or tax returns, it could be a sign that your accountant is not paying enough attention to detail. These mistakes could cost you money in the long run, so it's important to find an accountant who is meticulous and detail oriented.

5.Ethical concerns

If you have ethical concerns about your accountant's practices, such as questionable tax strategies or advice which you feel uncomfortable with then you need to distance yourself from them. If HMRC decide that an accountant is doing something dishonest then all of that accountant’s clients will be drawn into the same investigation at significant cost both financially and emotionally.

6.Lack of transparency

Your accountant should be transparent about their fees, services, and any issues that arise. If you find that your accountant is not transparent or is withholding information, it could be a sign that they are not acting in your best interests.

7.Unresolved issues

If you have raised issues or concerns with your accountant and they have not been resolved to your satisfaction, it may be time to find a new accountant. You should feel comfortable and confident in your accountant's ability to handle your financial needs, and if you don't, it's time to move on.

8.Lack of innovation

If your accountant is still using outdated methods and technologies, it may be time to find someone who is more innovative and up to date with the latest accounting tools and practices. An accountant who is not constantly learning and improving their skills may not be able to provide the best service possible.

9.Geographical constraints

If you have moved to a new location, it may be difficult to continue working with your current accountant. It may be time to find a new accountant who is located closer to your new home or business location and has the necessary expertise to handle your financial needs.

10.Incompatibility

If your accountant's values, work ethic, or communication style does not align with yours, it may be difficult to work together effectively. Finding an accountant who shares similar values and work ethics can lead to a better working relationship and a more successful financial partnership.

11.Business growth

As your business grows, your financial needs will become more complex and may require a higher level of service than your current accountant can provide. It may be time to find an accountant who can help you navigate the challenges of business growth and provide the expertise and support you need to take your business to the next level.

12.Retirement or succession planning

If you are planning to retire or pass on your business to a successor, it may be time to find an accountant who can help you with succession planning and ensure a smooth transition for your business. An accountant with experience in retirement and succession planning can provide valuable advice and guidance to help you plan for your future.