Question 14 - How Do I Change Accountants?
A lot of business owners agonise over the decision to change accountants. This is understandable where the accountant has been a trusted advisor for years and almost extended family. However, the decision to change accountants is a business decision so you don’t have to make excuses or feel uncomfortable.
The way we do business in the digital age has changed and while you need to embrace these changes, that might also necessitate a new business advisor to guide you through the process. The internet and Google now dominate while websites have become the modern version of the business card. Social media, search engine optimisation, digital publishing, video and mobile technology are ‘the new rules of business’ while traditional media and marketing methods like newspapers, television, radio and Yellow Pages are in decline.
Once the decision to change accountants is made, the process is quite simple.
Basically the new accountant sends the outgoing firm an ‘ethical clearance’ letter asking if there is any reason why they should not accept the engagement. They also request copies of documents and financial records including prior year tax returns and schedules. The outgoing accountant is obliged to pass on the information. Generally speaking this is a formality and your former accountant should not charge for handing the information over. If you have an outstanding account they might withhold the files until payment in full is made.
The Next Step ...
Given you are already browsing our website, the easiest way is to call or email us. Provide us with a few basic details and we will put the wheels in motion and contact your current accountant.
Of course, if you’re not quite ready to make the move that’s fine and we recommend you simply subscribe to our Business Accelerator Magazine. This newsletter will give you an insight into how we help our clients beyond their tax and compliance needs.
If you’re a committed, pro-active and ambitious business owner looking for an accounting firm who are widely recognized as business and profit builders, call us today on (03) 5941 4868 to discuss your needs.
OTHER QUESTIONS IN THIS SERIES:
- What Steps are Involved in Starting a Business?
- Do I Have to Register for GST?
- What Tax Records Do I Need to Keep for My Business?
- What Is a Business Activity Statement?
- What’s the Difference Between an ABN and an ACN?
- Do I have to include GST on my Invoices?
- What Software do You Recommend for My Start-Up Business?
- How Much Tax Do I Pay?
- Can I Claim my Motor Vehicle Expenses?
- What Do I Need to Do When I Employ My First employee?
- Whats The Most Appropriate Tax Structure For My Business?
- Are You Small Business Experts?
- How Much Do You Charge?