What you need to consider when switching accountants

In the same way switching banks can provide you with better value and service, switching accountants can save you time, money and hassle.

Many people would never consider switching accountants but when the rates they’re being charged start to creep up or there is a personnel change, they start looking elsewhere.

The good news is switching to another accountant can increase the amount of income you are taking home and make managing company accounts much easier, leaving you free to focus on growing your business.

When the time comes to switch accountants, we recommend you use these criteria to evaluate your decision: value, service and experience.

Value for money

Finding the best value for money isn’t necessarily the same as finding the accountant quoting the lowest price. Salespeople may try to undercut competitors but not tell you about hidden charges or you may find paying the lowest rate doesn’t provide the service you need, so you’ll want to conduct thorough research. As with any advisor relationship, you’ll need to ensure your accountant can provide relevant advice and support for your industry while the option to scale this up when your company grows is also something you may like to consider. Some accountants (including Cobia Accounting) offer two free months of service when you switch so it’s worth factoring this into your decision.

Quality of service

You’ll also want to learn about the quality of the service your new accountant would provide. Are their customers satisfied? Do they respond quickly when customers have questions? Reading online reviews customers have submitted using platforms like Trustpilot or Google Reviews is often one of the best indicators of the quality of the service an accountant provides. Many accountants also offer the option to access your accounts online so you may want to find out how familiar they are with the platform they use or even sign up for a free trial of the accounting software they provide.

Experience in your industry

Finally, you’ll want to ensure your accountant is experienced in working with companies like your own. If an accountant mainly works with large companies, they’re unlikely to be the best fit for a contractor or small company. For example, contractors will want to find an accountant familiar with setting up limited companies, determining IR35 status and using online accounting software. While an accountant’s website will normally outline a list of the services they provide, online reviews will provide a clearer indication of the level of expertise they have in your industry.

Since 2008, Cobia Accounting has helped hundreds of contractors, self-employed individuals and small businesses set up their own limited companies and saved them time, money and hassle. To learn more about the benefits of switching to our accounting service, contact us today.