If you pay for a service, you expect results. This rings true with most things today, especially accounting.
Parting ways with your hard-earned money only to receive subpar advice or have your finances mismanaged isn’t anything to endure.
A few months ago, we wrote an article about finding the right accountant for you, but if you’re still struggling, or things have gone downhill, we have one message: rip the plaster off.
Here are five ways to tell whether your accountant is doing a poor job.
They don’t communicate
In a world of streamlined accounting software and high-speed connectivity, your accountant has little to no excuse for a lack of communication. When it’s your money in their hands, you shouldn’t have to chase them for updates on your tax rebate, or the latest news on an investment.
Being stonewalled by your accountant is a significant red flag. So rather than spend time out of your day continuously calling them, part ways and find an accountant who wants to keep you in the loop.
They don’t explain their process
You pay an accountant to do the financial work for you, granted. But when you do visit them or talk to them over the phone, they should give you tips on how to better organise your taxes and finances. You won’t need to know every minor detail, but a good accountant will explain how they work and set processes in place to help you keep things on track. If they don’t do this and solely focus on your self-assessment, you should consider finding someone who will offer some insight as well as their compliance services.
No understanding of your sector
Not every accountant will know the ins and outs of every industry. If they do, they’re incredibly valuable. But if you hire an accountant who knows what you do, and they have little to no knowledge of the niche aspects of your business’s day-to-day, run.
What good would a construction accountant be if they had never heard of IR35 or the construction industry scheme? There are plenty of accountants out there who do know how your business runs, so go with one of them instead.
They promise to save money on tax
It’s easy to be drawn into a money-saving opportunity. Everyone likes something for free or at a discounted price. But if your accountant is spinning a yarn of saving hundreds in tax payments, you can guarantee this isn’t true.
Your accountant’s aim should be to make you as tax-efficient as possible. Whether that results in savings is another thing entirely, but you should always be wary of someone offering something that sounds too good to be true.
They don’t discuss your financial situation
Transparency is key for any professional relationship. You need to know where you stand at any point. With your accountant, that means having clear insight into your financial situation.
If your accountant doesn’t go into detail or worse, doesn’t discuss your financial situation whatsoever, this should set off some alarm bells. What are they trying to hide? We’re not suggesting they’re acting fraudulently, but they could be doing very little and charging you their standard rate.
Don’t settle for less
If you’re paying for an accountant to look after your finances, you want to make sure you’re getting your money’s worth. If your accountant is screening your calls or won’t discuss your finances with you, don’t waste any more time.
Find a transparent accounting firm that treats its clients like business partners. We are that firm. So rip the plaster off and get in touch today. We can discuss your situation and create a service package that benefits you.