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Is it time to switch accountants?

Most Liverpool-based company owners understand that a good accountant is a business essential. In a city like this, you are always competing with another firm. A recent study by the Enterprise Research Centre showed that Liverpool is home to the biggest proportion of fast-growing companies.

Why you need a good accountant

So, you have to know your business to stand any chance of keeping up, and it’s important that you can quickly assess the financial viability of an opportunity when you see one. The last thing you want is for one of your competitors to get there first.

You need to understand which products are profitable and which are losing you money so you can properly focus your marketing efforts. The right professional Liverpool accountant will ensure you can do exactly that.

Regularly review your working relationship

Once you have found a good accountant, it really is worth treating them like a member of your team. You want to carry on working with them for as long as possible. However, you need to regularly check up on how they are performing, just as you would do with your contracted employees. Doing so will enable you to spot if things are starting to go wrong and decide whether you need to switch to another provider. Here are a few signs to look out for:

You cannot contact your accountant

A good accountancy team will always get back to you quickly. If you need to leave multiple messages before you get a response, that’s a bad sign. Often, it means they are overstretched or are not fully committed.

Your accountant is not keeping pace with change

If your accountant cannot answer your questions about the latest tax changes, it may be time to look for someone else. If you do not, you could find yourself scrabbling around trying to catch up, or worse, being fined for not complying with the rules.

You keep getting charged extra

A good accountant will put together a contract that covers virtually everything you need. They will give you a price and stick to it. You should not find yourself regularly paying your accountant for extra tasks.

Naturally, there will be times when you may need to pay a bit more than normal, such as if you want your accountant to prepare a suite of reports for an investor or as part of a funding application. Even in that situation though, you should still know how much it is going to cost, in advance.

Your accountant cannot help you to prepare for the future

In business, looking ahead is essential. You need to be able to invest wisely and explore new opportunities.

The best accountants can produce the financial reports you need to be able to do this effectively. If you want to determine whether you should be joining the 13,000 North West firms that are already exporters, you will need your accountant’s help. Reports should lay out all of the costs, including matters like freight-forwarding and customs duties, to determine whether exporting to various countries would be profitable.

If you want to explore more options and your current accountant is only capable of pulling together your day-to-day accounts, it could be time to hire a new one.

Posted by Mark
May 25, 2018

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