8 signs you should switch your small business accountant

Business owners sometimes shy away from making the move to a new accountant, even when there are some obvious signs that it’s time for a change. There can be a perception that they will have to deal with lots of paperwork, notify HMRC, have to endure an awkward conversation with their current accountant  and spend time they don’t have making the switch. However, if you find the right accountant, the switch can actually be very painless, and could end up being a great decision for your business further down the line.​

In this blog, we’re going to shed some light on the top signs you should look for a new business accountant.​

It’s important to keep accounting fees transparent at all times. Your accountant should clearly communicate how they will charge you, and what their model is, for example a fixed fee or an hourly rate. This sets the expectation for both parties and gives you the confidence that you'll avoid surprise bills before you sign up with them. If you’re never entirely sure how much your bills are going to be, or often see unexpected costs without explanation, then you should consider switching your business accountant. If they communicate with you clearly and on a regular basis, there should be no surprise bills.​

With Beany, our pricing is transparent. We charge a monthly fixed fee from £95 per month depending on your income for companies, and from £40 per month for sole traders. If you have a need that sits outside of our core accounting packages, you can always talk to us for a custom quote, or choose from our range of extra services. More importantly, we will never charge you for asking questions - you’re only paying for what you need. ​

When considering switching to another business accountant, price is an important factor. If you’re paying too much for what you actually need, it’s time for a change.​

The average cost of an accountant varies widely, it depends on their qualifications (for example, a chartered accountant is likely to charge you a higher rate), areas of expertise, years of experience and more. You can compare similar services to see if you're paying a fair price.​

Your business accountant doesn't have to be an expert in your industry, but they should have a decent understanding of it. This means they understand how your industry works, what pain points business owners may have, and the challenges business owners may face. You should be having conversations about your business’s financial performance, what industry-specific reliefs or credits you could leverage, and future plans, whether that be growth or expansion, maintaining, or positioning your business for sale. Your business accountant is unlikely to be a good fit without the proper industry knowledge.​

Beany do more than crunch numbers and maintain compliance; we have extensive experience in a range of industries such as professional services, e-commerce, tech, consultancy and so on. Rather than giving one-size-fits-all advice, we hand-pick your Beany accountant based on your mutual fit. Get in touch and book a call with us today, and let’s grow your business together. ​

Do you have to chase for an answer from your accountant? Do you have a lot of urgent questions to ask before tax deadlines but have to wait for a reply? You should consider how responsive and approachable your accountant is as one of the most important factors when choosing them. Your accountant acts as an advisor to help you achieve your business goals. There’s nothing more frustrating than asking an important question and having to wait days for a response.​

At Beany, we have a team of knowledgeable support specialists to help you with any inquiries. You can call or email with any questions you have, and expect a quick turnaround time - that’s a promise.​

For almost all businesses, the bottom line is maximising profitability and reducing costs wherever possible. As your accountant, they should be minimising your taxes, identifying business cost savings, and opportunities for increasing profitability. ​

Your accountant should be discussing your wider financial position with you and ensuring that you are extracting profits from your company in the most tax-efficient way.​

If your business accountant only files your taxes and sends you the bill, instead of discussing any of these strategies, it may be time to move on from them. ​

Have you felt even more confused after the conversation with your business accountant? In some cases, accountants do speak jargon. It’s okay for you not to understand what they’re saying but you should have an open discourse and feel comfortable to ask what they mean. If your accountant doesn't even bother explaining in plain English, or brushes you off every time you ask a question, you may need to reconsider whether they're right for you.​

It’s frustrating if you don’t get a full picture of your business’s financial situation because your accountant is speaking the technical language that you have little knowledge of (and shouldn’t be expected to). It can also be harmful to the growth and success of your business because you’re not properly equipped with all the information you need to make the best decisions for your business.​

You should be aware of the latest rules and available grants. However, as a business owner, you likely don’t have the time or accounting expertise to keep up with every regulation change. Your existing accountant may not be the best fit if you find out after a regulation has been implemented or you've missed out on an opportunity such as a government grant. ​

Either your accountant is unaware of the changes, or fails to communicate with you. Keeping your business up-to-date with all changes and opportunities is difficult if your accountant is not aware of them, or communicating them to you. This begs the question, ‘Is there anything else I’m missing out on?’​

Taking advantage of the latest technology can help you to gain a competitive advantage in your industry. It allows you to focus on driving your business instead of spending time on repetitive tasks such as tax administration. A good accountant for small businesses understands your business completely, and will give recommendations based on not only key financial performance indicators, but a holistic analysis of your company’s situation. Having up-to-date information and records will help you to make informed decisions, so you should work with a small business accountant who understands your accounting software and tech stack. ​

At Beany, we're 100% committed to your success. Our core package covers your year-end compliance, with one fixed cost split over 12 months. This includes your end-of-year accounts and tax returns, tax minimisation, unlimited support and more. We also have a wide range of other services to help you as you start out or as you grow, such as bookkeeping, VAT returns, payroll and more. ​

If the above issues are familiar, we’d love to chat. We’ve streamlined the whole process of switching accountants, and we can handle the breakup for you. Contact us to find out more or schedule a chat. Read more on how to handle your transition from your previous accountant.​