Can You Change Your Accountant during a Financial Year

Change your accountant during a financial year

After what can be described as a tough year, it’s clear that there’s no better time to revisit the fundamentals of running a business to guarantee your company’s recovery than today. 

With the British economy diving head-first into its recovery process and doing everything to support businesses looking to bounce back, it’s clear that the need for proper internal measures is greater than ever. During this time, you may have also stepped back and reflected and thought about what’s best for your business and its shot at growth.

Among the different realizations that you’ve had during this self-reflection period, there’s one key idea that stands out: it’s time to change the accountant that’s handling your finances. This brings us to the topic of whether or not you’re allowed to change your accountant during a financial year.

 

Are you allowed to switch your professional-in-charge?

Absolutely—Based on the current corporate law followed and enforced by the British Government, there is no existing mandate that prohibits an accountant’s replacement whenever a business owner wishes. This means that you’re free to change your professional accountant for another one whenever you deem fit for any other available expert.

 

When should you make the switch?

Admittedly, the idea of changing your business’s hired professional during a financial year may seem like a daunting feat because of the impending turnover of tasks that awaits. But the truth to change your accountant during a financial year is that it can pan out much smoother and without disruption to your daily operations if you time it properly!

 

If a deeper look into your finances made you realize that you may need to get a new accountant but aren’t entirely sure whether or not you should, here are three key signs you should watch out for:

 

Sign #1: They are missing deadlines

If your hired accountant is finishing tasks way past the deadline, even if you did your part and submitted requirements promptly, then this is a strong indicator that you need a new expert on board.

 

As the world of accounting continues to grow and the HMRC’s standards become even more rigorous over time, it’s clear that time is of the essence. This means that the margin for tardiness is tighter than ever. When your accountant starts to fumble in terms of meeting deadlines, you must then get a committed professional like Cheap Accountants In London’s expert to help you, as being late will cost you valuable time and money!

 

Sign #2: They are missing the mark on your budget

This is the ONE sign that you shouldn’t ever take lightly.

 

Considering that you probably hired your cheap small business accountant to help keep your finances in shape, having them completely overlook your budget and cost you more money is a key indicator to watch out for. Whenever a hired professional fails to respect a business’s financial boundaries and does the opposite of helping them achieve financial stability and growth, the firm in question has a higher risk of falling apart quickly! 

 

Sign #3: They are not helping you grow as much as you should

Another key sign to let go of the accountant that you have and bring in the services of someone more competent is when they don’t contribute to your business’s growth and success.

 

While financial growth can be a fairly complicated matter and unpredictable to a certain extent, a lack of progress—or even negative results—coming from your financial professional’s end will always be a cause for concern. Fortunately, acting fast enough and switching to a professional that has your best interest at heart will allow you to get back on track by bringing in more positive figures to help keep your business safe in no time!

 

Conclusion

As your business continues to face various opportunities to bounce back amid the effects of the COVID-19 pandemic, one of the most valuable considerations you’ll need to make is whether or not to keep your accountant. If you feel like you’ll need to get a new professional on board soon, watching out for the three signs mentioned above will help you stay on top of the need to act fast and help your company recover!

 

We’re an accounting firm in London that specializes in offering affordable accounting services for start-up businesses, property owners, and self-employed professionals. Get in touch with our consultants today to see how we can help!