Here’s How You Know It’s Time to Change Your Accountant

Accountants will help you prepare taxation documents to be submitted to the government. They will also help balance all the accounts and make sure everything is accounted for. You might already have a trusted accountant who has been with you over the years. Despite that, there are still instances in which you have no other choice but to change your accountant. The good thing is that you can find accountants in Central London who can do the job right away. Here are some of these instances.

No clear financial report

As a business owner, you need to know the financial status of your company. You have to check if everything is working well. You should have an idea about the general condition of your business. If you are not given enough information by your accountant, it is time to change this person. There might be several reasons for the lack of updated information. The job might not have been done well and so work has piled up until the person can no longer provide clear updates.

Tax penalties

The role of the accountant is to make sure that the documents are submitted to the tax agency on time. Otherwise, you will be penalised. It is possible to get an extension provided that you have submitted the documents on time. The problem is when you were not informed that the job was not finished, and the deadline has passed. At the end of the year, you will find out that you have had a penalty from the government. This is a red flag and you should fire your accountant for this. At the very least, you should have been informed. Repeated late submission of tax documents could harm your business.

Over billing

This is a deal breaker. Whatever you are asked to pay at the start of the agreement, you must stick to it. In the end, if your accountant tells you that he spent a lot of time dealing with the financial statements or he thought it would be a lot easier than it was, you should not feel the need to pay more. Once you have agreed on it, and you have shown the bulk of documents to work on, the accountant has the responsibility to finish it no matter what happens. If not, it is not your problem anymore and you should not be charged extra for that. You should only consider paying more if you have added more work to that initially agreed upon.

Lack of trust

Trust should be at the centre of any financial relationship. If you think that your accountant no longer deserves your trust, it is time to find someone else. There might be an incident that leads to the loss of trust. Once it is broken, you can never recover it.