How easy it it to change accountants?

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Have you ever asked yourself how easy is it to change accountants?

In this video Kim will explain just how easy it can be!

If you’re thinking of changing accountants then give us a call on 0161 410 0020 or drop an email to [email protected]

How easy is it to change accountants? Is it hard?

Have you ever felt I’m not really happy with my accountant but I bet it’s a Pfaff and really difficult to move, well in this video we talk about how easy it is in reality!

In essence it’s incredibly easy to change accountants. As all the work is dealt with by your new accountant.

It is inevitable that businesses part company with their accountants. 20 years or so you would have remained loyal to your professional adviser’s like you accountant or bank manager, come what may because you didn’t know anything different. But today, we live in a very different world both in terms of technology and business. We tend to have more access to information, and its more readily available via the Internet, through friends, colleagues in business associations. So why would you want to change accountants?

Well in essence there are a number of reasons for a business owner wanting to change: –

Again, a lot of accountancy practices still operate like they did you know a number of years ago, very stuffy using fairly outdated ideas and philosophies and using old or outdated technology. So, it’s understandable that younger business owners don’t and quite often can identify with them.

It may be that the Partner or Accountant you dealt with in the practice has changed. They may have retired or left and like the banking systems there is no continuity anymore or loyalty. And so, you think maybe it’s time for a change.

Your business may have outgrown your current accountant and you may have started out with a sole practitioner but now you have grown and need extra advice help and support and they simply can’t just can’t help you any longer.

You may have been promised the earth, but you’ve been badly let down by their service. Maybe not delivering your accounts when promised and you always have to chase, you may have received a fine because they have too many clients and just can’t service them all.

Or maybe they’ve made a mistake.

Perhaps you can never get a hold of anyone when you have a query. And despite leaving the message they never return your calls.

They’re just like all the others and not proactive.

Whatever the reason, just like personal relationships, business relationships come to an end and break up you need to find yourself another accountant.

Who would we suggest.

Well clearly, you need to find the right accountant for you, somebody that you trust you like and you can get along with and you believe can help you grow your business.

So, I would really recommend that you find a growth accountant who is commercially savvy and can really add value to you and your business. Check them out online, watch some videos, read some of their content, do they speak your language? Do you feel at ease with what you are hearing/reading and identify with them? Obviously ask for referrals, but remember your business will be different and just because they are good for a friend doesn’t necessarily mean they are the best fit for you!

When you speak to them ask them to put you in touch with some of their clients, most accountants won’t be phased by this request at all.

Once you have decided you’ve done all the hard work in terms of deciding to change and finding someone, now you can sit back and receive the service you deserve and should always have been receiving! Oh, and concentrate on the important stuff…..managing and growing your business.

Once you have found your new accountant, had a meeting with them, like them, have accepted the proposal on the basis of the services that you want to take and signed the letter of engagement then that’s it.

That’s all that needs to happen from your point of view and what happens next is up to your new accountants.

You may of course wish to part on favourable terms with your old accountant and call them up and thank them for all the work that they have done and also to let them know that you’ve appointed a new firm to look after your affairs. Or, alternatively the relationship may have broken down to such an extent that you don’t feel you want to deal with them any longer, in which case, that’s fine, you can leave it up to your new accountant to speak with them on your behalf.

They will of course need to do some money laundering checks and agree with you when they are taking over. The handover will be done between the accountants

All qualified accountants who are members of regulated bodies for example: –

The Chartered Institute of Management Accountants (CIMA)
The Institute of Chartered Accountants in England and Wales (I.C.A.E.W)
The Association of Chartered Certified Accountants (A C C A)

members of these bodies are bound by common ethics and as such will write out for professional clearance from your old accountant and ask for certain information on your business and your tax affairs and will request a copy of the most recent accounts and tax returns produced.

Once they’ve received all the information they will then be able to set up an initial getting started meeting, and make sure that you then experience their amazing customer service of course.

So now you know How easy it is to change accountants!

If you’d like to have a chat over a coffee (Virtually or face to face) and to see what is possible, all you need to do is call me or one of my team on 0161 410 0020 or email [email protected]

Hope that helped. Please subscribe to our YouTube channel so you don’t miss any of the content we release. Feel free to hit like and share, thanks for watching.

It is important that you take professional advice before making any decisions based on the information that you learnt here. While every effort has been made to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information. Professional advice should be taken based on specific circumstances in each individual case. Whilst we endeavour to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.

What are Bank Feeds and how do they work?

In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.

This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software.

Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software.

Saving time bookkeeping isn’t the only benefit for the business….

What are the main benefits to a business using bank feeds?

Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software.

This saves the business a HUGE amount of time (& money) spent on bookkeeping.

With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date.

With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.

This makes it easier for you to plan your cashflow, and take action to improve it.

There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading.

Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate.

How to Link Your Bank to Xero

Ensure that your bank account is set up for online banking. This feature is typically available from all major banks.

Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank.

After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection.

Are Bank Feeds Safe & Secure?

Yes.

Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account.

Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure:

Encrypted Connections: Xero uses advanced encryption technology to secure the data transmission from your bank to Xero. This means your sensitive information is encrypted during transit and cannot be intercepted or read by unauthorized parties.

Compliance and Standards: Xero adheres to high standards of data security compliance, thus ensuring that its practices meet or exceed industry security standards and regulations.

Regular Renewals: To maintain a high level of security, XERO requires that the bank feed connection is renewed every 90 days. This process is straightforward and helps ensure that the integrity of your financial data is always protected.

In Summary

In short, having bank feeds really saves businesses time and money on their bookkeeping.

They automate and eliminate what is otherwise a time consuming and error prone manual process.

Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.

How easy it it to change accountants?