Changing accountants ACA profile picture

In this week’s Money Matters – Ask the Experts column, Arthur Millman from Goldwyns Accountants, based in Southend, FCA, a director at the company, provides his thoughts on how to change your accountant.

Dear Goldwyns – I have been unhappy with my present accountant for some time but am not sure it’s worth the hassle to change.  Is it difficult to change professional advisers?

Arthur Millman advises:

First, I think it is essential that you meet any prospective new accountant to see whether you gel, and to ensure that he or she understands what you are looking for.  Ask for recommendations from business acquaintances or friends if possible, but otherwise there are plenty of options out there.  It may well be that when you explain your circumstances the prospective new accountant will suggest some ideas that may help your business and/or save tax. Price is obviously a factor, but often the old adage of “you get what you pay for” applies.  Unfortunately, unlike solicitors, the term “accountant” is not a protected title: absolutely anyone can use the term so be careful. Indeed, there are some accounting “accreditations” which do not even require the completion of professional examinations.

I am an FCA which means I am a fellow of the ICAEW (Institute of Chartered Accountants in England and Wales) but you’ll also find other similar bodies about – do your research and check that they are a member of the body to which they claim to belong.  I ask the question, “Would you engage the services of a surgeon who had just picked it up as he went along?” Hopefully the answer is “no” - and so it should be when engaging someone to advise on your financial and business affairs.

Assuming you are happy with the new accountant, you will need to let the existing accountant know your decision, for two reasons. Firstly, it is a matter of courtesy that the existing accountant hears of the change from you, rather than from the professional clearance letter from the new accountant.

Secondly, the existing accountant is unable to release information to the new accountant until they have your permission to do so. Once the existing accountant receives your instruction and the professional clearance letter from the new accountant they should promptly provide the information requested without charge for doing so – from this point on there’s unlikely to be much you’ll have to get involved with. Check on the status, however, as there may be work that the existing accountant has done which has not yet been billed, which obviously then will be payable.

Your accountant should be a trusted adviser and the thought of looking elsewhere can be overbearing but equally you need someone you can rely on and with whom you can communicate openly.  Invest a little time, find the right match and hopefully you won’t need to change again.

This article was first published in the Southend Echo on 14 November 2017.

Thumbnail image

Autumn Statement 2023

A review of measures for UK businesses and individuals.

Thumbnail image

Spring Budget 2024

Details of the Spring Budget 2024. Our summary focuses on the key issues.