Red Flags of a bad accountant, when is it time to change?
As a business owner, an accountant should be a key ally to your business; they should support you both personally and in your business. But not knowing when to change is not always an easy decision. So, in this video, I’m going to list all of the red flags that will tell you when it is time to change your accountant.
You Can never get ahold Of your accountant
One common problem that I hear a lot is that business owners can never get ahold of their accountant. It can be like the Scarlet Pimpernel; they seek them there, they seek their accountant everywhere!
So if you find yourself struggling, and you just can’t get hold of your accountant, this is a red flag because you need support within your business.
As I said earlier, your accountant is your key ally. And if you can’t get ahold of your accountant and you need that advice or help in your business, this is a red flag, so you should consider going and finding someone that is more responsive to you.
Not getting Personalised Advice
As your business grows, which you could be scaling, you could be growing steadily either way the same, are they given advice that is tailored around to that growth? Because as you’re going through this journey, you’ll come across different challenges, you’ll come across things that are new, and you need that extra help. So, is your accountants advice tailored to your specific needs? Because this is really important, you need direct relevant advice and support that helps you through exactly the stage that you’re at. No one wants template advice which is not relevant to you.
So, are you getting completely irrelevant advice in relation to where your business is at the moment?
If you’re not, this is another red flag.
Not asking questions
So, the best decisions and the best advice are given when your accountant really understands your business and your goals. The way to achieve this is by asking great questions that allow them to understand this both.
So, if your accountant is not asking great questions and they don’t understand you, this is a red flag to move on because the more they know you, their advice will be tailored to your needs.
If they do not understand you in the first place, is their advice relevant to you?
How do you find your accountant?
Missing deadlines
There are deadlines in business everywhere. So if your accountant is not keeping to deadlines or constantly misses deadlines, which is causing you stress pain, and penalties, you will look like you are not taking your business seriously. Also, no one needs extra stress and penalties, which you can avoid if everything is done in advance.
Not sharing information and resourses
Business owners love it when their accountants come up with ideas and suggestions that can help make their business better. As a business owner, it can feel lonely because you’ve got to carry the burden of everything within your business. So, your accountant should also give you extra support to help get you through those times. That can lead to advice that could lead to extra resources that can lead to systems where they are bringing extra things to the table that help make your business better.
If you’re not getting this from your current accountant, this potentially is a red flag, and it might be the time to go and find someone that gives you the support and also recommends resources that help make your life and your business better.
Incomplete answers
If you’re not getting answers to your questions or incomplete answers, this could be for a few reasons.
When I give advice to our clients, I always look for confirmation that they understand everything clearly. And if not, that’s my problem because I haven’t delivered the information the way I should have, so they understand it. Sometimes it takes two or three goes, and I do my best to ensure they understand clearly. But sometimes, it just takes some extra clarification, and you should have a relationship where you can be honest and point it out if you have trouble understanding things.
So, are you getting all of your questions answered? And are they being answered completely? If not, this is another red flag.
Scare tactics
I hate this area with passion because there’s nothing worse than someone who’s been overly controlling and using scare tactics when they don’t need to. Your accountant is there to help you; it’s there to build you up and is there also to protect you to stop making decisions that can potentially wreck your business.
Make sure your accountant is there supporting you and not scaring you.
So make sure if you have that feeling that your accountant is trying to use scare tactics on you, think about moving on, as this won’t be benefiting your business.
Not being honest
A big one for me is not being honest with you when you’re doing badly. I think what you want from any advisor, especially your accountant, is to be honest with you; if you need your butt kicked because you are doing things that are silly and damaging your business, your accountant should be telling you. Also, if you’re doing really well, I think you should be celebrating with your accountant. You need to have an open, honest relationship with your accountant because if there is fear and a lack of trust, this will not support your goals.
So if you don’t feel like that you’ve got that honest connection with your accountant, I believe this is another red flag,
Not understanding your goals
Another red flag could be not understanding your business and your personal goals; this is huge because all of the decisions, advice, and all support should help you towards your goals. For example, we’ve got a book, “74 Ways to pay less tax”, which contains only genuine tax-saving opportunities, but from different directions. Also, we have a survey on our website called the entrepreneurial journey, which can give you some directions. So we want to ensure that all our advice takes you closer to your personal and business goals.
So if your accountant doesn’t understand your personal and business goals, this is a red flag to move on to get someone that does
Not keeping up with the latest changes
If your accountant is not up to date with the latest changes, it can potentially harm your business. As we’ve seen, tax law has changed significantly in the last 12 months, and various budgets have been passed. That’s what we have to deal with as accountants, and if your accountant is not up to date in every area, this is a big red flag to move on. Because you’re either going to hit potential pitfalls later on down the line or you’re not making the most out of opportunities that are available to you.
In summary, this is a feeling of whether you have the right accountant for your specific needs or whether it’s time to move on. But, if you lost trust or just have a feeling that something is not right, this might be the time to move on and find the right accountant who gives you the best possible support.
I hope this article helped, and if there are any questions or any advice that I can give you, book a free discovery call with me; simply click the link below, and I promise I will do my best to help you.
