To get the best out of your accountant you should arrange to have regular contact with them. You should always allow yourself plenty of time to discuss tax implications before the preparation of end-of-year accounts. Your accountant can also help you to manage and develop your business.
It is important to maintain a good relationship with your accountant. You should make sure that you always:
However, just like with any business relationship, there could be problems with your accountant. For example:
Your accountant should be able to adapt as the needs of your business change. However, every three to five years, it is a good idea to review the relationship with your accountant. You should ask yourself:
You may find that as your business changes, so do your requirements for an accountant.
If you choose to change your accountant, you should manage the process carefully. You should bear in mind that you must terminate the agreement with your existing accountant before you sign any agreement with a new one.
Before you do anything else check the terms and conditions that you have agreed with your accountant. You may find there is a notice period you must honour. The terms of the relationship with your accountant are set out in the letter of engagement issued to you.
You should then check that you have access to all the data relating to your business. You should make sure that these are transferred to your new accountant prior to the handover.
If for any reason you suspect your accountant of misconduct then you could raise this with them directly. If you are still not satisfied you can make a complaint to the professional body they are accredited with. However, the professional bodies will not help you get compensation for any funds lost as a result of the misconduct - to do this you will need to seek legal advice.
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Institute of Chartered Accountants in England and Wales