Is it easy to change accountants

At some stage in their business lifecycle, a retailer might decide to change accountant. Whether they feel they are not receiving enough attention, the work isn’t of a high enough quality, or because their business has outgrown their accountant’s capacity, a change might be seen as necessary.

Often retailers worry about the inconvenience of change, but in reality, the transition is seamless.

When you change accountant, your old advisor will provide details of the work they have completed and a disengagement letter. Your new accountant will need to write to your previous accountant asking for professional clearance and requesting any relevant paperwork. They will also need to register as your Revenue filing agent.

Your previous advisor may charge you a small fee for this service, but in practice, this rarely occurs.

When looking for a new accountant it is important to keep a few things in mind:

  1. Make sure your accountant understands your business. It is worthwhile trying to identify an accountant with sectoral experience that can help you to grow your business.
  2. Make sure the pricing is clear. Fees for routine monthly / quarterly / annual accounting work should be agreed in advance. The cost of one-off assignments can be agreed on a case-by-case basis. It is wrong to assume that more expensive always means a higher quality service. Equally, cheaper does not always mean better value
  3. Different accountants have different skillsets, so make sure the firm you select has the technical capacity to deliver the service you require.
  4. Personal relationships are important. Make sure you can work with your new accountant and develop a good personal relationship. The importance of personal relationships is often understated, but they are critical if your retail business is to enjoy long-term success.

We at Fitzgerald Power would be delighted to speak to you if you have any questions on changing accountant. Our team have deep sectoral expertise and value-building relationships with our clients.

If you would like to discuss the process of changing accountants please contact Mark Feehan in our marketing department.

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