How easy is it to change accountants?

Just like when you change banks or insurance providers, changing accountants might seem like a bit of a gamble. You think your existing accountant could be doing a better job, but you are worried about how long it will take to transfer everything over to a new accountant and you are wary of having to pay hefty fees to the new firm.

It doesn’t have to be complicated, and assuming you choose the right accountant, you won’t be left with a huge hole in your wallet for transferring your information over to them.

In the following paragraphs we will break down the process of changing accountants and cover the following points:

  • Understanding your rights
  • Ensure you are up to date with fees
  • Making the switch

If you are thinking about switching accountants, we pride ourselves on delivering the highest level of customer service and offer our clients and all-inclusive package for just £55 per month. To find out more about our service, call us on 020 7481 4743.

Understand your rights

When you signed up with your existing accountant you will have most likely signed a client agreement form.

You’ll be able to save yourself a lot of time and hassle if you have a read through the agreement before you speak to your existing accountant about leaving them. Ultimately, you want to make sure that you have kept up your end of the bargain before raising your concerns – particularly if you are complaining about the level of customer service.

Any failure on your part to uphold the agreement could give your accountant an excuse to drag out the process of the switch. However, most accountants are reasonable people, so they will probably be co-operative.

Ensure you are up to date with fees

One of the most common situations that can delay the process of switching accountants is unpaid fees. Therefore, it is paramount that you keep up to date with your payments.

Some accountants may charge an exit fee, these can vary depending on the firm so be sure to check your agreement form to see if exit fees are mentioned and if so, how much they are.

Making the switch

Once everything is in order, switching accountants is an extremely straightforward and hassle-free process. Your new accountant will write a letter to your existing accountant to notify them of their assumption of responsibility of your business and ask them for “professional clearance.”

Once your existing accountant receives the letter they should then, within a reasonable time, provide your new accountant with all of the details that they have requested.

There may be an administration charge for this work but it shouldn’t exceed more than an hour’s work. Once all outstanding fees are paid to your existing accountant and your new accountant is in possession of all the documents they require, you can consider the transfer complete.

As you can see, the process of changing accountants is a straightforward one, especially if you have kept up your end of the agreement.

Contractor accountancy service for just £55 per month

At Contractor Accountants Online, we offer a fixed-fee service for just £55 per month. You shouldn’t have to may more tax than you need to and the same goes for accountancy fees in our book.

Our low-cost, all-inclusive package includes the following:

  • Annual accounts submission
  • Management information
  • Corporation tax calculations and submissions
  • Monthly payroll and RTI returns
  • Quarterly VAT returns
  • Annual returns for Companies House
  • Personal tax return for the director
  • Manage your finances online with FreeAgent

If you would like to find out more about our accountancy services, our approachable team are always on hand to help. Call us on 020 7481 4743 or email info@contractoraccountantsonline.com and we will be happy to answer any questions that you have.