It’s summer and for some businesses the pace slows down. Even if your business does not slow down in the summer months, now is a good time to change accountants if you have outgrown your current accounting and tax provider.
Signs you have outgrown your current accountant:
- Rear-view mirror only. The view of your business is only focused on the rear-view mirror, filling out forms with last year’s numbers.
- You’re doing the heavy lifting. It feels like you are doing all the work, organizing the information.
- Little to no planning. Is your accountant only filing taxes and informing you of estimated taxes due? That is the basics. Your accounting firm should be a go-to business advisor, spending more time looking ahead with you to provide insight and strategies to support growth of your business and protect your hard-earned income. More time should be spent looking ahead than looking in the rear-view mirror.
It is common to outgrow your accountant. Accounting and taxes increase in complexity as tax laws change. Plus, your business does not stay static. So many factors affect your business including interest rates, supply chain, consumer behavior, and availability of financing. Your accountant should be a business advisor who is integral in helping you navigate shifts, evaluate options, and implement strategies.
It’s important that you have the right fit to only not ensure your taxes are prepared and filed properly but to have the right professionals with industry knowledge who can advise, guide, and support you and your business over the years.
Why now?
Tax filings are done and estimated taxes have been paid. Leverage these months (July and August) to talk to other accounting firms to help you make an informed decision. Your goal should be to choose a new accounting firm and make the move by early September. That will give you peace of mind and enable you and your team to get organized, putting together the information packet that your new accounting team will want to review. When the pace of business ramps back up after Labor Day, you will be well-positioned to dig deeper with your new business advisors to discuss short-term and long-term goals. This timeline sets you and your business up to work together to put a plan in place with sufficient time to effect change in advance of year-end.
While it is tempting to slow down in the summer months and put off making a change, take action now. Set you and your business up with an accounting firm who can help take you where you want to go, looking ahead and planning ahead.
Not having the right accounting firm to support your business is holding your business back. Don’t settle. Securing the right accounting firm can make a tremendous impact on helping you achieve your goals and assisting with important strategies including business continuity and succession planning.
We’d welcome the opportunity to meet with you and discuss your business and where you want to go.