Like all partnerships in life and business, everything should feel effortless when you find the right accountant, with both parties working towards the same business vision and goals. We make switching accountants easy.

Moving to a new accountant

If you do not feel you have the right relationship with your accountant or the support you and your business need, you may feel the time is right to move on. Perhaps your business is growing or has changed direction, and you need a greater level of support and a more positive working relationship.

Like any relationship, if it fails to work for both parties, it is time to part ways. It may sometimes feel that you are intrinsically linked and making a change would be far too much hassle. The reality is that switching your business to a new accountant is easier than you think and can have considerable benefits in the long run.

Why switch to LS Financial Group?

There are many reasons why you might decide to switch to a new accountant. From disagreements over fees to responsiveness or ability to advise on new technology and a changing business landscape. Below are some of the benefits of switching to a modern and ambitious accountant such as LS Financial Group: 

• Delivering on business promises 

A good accountant should always be one stride ahead when it comes to your business. But if you feel that you are always on the back foot when it comes to being asked for information or is constantly chasing or missing deadlines, then it is time to change.

At LS Financial Group, we will not only make sure your paperwork is up-to-date and submitted on time, but we’ll keep you informed on industry changes.

• Getting to know you 

A good accountant should invest time in getting to know your business beyond the numbers. They should act as an extension to your team, adding value through insights and advice. If you feel that your current accountant is failing to do this, it is time to change. At LS Financial Group, we will ask all the right questions to know you, your business, and your future aspirations.

• Value for money 

Every penny counts where business is concerned, so if you feel that you are not receiving a service that benefits your business, it is time to look at other options. At LS Financial Group, we offer a few different packages, tailormade to suit your business needs and genuinely add value. 

• Taking your business online 

Suppose you are spending your days logging receipts or wrestling with spreadsheets, or indeed handing everything to your accountant but not getting any meaningful and up to date information in return. In that case, it is time to ditch the ‘traditional’ accountant’s model and take your finances online.

At LS Financial Group, we can save you both time and money with our secure, cloud-based bookkeeping programmes. We are enabling you to automate your invoices, expenses, payments and cash flow. It is simple, easy to use and can even be used on the go. 

• We will not outgrow one another 

If your current accountant cannot support your company as it starts to grow, you will need to leave to seek a more comprehensive accountant to cater to all your business needs.

• You will not be a small fish in a big pond 

If your accountant has outgrown you, fails to see you as an essential client or spends all their time servicing those who pay the big bucks, then it is time to change.

At LS Financial Group, we seek to make each client feel important, no matter how big or small their budget. We take time to see our clients face to face, are always approachable, affordable, flexible and most importantly, passionate about your business needs.

Factors to consider when switching accountants

Whatever your reasons for moving accountants, it is vital that the transition from old to new is handled considerately, smoothly and with minimal disruption. At the same time, it needs to be done quickly and efficiently to allow the latest firm to pick up the reigns straight away. To make the process seem seamless, here are our top tips: 

1.     Timing 

Pick a time of year to move services that work for all parties. Check for contract clauses that state the correct notice period for terminating as you do not incur any penalties.

2.     Tie up any loose ends 

Please make sure any outstanding fees have been paid and always try to stay on good terms with your former accountant, as it makes for a more effortless transition.

3.     Commit to the new relationship

Be prepared to invest your time to make it the best success it can be.

The process of changing accountant

Inform your current accountant – where possible, end things with your current accountant on good terms and let them know that you are moving on, as this will make the whole process much smoother. You will need to permit them to speak to your new accountants to hand over any paperwork. 

Alternatively, your new accountants can help you draft a letter of a notice on your behalf.

Disengagement letter – your current accountants, will need to provide details of the work they have completed so far, including key dates and information. It is known as a disengagement letter and is a professional document.

Professional clearance letter – your new accountant will also need to write to your previous accountant. In this letter, they will ask for professional clearance and request any relevant paperwork. They will also ask whether there is any reason they cannot take you on as a client – this is a formality and usually causes no problems. The letter continues to request copies of accounts and tax records, tax returns and any other information they may need.

Registering with the new accountant

The new accountant will usually send a registration form to capture your personal and limited company information.

They will also need to carry out an anti-money laundering check on you by law, so you will typically be required to provide a scan of your passport or drivers’ licence, together with a recent utility bill.

Authorising the new accountant to deal with HMRC

You will need to sign a new 64-8 form to authorise the new accountant to deal with HMRC on your behalf, for both personal and company tax affairs, or by using HMRC’s online authorisation service.

Letter of Engagement

The new accountant must send you a “Letter of Engagement”, which sets out the expectations and requirements between the two parties.

Making a change for the better

“In life, change is inevitable. In business, change is vital”. If your business is looking to change to a new accountant to continue succeeding and growing, then get in touch with us at LS Financial Group today.