Talking Cents

3 Signs It Might be the Right Time to Change Your Accountant

An accountant is more important for your small business than many might consider. While some small businesses choose not to hire an accountant, others take the wise decision to find one. Despite appointing a capable accountant to the best of your knowledge, it is possible that you are not happy with your decision anymore. There could be many reasons for that.

Maybe they need to be more experienced and well-versed in explaining industry jargon to you, or they charge you for every small meeting or call. Probably, they don’t give you a good idea about your cash flow, financial statement, and how you can improve your revenue in the next few years.

Here’s the thing, the job of an accountant is not to file your taxes but also to make it easier for you to understand these financial aspects that make you better at decision-making.

Here are three signs you should look out for to know it’s time to recruit a new and a better accountant.

You do not receive a good explanation from your accountant:

Industry terminologies are usually known very well by experts. But an accountant must make this jargon easy to comprehend by explaining it in simple terms. If your accountant throws more finance terms leaving you more confused than before, be assured that the accountant needs to do their job better. It would be best if you asked them as many questions as possible, and your accountant must explain them in layman’s terms to create a better understanding of your business cash flow.

Your accountant only provides or focuses on one service:

A good accountant should provide you with more services than one. This way, you don’t hire two or three people for the same job. Your small business accountant in Sydney should file your taxes, do bank reconciliations, and create a financial statement for your firm. You should clearly understand the cash flow, profit and loss statement, and what you can do to improve your outcome. An experienced accountant usually knows how to provide the financial statement and give solutions to align with your business goals.

You receive an invoice for each meeting or call:

An accountant should have an open-door policy. If not, they must have different packages that mention their services and the cost. If each call, doubt clearing, or meeting is going to add up to new expenses, you will be nullifying the advantages of hiring the personnel. An accountant must be able to fulfil their job without additional costs.

Consider MAS for your small business accounting needs.

Your business needs an accountant who can give you different services such as bank reconciliations, taxations, performance indicators and analysis of your small business revenue from year to year. You need someone with experience working with small businesses so you know you are taken care of. For more information about our small business accounting services, click here.