6 Signs It’s Time to Replace Your Accounting Firm
Business owners are, of course, concerned with keeping on top of their company’s financial status. That’s why you and other business owners work with professional accountants to help maximize your profits and grow your business. With the right outsourced accounting firm in place, you have a fierce protector of your revenue and a sage advisor.
They help you keep your financial records in order and provide insights to avoid and identify potential financial vulnerabilities. Your accounting firm should understand your industry and your business. They should also be interested in your financial decision-making, involved in analysis, and proactive in their efforts.
If this doesn’t sound like your accounting firm, you may wonder if you’ve chosen the right accounting firm to handle your business’ needs. Whether you’re wondering if they are doing all they can to increase your bottom line or have specific concerns about if they are the right firm for you, you’ve come to the right place. We have the six signs it’s time to replace your accounting firm.
When to Find a New Accounting Firm
They Don’t Present Monthly Financial Statements
You need to be prepared to make crucial decisions to grow your company. The only way to make informed decisions is with the essential financial statements your accountant provides each month. Armed with this information, you can identify areas that are sapping your company for its profits. If this doesn’t happen regularly, you don’t have an accurate picture of your company’s profit margins, expenses, and the amount of cash you have on hand. Suppose your accountant isn’t consistently providing you with accurate monthly reporting, including profit and loss statements, cash flow statements, balance sheets, and other financial reports. In that case, you need to find a new firm.
They Aren’t Communicating With You or Aren’t Very Responsive
When you need the answer to a pressing question, your accountant should be available to respond to you in a reasonable time frame. Do they delay responding to your emails and phone calls or ignore them occasionally? They may not have the time to manage your account. This can be maddening, and it can cost you missed opportunities. If you can’t depend on their support, it’s a sign that they don’t care about being there for clients.
And if they are communicating with you, are they doing so effectively? Do they ensure that you understand processes, reports, and concepts? Do they take the time to explain when you don’t fully grasp their explanations and suggestions?
They Aren’t Concerned with Financial Analysis
Your accountant needs to not only keep your books updated but also offer their financial expertise to benefit your business. This includes providing in-depth analysis of financial statements and books to keep you up to date on your company’s financial health, how your business is spending money, and profit margins. If your accountant is skimping on these valuable services, it’s time to find an accountant who will guide you through your end-of-month statements and show you cost-cutting opportunities and smarter budgeting.
You Keep Explaining Your Business & Industry to Them
If they don’t seem interested in your business to the extent that you must constantly explain your industry, business, and operations each time you get together, it’s time to replace your accounting firm. Your accounting professionals should invest the time to research and get to know your business.
They Aren’t Using the Latest Technology
If your current accounting firm isn’t up to date on modern technology, they can’t provide you with the best service. Technology is constantly changing, and to ensure your processes are most efficient, you must use the latest technology.
They Are Reactive Instead of Proactive
Having an accountant on your team that runs around putting out fires isn’t helpful. You need a proactive accountant looking for opportunities for savings, cost-cutting, and workflow improvements to benefit your business. Your accountant should offer guidance on investments, ROI maximization, and revenue-boosting opportunities.
Ready for a Change? Let’s Talk!
Get an accountant on your team to provide financial statements, reconcile your books each month, offer financial analysis, and guide you to financial growth and business success.
Devine Consulting’s comprehensive accounting and financial controller services will give you the tools, information, and advisement you need to operate and scale your business properly. We get to know our client’s businesses, their goals, and the challenges they face. As stakeholders, we partner with our clients to strengthen their companies and improve their efficiency, productivity, and financials. We do this with the help of innovative technology that helps them to improve their bottom line. Request your consultation today to discuss how we can help to bolster your business.
