4 Reasons It May Be The Right Time to Switch Business Accounting Firms

Businesses rely on accountants to assist with tax compliance requirements, cash flow and financial management, decision-making capabilities, strategy and CFO advisory, and more. These services are essential to any business and its practices.

The integral role that your accounting team play in supporting the day-to-day operations and practices of your business along with your long-term business success, substantiates the need to have the right Business Accounting Firm that suits both the demands of your business and your business goals.

Businesses decide on changing their accounting provider for a wide range of reasons. If you are questioning whether you are getting the technical support and the level of service needed to manage your business, it may be the right time to re-think your strategy and engage with a new Business Accounting Firm, so that your business operations and opportunities aren’t comprised.

Here are several key reasons why small-to-medium business (SMB) owners may choose to seek business accounting services elsewhere.

1. Your business has outgrown your current accounting firm

Business growth necessitates better expertise and focused attention on planning, risk management, and strategy. It is vital that your accounting team has the capability, knowledge, and resources to support your business growth.

There are several reasons that might indicate that your current accounting firm no longer suits the increasing demands of your growing business.

• Your accountant may lack expertise in a specific area.
  Your business objectives may change, and you may require advice in areas of accounting that your current provider may not be able to help with. A professional accounting firm often has entire divisions dedicated to areas, such as international taxation and accounting, payroll management, and more.
• Your accountant may not have the resources to effectively support your business.
  As your business continues to grow your accounting processes can become more complex and demanding, and your original accounting firm may not have the capacity to scale with you as a larger accounting firm would.
• You may require a broader range of services.
  A more established accounting firm will be able to offer you additional advisory services regarding risk management, growth strategies, capital raising and more.

Related: How to Get the Most out of Your Accountant

2. Communication from your accountant is lacking

Communication is the most important aspect of an advantageous business relationship. Being able to communicate with your accountant in a quick and timely manner allows you to take decisive action when faced with issues or opportunities, maximise working efficiencies, reduce the risk of potential errors, and ensure you meet critical deadlines, 

If your current accountant is not maintaining regular, transparent communication, this might inhibit your business’s ability to operate successfully, therefore, you may need to consider switching to a new accounting provider. 

3. Your Business Accounting Firm doesn’t optimise the latest technologies and efficiencies

Understanding and implementing the latest accounting technology is critical in maximising business efficiencies. Automation in accounting allows for better strategic planning, risk management, and overall productivity.

By leveraging the most up-to-date available resources, such as cloud computing and accounting software, you can improve business continuity planning, collaborative efficiency, flexibility and accessibility of data, scalability, accuracy, compliance, and timely decision-making capabilities.

If your current accountant refuses to update their accounting practices or shows no interest in adopting new accounting technology, you should consider switching to an accounting firm that does so that you can reap these benefits.

Related: Three Clever Ways Entrepreneurs can Save Time

4. You want to save money and gain access to expertise by outsourcing your accounting function

Businesses can derive many benefits from Outsourced Accounting Services, primarily, through gaining access to an increased breadth of knowledge and expertise, whilst reducing costs.

Generally, recruiting a full-time in-house accountant is far less economical than utilising an Outsourced Accounting Firm. Salary costs, combined with the training, resources, facilities, and recruitment fees associated with having an in-house accounting team are all expenses that can be avoided by making the switch to an outsourced accounting firm.

Related: The Pros and Cons of In-House Vs. Outsourced Accounting

Additionally, it would be near impossible to recruit an accountant with specialist expertise across all areas of accounting. An outsourced accounting firm provides businesses with access to the entire resource base, spanning tax and commercial accounting, meaning your outsourced team will have specialist knowledge in a particular area, therefore the tasks that your business requires are delegated to those with expertise in these respective fields.

Related: How to Transition from In-House Accounting to Outsourced Accounting?

Outsource your Accounting to Azure Group

About Azure Group

Azure Group place a significant focus on helping businesses grow, build profitability and plan for the future through advanced accounting services, as well as managing the demands of complex compliance and regulation that businesses face. We offer short and long-term accounting solutions as well as fixed-price agreements to support your business at any stage in its lifecycle.

Our head office is located in Sydney, CBD and is easy walking distance to Town Hall station. Get in touch with our team to learn more about our Outsourced Accounting Services. 

Related: A Guide to Outsourcing your Accounting and Payroll

Have you noticed our #FridayExpertTips... here's one that relates to #Outsourced Accounting

“Many SMB’s handle their bookkeeping and accounting on their own to save money. However, this may not be the best use of time. When the business grows and the volume of transactions increase, and bookkeeping and accounting tasks become more complex and time-consuming, you should consider outsourcing."