The task of keeping financial records is not an easy one. Either it is your business account, or you are managing the firm on behalf of its shareholders. One thing is sure, the bulk of signing the chequebook lies with you as the head.
The lifeline of any business or individual is tied to their ability to manage financial resources efficiently. To know your financial status, you need to keep a good record of your income and expenses. And for that, you need an Accountant.
Despite the advantages of having this professional on your payroll, some instances may warrant you to take some drastic decision of changing anyone handling your financial record.
In this piece, we shall be discussing noticeable signs you need to know on when to terminate the agreement between you and your Accountant. Enjoy the read.
Not providing the needed guidance
The primary reason why you hired an accounting expert in the first place is to assist you in managing your financial account. Just as you need a personal lawyer to help you with court cases, you also need an accountant to help you make confident financial decisions. Your Accountant should keep you in check to ensure you are not making a bad investment. He will also help you manage your loan facilities, serve as your representative between you and financial institutions, among other things. When your Accountant is keeping information about your account, and you constantly find yourself in the dark when you need guidance, it is perfect timing to get rid of such an Accountant.
Obsolete information
We are living in a period that is changing by the second. The information today might be obsolete tomorrow. To remain relevant and also keeping up with the pace of day-to-day life, you need to be aware of the latest information around you. In the area of your finances, you need to be mindful of changing tax laws or new government policies that keep you afloat financially.
Your Accountant is responsible for keeping you posted about every latest update, not the other way round. When you have a meeting with your Accountant, and you realize all the information you get is outdated or irrelevant. This is the signal that it is time to terminate your agreement with that particular Accountant.
Not keeping up with a deadline
You don’t want to be on the black book of the government either as an individual or business owner. That is why it is always vital that you file your tax return, declaration of assets, state disclosure forms, etc., on time. You need an accountant that can keep up with the timeline required to file all your returns. If your Accountant is always disappointing when it comes to keeping up with the deadline for critical tasks, then the time is right to get such an accountant off your chequebook.
Unorganized
Imagine entering into your accountants’ office, and you realize everything looks poorly arranged. You need no other confirmation that such an accountant is not suitable for you as an individual or head of a company. An accountant needs to be neat, the office and staff must be organized, and everything must portray that this is an accountant firm. If all these attributes of a good organization are missing, no matter how good the Accountant is, you need to draw the curtain on your business engagement with such an accounting firm. This is for your private and business interest.
Non-disclosure of financial statement
Except you have a background in accounting or any commercial-related field, it is challenging to understand some terms you come across on the financial statement. That is why you need an accountant to breakdown some of those terminologies for easy understanding. When you realize your Accountant is unclear on some critical terms on your financial statement, you need to be curious. It means that the Accountant is hiding something from you. The best move is to sack that Accountant straight away.
Charges you for every bit of information
You must pay for the services rendered by your Accountant. They keep you posted on the latest tax allowance, prepare your tax, provide financial advice, among other responsibilities that you hire them to do. However, you should be wary when your accountant always raises an invoice for every ad-hoc service they render. If your accountants always request payment for services that can be overlooked, then end the contract between you two as quickly as possible.
You need to book an appointment
Some instances may warrant you to see your Accountant for physical discussion. Some of those situations may be impromptu and need urgent attention. If your accountant policy is that before any meeting takes place, you need to book an appointment. You may have to consider switching your allegiance to another accountant. Your finance is vital as your blood to your body. Your Accountant needs privacy but he must also be accessible when his service is required.
Conclusion
You need an accountant, but then when you realize that you are not enjoying the services, don’t try to endure their incompetence. The best you can do to save yourself is to terminate their service. Get another competent accountant that will help you manage your account and financial task.