We are often approached by prospective clients who have all the same question: “How do I change accountant ?”. Read below to know the answer to this common question.
Why changing accountant ?
There are a lot of reasons why you would want and need to change accountant. Maybe you feel like you are paying too much for the service you receive? Or maybe your accountant isn’t easily accessible? Or maybe it is because your business has grown and your current accountant can’t cater to the needs of your business?
One advice before changing accountant is to take the time to draw a list of what you are looking for. If you don’t know where to start, have a look at our article “How to choose your accountant”
Whatever reasons you have to want to switch accountant, PRWS Bristol is there for you !
How to switch accountant ? Easy steps for an easy process !
1- Changing accountant letter
No chance to avoid it, you will need to tell your accountant that you want to leave them. It is for most of the business owners the hardest step. However, you need to keep in mind that if you were looking to change, it is for a reason. Keep that reason in mind! The change can only be beneficial for your business. An accountant is there to help you with your business and take some work out of your hands to let you focus on your business. Therefore, staying with an accountant that is not right for you can have negative effects on your business.
You will need to write an email or a letter stating that you will be switching to a new accountant firm and for them to provide any documents required by the new accountant. You will also need to confirm if there are any expectations to finalise any work such as year-end accounts and of course, you will need to pay the remaining balance if necessary.
2- Register with your new accountant
Good! You now did the hardest part. Next step, your new accountant will give you some forms to fill in to complete your files. At PRWS, this includes: signing an engagement letter and giving a copy of ID and a proof of address. The last 2 pieces are to comply with the anti-money laundering UK law. We will also set you up on Xero if you are not already using it and give you access to our portal.
3- Sign a 64-8 form for your new accountant
Your accountant will give you a form to fill for HMRC. By signing a new 64-8 form, you will authorise your new accountant to deal with HMRC for your personal and company tax affairs.
4- Your new accountant will contact your old accountant
This step is known as the professional clearance letter. Now that you have appointed your new accountant, they will send a professional clearance letter to your old accountant requesting for any copies of accounts, tax records, tax returns and any other information they may need.
5- It is done, you have now switched accountant !
Told you it was easy ! 5 steps and the process of switching accountant is over and most of the steps are being handled by your new accountant. Also, by using a cloud accounting software like Xero, it means that the process is easier than ever. Your account information is instantly available at one click of a button to your new accountant. Is it simple and great ?!
Would like to meet us ?
If you are looking to switch accountant, don’t wait any longer and contact us to organise a free introduction meeting to see how we can help you and your business. We guarantee that we will make the process of switching accountant as smooth as possible.
