Signs it's time for a new accounting team
It is a crucial step to take to grow your business. This is an excellent way to ensure your business finances are in order. The first accountant you worked with or currently working with may be someone other than the right accountant for your company.
You may initially feel comfortable with your accountant, but you must ensure you can still rely on them as you grow. We've compiled a list of signs you may need to find a new accountant.
Financial reporting is not regular
There is never a time when you are not faced with a critical decision. How can one make informed decisions without regular financial reports that show the state of the business?
As a business owner, if your accountant does not provide you with reports such as P&L statements, Cash Flow Statements, and Balance Sheets regularly or even more frequently, then you do not have an accurate picture of the health of your business. These statements will give you a clear picture of the company's cash flow, expenses, and profit margins.
Financial Statements: Errors & Inaccuracies
Your accountant may disagree with the example above. It's great to get regular reports. However, you may notice errors in them. It would help if you did not ignore or become comfortable with "small" errors. These mistakes can lead to inaccurate information and may also cover up more significant problems. Working with an accountant who does sloppy, unorganized work is not a good idea. If errors are frequent, your accountant is not suitable for you.
Communication isn't their strong suit
In the business world, communication is critical, especially for those who handle your finances! If you have a time-sensitive question or request that could affect your decision, your accountant should be able to respond quickly.
It makes a big difference when you work with a firm that outsources accounting. Your books will be updated, and they'll always be there. They will be there for you when you need it!
The Numbers Are Not Enough
Accounting is not for everyone. Your accountant should be a financial expert. Financial reporting should be accompanied by an in-depth review of the books that will help you understand the health of your business.
It's time to find a new accountant if your current one updates the books. Ask about advisory services to keep you informed and in the loop about your business's financial health.
If You Need A New Accountant, Now Is The Time...
If your accounting department or external accountant needs to cut it, consider outsourcing with Basis 365. We will take over your accounting department and provide you with all the knowledge and tools you need to have clean financials and maximize your scaling potential.
