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Is my accountant doing enough?

Have I outgrown my accountant?

Many businesses keep the accountant they started with. That works until the business needs things the accountant was never set up to do.

Draft: not yet reviewed by a practising accountant.

The short answer

You may have outgrown your accountant if you only hear from them at year end, you have no figures during the year, and your business has grown, borrowed money or become more complex. Outgrowing them does not always mean leaving. Often the answer is to ask for more, or to add someone alongside them.

Signs you may have outgrown your accountant

  • You only hear from them when your accounts or tax return are due.
  • You have no figures during the year, so you find out how you did months later.
  • Cash keeps surprising you, even though the business makes a profit.
  • A bank or investor has asked for figures your accountant cannot produce quickly.
  • You now employ people, sell abroad, hold stock or run more than one company, and your accountant has little experience of it.
  • You make big decisions, such as hiring or buying equipment, without anyone checking the numbers with you.
  • Replies take longer than they used to, or you deal with someone new each time.

One of these on its own may not matter. Several together may mean your business would benefit from more support. They do not show that your accountant is doing a poor job: they may be doing exactly what you agreed.

Why it happens

Some accountants focus on yearly accounts and tax returns. That can be enough for a small, simple business. As a business grows, figures during the year, a forecast and someone to talk decisions through with can become useful. Many accountants offer this. Others do not, or only if you ask.

Ask your accountant first

Before you look elsewhere, ask your accountant what they can do. Some firms offer more than their clients know about.

  1. Can you send me management accounts each month? By which working day after the month ends?
  2. Can you build a cash flow forecast and update it each quarter?
  3. Can we meet a few times a year to look ahead, not only at last year?
  4. Have you worked with businesses like mine, at my size?
  5. What would this cost on top of what I pay now?

Your three options

Ask for more

If your accountant can do it and you are happy with them, this may be the simplest answer.

Add someone alongside them

Keep your accountant for what they do well and add someone for the rest, such as a bookkeeper, a management accountant or, for larger needs, a part-time finance director. See the kinds of finance support.

Move to a different firm

If your accountant cannot do what you need, or replies have stopped, a firm used to businesses of your size may suit you better. See how changing accountant works.