Is your accountant still the right fit for your farming business?
Late reports, unanswered calls, limited support or simply feeling like your business has outgrown the relationship can all be signs it’s time to have a conversation.
Changing accountants doesn’t have to be difficult — but choosing the right one is worth taking the time to get right.
Commonly reported pain points are late reports, poor customer services (phone calls not returned etc), lack of support for bookkeeping issues and cost. Some are currently working with an accountant that served an older generation of the family who are potentially winding down in their practice whilst the farming business they are working with is winding up for a new period of growth. Generational mismatch can be a problem.
Very few farming clients are complaining about issues around tax deductions and the size of their returns, however I have heard a few interesting stories about some great outcomes in this regard when people do make the change to a new firm.
Some people just love their accountants and that is great!!!!
So, a few things to think about if changing accountants is on your mind.
- If the firm you are working with is not meeting your expectations, tell them! An email is great – be clear and concise. If there are a few minor issues it might be easier to fix them than to move somewhere else. This is a relationship and relationships rely on good communication.
- A good accountant is such an important partner in your business. There are amazing professionals out there, and you deserve to be working with a good one.
- If the staff member you are currently working with is not a good fit for whatever reason, a quiet chat to a senior partner can see you seamlessly moved to a new person.
- Your existing accountant is obliged to pass on your records to a new accountant in a timely fashion by their professional association. The new accountant writes to the old accountant in this regard. Don’t let issues around transitions put you off.
- Be a good client! It’s a two-way street. Be clear in your expectations. Do what you say you will do, when you said you would do it. Don’t make your lack of effort impact on their ability to meet important ATO deadlines or provide reports for the bank at short notice.
If you are looking to change accountants, make a list of what is important to you
- The ability to meet in-person in a nearby town
- The ability to do most of your interactions remotely
- Timeliness
- Bookkeeping services
- Bookkeeping support and training (you doing it, them available at short notice to help with difficult transactions and to teach you)
- Consistent service from one person only
- Support from a larger team
- Understanding your industry or region
- Help with minimising tax
- Business mentoring and improving your financial understanding
- Help with management accounting, strategy and maximising profit
- Ability to assist with an upcoming succession, retirement or growth
- Low fees
If you are looking to select a new accountant you are potentially seeking a relationship that may last a decade or more. Take your time. Referrals are great. Seek them not only from your farming friends but also from other professionals like your solicitor or bank manager. They work with a range of firms and may have important insights.
Put the effort into the recruitment process. Talk to two or three, not just one. Ask for quotes – they will possibly need some information on your structure and turnover to do this effectively. Give them an idea of the service level you are looking for, what is on the agenda for your business over the next 3-5 years, and have an interview online or in person. Remember, relationships take effort from both sides. But it is ok to admit if a relationship is no longer serving you. The right accountant should be more than someone who prepares your accounts and tax return — they should be a trusted business partner who understands where your farming business has come from, where it is going, and how to help you get there.
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