Whether for your personal finances or a business, employing an accountant is first and foremost a relationship. Just like in our private lives, professional relationships have their ups and downs– they also evolve over time. You may find that you employ several accountants over time, which is normal for both you and the financial professionals. Keep reading for Liu & Associates’ guide to when, why and how to handle this kind of change.
When or why would I change accountants?
People change accountants for many reasons. You may be simply dissatisfied with the level of service you received– but more likely, your needs have evolved beyond your accountant’s specialization. Just so, your accountant’s scope may have changed to a point that your needs are difficult to prioritize. Either way, this decision is usually not personal! If you are dissatisfied, it can be valuable to discuss this with your current accountant before severing the relationship.
How do I cut ties with my current accountant?
So the time has come: your first step is to inform your current accountant that their services are no longer needed. If at all possible you should stay on good terms, but your new accountant can communicate on your behalf if necessary. Your current accountant should then forward a disengagement letter— the professional document that outlines important information and dates related to your finances.
How do I transfer to a new accountant?
Firstly, your new accountant should provide you with a letter of engagement– the outline that establishes the parameters of the professional relationship. Once they acquire professional clearance, your new accountant can proceed with registering your info, assessing your file and setting out their financial plans moving forward. Always negotiate fees and finalize other major decisions before you authorize any financial professional.
The above three entries only summarize the process of transitioning your accountancy services. Be sure to use due diligence any time you make a choice about your finances, it can have serious consequences. Questions? Concerns? Contact or visit the pros at Liu & Associates today!