15 Signs That You Need a New Accountant

HAMILTON, N.J. - Jan. 17, 2017 - PRLog -- Business owners rely on their accountant to provide them with timely advice on their finances, as well as guidance on how to grow and operate their business. Working with the right accountant can make a big difference in the financial well-being of your business. Even so, many business owners assume that their accountant knows what he or she is doing because they earned the Certified Public Accountant designation. While achieving, and maintaining this certification is difficult, practicing well is another story. Here are 15 signs that you might need to look for a new accountant – or at the very least review the quality of the service and advice they provide to you:

1.      Minimal contact with the engagement partner.

2.      Phone calls/e-mails are not returned in a timely matter.

3.      Proactive ideas are not presented to minimize your tax obligation or plan for the future.

4.      New accounting rules and regulations are not brought to your attention.

5.      Answers to your questions are generic and not always applicable to your situation.

6.      Little or no expertise in your business or industry.

7.      Deductions you are entitled to are missed.

8.      Your tax return is always put on extension.

9.      Estimated taxes are either too high or too low.

10.   You must pay a penalty to the IRS or another agency because of a mistake made by the accountant.

11.   Financial statements are not fully explained.

12.   You do not understand your financial position.

13.   There is no annual meeting to review your financial statements and tax returns.

14.   Strategic advice and guidance on how to improve your business or increase profits is not given.

15.   You do not see the value in the service provided.

As with any relationship, communication is important. Make sure that you keep your accountant apprised on what is happening in your business, including key personnel changes, regulatory requirements or industry trends that could impact you, as well as notices received from the IRS and other agencies that need to be addressed. Although most accountants have good intentions and want to provide quality service, you are not their only client.  Leaving things to the last minute, having unreasonable expectations and not disclosing enough information can hamper the relationship you have with your accountant. Still, a first-class accountant will always treat you as their most important client. If you do not feel that your accountant offers support and guidance at a time when it is needed most, it might be time to make a change.

John Blake, CPA, is a partner with the accounting firm Klatzkin & Company LLP. He specializes in taxation and business consulting, providing comprehensive financial management to small businesses, entrepreneurs, and high net worth individuals. John can be reached at (609) 890-9189 or or visit http://www.klatzkin.com.

This article is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.  We strongly advise you to seek professional assistance with respect to your specific issue(s).