Red flags can make you blue this Valentine’s Day
If your accountant is letting you down, it's time to ditch them and find a new partner this Valentine's Day. Page Kirk's Jack Bond shares the five red flags that signal a new relationship is on the cards.
As thoughts turn to romance in February, it can be a hard time for people who feel they've fallen out of love. It's something that can happen to us all – not just in our personal lives, but also in work and professional relationships.
Have you ever wondered if you and your accountant are truly cut out for each other? Here are some sure signs that the partnership might not be working out.
1. They're always reactive, rather than proactive
Just like with the partner who only remembers your anniversary when prompted, you'll quickly get frustrated if you're having to make all the running with your accountant. You don't want them to turn up after something's gone wrong, but need them to flag up potential problems in advance. And, ideally, they'll be making proactive suggestions on how you can work more efficiently and save money.
2. They struggle to explain things in plain English
We all know that accountancy can be full of jargon and there are some quite difficult ideas for professionals to get their heads around. But if your adviser can't explain issues in something close to everyday language, they're really not doing their job properly. A good accountant will be able to demystify concepts for their clients rather than quote obscure sub-sections of regulations, and will be able to explain how they've arrived at their figures.
3. They fail to deliver on time
Deadlines are important in the world of accountancy. If company accounts and tax returns are filed late, there's the risk you will suffer a financial penalty, and an additional inconvenience to you. Also, the later you receive your service the more out of date the information you are receiving is, and you may not be able to utilise a useful management tool for your company. A good accountant will do what they promise. Of course, everybody can make a mistake once in a while, but the thing to watch out for is a pattern.
4. The answer is always no
If you want help with a particular issue or raise a query, a good accountant will say, 'Ok, let's take a look at that…' If you feel you're being stonewalled, or if any extra piece of work you send over is met with a negative response, that's a bad sign. Taking this to another level, it may be that your accountant is unduly negative about your suggested new ventures, investments or business structures. If they can't move on, then maybe you need to.
5. You don't trust them any more
This is the big one. What if you've lost confidence in them? Perhaps you feel that they are making too many basic errors or you have a sense that they're not as up to date with the latest developments in accountancy as they ought to be? If you're double checking their work or worrying as a tax deadline looms, that's a sign that you ought to consider giving them the big heave ho.
I wish you all the very best for Valentine's Day and hope that your relationships are thriving! But if you're struggling to get on with your accountant, you know where to turn. Just give us a call here at Page Kirk on 0115 955 5500 or email enquires@pagekirk.co.uk
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The Page Kirk team is committed to providing content that adheres the highest standards for accuracy. We evaluate how the content of each article aligns with current financial procedures and standards. Therefore, the information presented in this article is accurate and up-to-date.