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The fear factor with accounting: ‘If it’s not broke, don’t fix it’

Are you scared of changing to a new accountant? It's something we hear a lot from businesses in Ireland: a fear factor associated with moving to a new adviser.

You may realise that your existing accountant isn't quite delivering everything that they could be, but because accounts and tax are seen as boring, you miss out on the importance of having a great accountant on your team.

The philosophy regarding accounting services seems to be 'If it ain't broke, don't fix it'. But by letting this fear of change get the better of you, your business could be missing out on all manner of benefits and positive input that a better accountant could bring to the table.

How do you overcome your fear, then?

The negative impact of the fear factor

This fear factor associated with moving to a new accountancy firm comes up in conversations regularly when we're talking to potential clients. And there are some frequently recurring questions that come up when the idea of switching providers is put to most Irish business owners:

  • What if I switch accountants and end up paying bigger fees for exactly the same overall level of service?
  • I don't understand the technical and accounting ins and outs of what my accountant does, so could I just end up getting taken for a ride and wasting my money?
  • It's really not that difficult or challenging to do accounting and tax, so wouldn't the business be best off sticking with its current accountant?
Every client/accountant relationship is different, of course, but it's pretty easy to allay these fears and reassure business owners that change is no bad thing.
  • Bigger fees generally = better impact and higher value to your business.
  • A good accountant is transparent and explains what they do.
  • If you don't aim for the best adviser, you won't get the best quality advice.

A better understanding of good accounting

In our experience, the majority of fears result from not understanding what your accountant actually does for you and your business.

And if you're accountant isn't explaining what they do, isn't involving you in the financial processes and isn't making you feel in the loop then it's most definitely time to look around for a better adviser.

Working with a value-added business advisory firm, like Comerford Foley, brings a whole tranche of additional benefits to your business.
  • We go beyond just 'doing the accounts' and get involved in every aspect of the business and its running.
  • We help you to look ahead and plan your strategy around tax, accounts, profitability, seasonality and growth.
  • We keep you up to date on all your regulatory requirements and will help you meet your compliance and governance needs.
  • We work with you to identify opportunities you didn't know were available.
  • We offer a trusted sounding board for any ideas, plans, worries or concerns –and give you the insights and comfort you need around your decision-making.

Think positive and overcome the fear

Ultimately, letting the fear factor determine your choice of accountant can have a really negative impact on the future of your business.

And just because your relationship with your old accountant isn't broken, it doesn't mean that's it's not tired, underperforming and on its way to breaking down –a breakage that could cost you a great deal of money, trouble, pain and sleepless nights.

So, think positive, grab the bull by the horns and see what a new, more proactive accountant can offer your business – you'll soon wonder why on earth you didn't make the move sooner!

Drop us a line to arrange a chat and find out how we can start delivering more for your business.


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