Changing accountants may seem like a complicated and risky step to many people. In practice, however, a well-prepared transition can be completed within a few weeks without disruption. Below, we summarise what you should pay attention to if you are considering changing your accounting firm.
When Is It Worth Changing?
A change is usually not triggered by a single mistake. It is much more common that the business owner has not been receiving answers to their questions for some time, only hears about filing deadlines, does not receive advice before making decisions, or only finds out afterwards about tax consequences they would have preferred to know about in advance. If any of these sound familiar, it may be worth reconsidering the cooperation.
At What Point During the Year Can You Change?
In principle, you can change accountants at any time during the year, but the simplest option is to transfer the accounting after a closed period – typically after the end of a financial year or quarter. At this point, the opening data are clear and less follow-up coordination is required. The chosen form of taxation and the frequency of tax returns also influence which timing is the most convenient.
What Documents Are Required for the Handover?
- general ledger extract, journals and analytical records for the closed period;
- submitted tax returns and their confirmations;
- fixed asset register;
- payroll and employment documentation relating to employees;
- current-year accounting documents, bank statements and contracts;
- details of authorisations currently valid with NAV.
Steps of the Transition
It is advisable to start with a short consultation to clarify the nature of the company’s activities, the number of accounting documents and employees involved, and the level of professional support required. This is followed by the quotation and engagement agreement, then the arrangement of NAV authorisations, and finally the transfer of data and documents from the previous accountant. After a well-prepared handover, the first month can already proceed according to the usual routine.
What Should You Consider When Choosing a New Accounting Firm?
Price alone says little: it is worth asking what the fee includes, who your contact person will be, how quickly you can expect a response, and whether the firm has professional liability insurance. It is also telling whether the prospective accountant asks about your business plans – a good professional partner does not merely record the past, but also helps with future decisions.
If you are considering changing accountants and have questions about the handover process, feel free to contact us – after a short consultation, we will prepare a no-obligation quote.