Xero Accounting Gold Champion Partner
We hope you enjoy reading the blog post.
If you want our team to do your accounting or tax for you click here.

7 Steps to changing accountants effortlessly

changing accountants

From March each year onwards, we onboard loads of new customers and are always surprised by the perception of how difficult they anticipate the change to be. The following will hopefully enable you to make the change in accountants if you were one of those clients that have been putting it off for too long.

Nobody likes change and too many clients hold off on the inevitable due to the fact that they are uncertain about three things:

  1. What the actual process entails,
  2. Will it cost me any money?
  3. Will it cause a disruption in my operations?

Holding off on this important step just might turn out to be to the detriment of your business. So, although you might not be 100% certain about the change in accountants you’re about to make, it just might be one of those leaps of faith that you’ll have to consider and trust your judgment.


Changing accountants


When we look at our own internal processes of on-boarding new clients, it is difficult to give absolute guarantees for questions 2 and 3 due to the fact that we never know in what condition we receive the client’s information, whether everything is up to date and if we would need to catch up some work…best advice would be to disclose everything you are aware of right at the start of your engagement with the new accountants so that they can issue you with an estimate of any cash – and operational implications.

To bust the myths about how difficult the process is, we have highlighted the 7 steps to changing accountants below:

1. Date

Select a changeover date that is going to cause the least disruption in your business. The most obvious change date is the end of the business financial year. If you change mid-year, you may end up having additional catch-up fees as your new accountant needs to re-create what your old accountant has already done. This is especially true if your old accountant is also doing the bookkeeping for you.

2. Outstanding account/s

Ensure all financial responsibilities to your accountant are discharged i.e. all outstanding bills paid.

3. The break-up notice

Inform your current accountant that you are planning to change and they have permission to converse with your new accountant for the purpose of handover of paperwork and information. Of course, if you want to avoid the possible awkward call or email to say you are leaving them, we can draft a letter for you to sign and send it on your behalf, although we always advise that you try and end the relationship as professionally as possible. If you were our client, we would have appreciated a quick heads-up to notify us that you’ll be moving on. ????

4. Disengagement letter

Your old accountant should produce a disengagement letter stating what work they have done; key dates and information, and they will want a sign-off from you.

5. Professional objection letter

Your new accountant will write to the outgoing accountant asking for professional clearance along with any relevant paperwork. In this letter, we will ask your old accountant if there is any reason why we cannot take you on as a client. This is a professional formality and does not normally present any problems. The information collected will include previous year’s accounts & tax returns, reconciliations, and any bookkeeping work they may have done on your behalf. Your old accountant should provide the information within a “reasonable time” for which there may or may not be a fee. It should not be more than an hour charged.

6. Power of Attorney

The final stage is to assign authority to your new accountant for your tax affairs. This means that your accountant can file all relevant tax returns on your behalf. Your new accountant serves as the first point of contact from SARS. This Power of Attorney does not absolve your responsibility for the tax returns; your accountant is just doing it on your behalf. The final responsibility for the correct submission of tax returns and so forth lies with you, not your accountant.

7. On-boarding

After a few weeks, assuming there are no hold-ups, all your accounting information should have been transferred and you will be safely on board with your new accountant. Please, never assume that your new accountant has you fully onboarded till they actually start working on your accounts! Till then, follow up regularly just to be sure…But then again, if you have to ensure your new accountant does their jobs, you’ve probably not appointed the right accountant. ????

Now that you know HOW effortless it is to change accountants, you might find it useful to consider WHY you may want to consider changing accountants... and whether the new accountant will be the right move for your business

Ready to take your financial success to new heights?
How would it feel to have peace of mind knowing that your finances are in the hands of experienced professionals who are passionate about helping you maximise your financial potential?
Ready to experience the difference? Contact us today for a complimentary consultation and discover how our tailored accounting solutions can empower your financial future.
What our clients say?
Thrive CFO
Based on 10 reviews
powered by Google
Martin Mulder
Martin Mulder
12:36 17 Aug 23
I have only the greatest appreciation for this company. I was going through a difficult time and they were understanding and accommodating. My tax was handled speedily and efficiently.
Kevin Rademeyer
Kevin Rademeyer
07:20 17 Aug 23
We have been using Melissa, Marche and the rest of the crew at ThriveCFO for over 10 years, in order to compile our annual audit for Law Society. They have been exceptional, efficient and pro-active every year. I would not take the business anywhere else.
Jan de Wit
Jan de Wit
13:13 13 Jun 23
Our firm has been making use of the services of Thrive CFO for more than 10 years. Thrive CFO has amazing staff that is not only extremely helpful, but also very capable. We are extremely happy with their services and will continue to support them. They make accounting easy. Thanks Melissa, Marche and the rest of the Team - You Rock!!
LM Keyser
LM Keyser
07:13 13 Jun 23
The ThriveCFO team has been our trusted accounting and tax partner since 2010. They are competent, honest, approachable, quick to respond, and they really do care. I highly recommend them.
Andre Claassen
Andre Claassen
10:24 08 Jun 23
Prompt, professional and personal service!!
Palabadi Ramaphoko
Palabadi Ramaphoko
19:38 15 May 23
I'm impressed with the work you do. You are extremely professional and polite. I hope we will grow big together!
Deidre Oosthuysen
Deidre Oosthuysen
12:20 04 May 23
I feel as though Thrive CFO is a natural part of our business. 100% professional. Very knowledgeable. Incredibly organised. And with a work ethic and proactive communication practices, I know I am in the very best hands possible.
Sean Fabian
Sean Fabian
07:45 04 May 23
As someone who has had the pleasure of working with Thrive CFO, I can confidently say that they are an exceptional company with an unwavering dedication to their clients. From beginning to end, their commitment to providing top-tier financial services is evident in every interaction.One of the things that sets Thrive CFO apart is their focus on education. They take the time to educate their clients on financial best practices and help them understand the reasoning behind their recommendations. This approach ensures that clients are empowered to make informed decisions about their finances.Thrive CFO also uses the latest technology to streamline their services and make the financial management process as efficient as possible. They utilize cloud-based software to provide real-time financial data and make it easy for clients to access their financial information at any time.Overall, Thrive CFO is an exceptional company that is dedicated to providing personalised financial solutions that help their clients succeed. If you're looking for a financial firm that truly cares about your success, I highly recommend Thrive CFO.
Michael Dawson
Michael Dawson
15:48 02 May 23
Great experience with the team! Always willing to assist with questions and able to help guide my small business to ensure that I am compliant.
Riaan Schlebusch ITMC
Riaan Schlebusch ITMC
12:15 21 Apr 23
Professional, smart and friendly people.You only deal with the best of the best, and they know how to answer your questions, and they ensure that they understand you, and make they make sure to take the time to know your business.
See All Reviews

Ready To Take Your Financial Success To New Heights?

Scroll to Top