5 Indicators It Might Be Time To Reassess Your Accounting Services

By Gary Galstyan, Rockwell Capital Group Founder & CEO, Forbes Council Member

Originally written for Forbes Finance Council

Accounting is a vital component of every business, impacting your company’s financial well-being, compliance and long-term prosperity. However, many businesses stick with their existing accounting service because it feels comfortable and familiar, even when inefficiencies or a lack of strategy become apparent.

A good accounting partner lives up to the meaning of their role: They should be accountable, helping you navigate complexities with not only bookkeeping services but also valuable insights.

These principles have shaped my approach for over 15 years as the founder and CEO of the financial services firm Rockwell Capital Group.

So, when should you reconsider your accounting services? Here are five signs that it may be time to explore new options.

1. Absence Of Forward-Looking Financial Insights

If your accountant is only delivering financial reports without providing a forward-thinking analysis of your company’s financial trajectory, you may be missing out on valuable insights. Your accounting partner should do more than process your numbers. They should also offer strategic advice that helps you make better decisions.

For instance, your accountant should be advising on cash flow optimization, expense management and growth planning. They should offer revenue and expense projections to provide you with a clearer understanding of where your business is headed.

If you only hear from your accountant during tax season or when closing your books, it might be time to assess whether they’re truly adding value. A great accountant will stay engaged throughout the year, not just when deadlines are looming.

2. Repeated Mistakes Or Delays

Accounting errors can result in expensive penalties and damage your credibility with stakeholders. Frequent mistakes or delays from your accounting service may point to larger issues with their systems or attention to detail.

Late reports and inaccurate tax submissions can negatively impact your business. Delayed reporting can leave you without the information you need to make timely decisions, and inaccuracies can cause problems with investors, lenders or regulators.

The best accounting firms have solid quality control processes to ensure accuracy and promptness. If you constantly have to follow up with your accountant to correct mistakes or meet deadlines, it’s time to rethink your options.

3. Resistance To New Technologies

With the rapid advancement of technology in the accounting field, if your service provider isn’t keeping pace, your business might fall behind.

For example, cloud-based accounting solutions give you real-time access to financial data, which can improve your decision making. Automation can handle routine tasks such as data entry, reducing errors and allowing your accountant to focus on higher-level strategy.

If your accountant is still using outdated systems or isn’t adopting newer tools, they might not be able to offer the efficiencies and insights that modern technology provides. A forward-thinking accounting firm will not only use the latest tech but also help you leverage it for your business’s success.

Don’t hesitate to ask your accounting partner about the technology stack they use.

4. Poor Communication And Limited Availability

Clear and prompt communication is crucial in business. If getting hold of your accountant feels like waiting for a message by pigeon post, or if they struggle to explain financial matters in terms you can grasp, you’re not getting the service you deserve.

A quality accounting service prioritizes transparent and accessible communication. Whether it’s addressing your questions or helping with complex tax issues, your accountant should be available to provide support and guidance.

If you’re constantly chasing them for responses or explanations, it’s a clear sign to reevaluate your current provider. You need a partner who values communication and keeps you informed and confident in your financial decisions.

Call (888) 676-7878 to schedule a consultation.

5. Outgrowing Their Capabilities

Accounting needs to expand much like your business. A startup might only require basic bookkeeping and tax filing services, but as you grow, you’ll need more sophisticated support.

If your accountant is struggling to keep up with your growth or lacks expertise in areas that have become crucial to your business, it may be time to move on. Some firms simply aren’t equipped to handle the complexities that come with scaling a business.

Your accounting partner should evolve alongside your business, offering more specialized services as needed. If they aren’t keeping pace, it’s time to seek a partner who can.

Finding A Proactive, Tech-Savvy And Responsive Accounting Firm

When choosing an accounting firm, look for responsiveness, accuracy and tech-savviness to ensure it meets your business needs. A proactive firm should maintain clear, prompt communication during onboarding, reflecting their commitment to understanding your unique needs and prioritizing efficient planning and budgeting.

An effective firm will ask in-depth questions to gain a comprehensive view of your business before offering advice. Expertise in automation and seamless integration with financial software ensures your data is accurate and accessible in real time, supporting quick, informed decisions.

Transparency is essential; look for firms that explain their processes, from generating profit and loss statements and balance sheets to preparing tax returns. Regular check-ins and clear guidance on interpreting financial data help business owners make strategic choices with confidence.

Avoid firms with unclear billing practices or poor communication, as these may lead to unexpected costs and frustration. Inquire about their fee structure, account management, report frequency and data handling. Choosing a firm that aligns with your values fosters a trustworthy partnership and supports your business’s growth.

Final Thoughts

Your accounting services should play a foundational role in supporting your business’s growth, compliance and strategic objectives. If any of the issues outlined above sound familiar, it might be time to assess whether your current provider is meeting your needs.

Don’t let familiarity hold you back from finding an accounting partner who can offer more than just the basics. Your financial health is too important to risk. A proactive, tech-savvy and responsive accounting firm can make all the difference in positioning your business to thrive.

If it’s time to reassess your accounting services, look for a provider that matches your growth and offers the expertise you need to excel.

Call (888) 676-7878 to schedule a consultation.