CHANGING ACCOUNTANTS
Thinking about changing accountants?
If your business has grown, your accountant is retiring,
or you want a more proactive accounting relationship,
changing accountants may be simpler than you expect.
Chartered Accountants
Chartered Tax Adviser
Registered Tax Agent
Accounting · Tax · Advisory
Businesses change. Their accounting, tax and advisory needs
often change with them.
You may have outgrown a compliance-only relationship,
your accountant may be retiring, the practice may have changed
ownership, or you may simply want an accountant who better suits
where your business is heading.
There does not need to be a problem with your existing accountant
to consider your options. Sometimes the business simply needs
a different level of support.
PRATT Partners works with business owners, private companies
and family groups across
accounting,
taxation
and
business advisory.
CAN I CHANGE ACCOUNTANTS?
Generally, yes. You can change accountants at any time.
You do not ordinarily need to wait until 30 June or until
your next tax return has been completed. Once the new engagement
and appropriate authorities are established, the transition
of information can begin.
See how the transition works ↓
WHEN TO REVIEW
5 signs it may be time to change accountants.
01
You only hear from your accountant at tax time.
Tax planning, cashflow and important business decisions
can often benefit from being considered before year end.
02
Your accountant is retiring or the practice has changed.
A successor may suit you, but a transition can also be
a natural opportunity to consider who you would choose today.
03
Your business has become more complex.
Companies, trusts, employees, financing, Division 7A,
succession and growth can increase the level of advice required.
04
Tax or cashflow keeps surprising you.
Better visibility can help you plan for income tax,
GST, PAYG instalments, superannuation and other obligations.
05
You want a better fit.
There does not need to be a dispute. The relationship may
simply no longer suit your business, communication style
or future plans.
Changing accountants is not always about what went wrong.
Sometimes it is about what comes next.
THE TRANSITION
How does changing accountants work?
For many businesses, the process is straightforward.
The key is establishing the new engagement, completing the relevant
authorities and ensuring important information is transferred.
01
Initial conversation
We discuss your business, entities, current position,
existing accounting arrangements and the support you require.
02
Scope and engagement
The accounting, taxation and advisory services are agreed
before the transition proceeds.
03
Authorities
Relevant authorities are completed and, where required,
ATO client-to-agent linking is established.
04
Professional handover
Relevant records and professional information can then
be requested from the outgoing accountant.
05
Review and transition
We review the information received and identify relevant
lodgements, deadlines, tax matters and immediate priorities.
Where relevant, see the ATO's
client-to-agent linking guidance
.
WHO YOU'LL WORK WITH
Advice starts with understanding the business.
PRATT Partners works with business owners and private groups
across accounting, taxation and commercial matters.
Our approach is built around understanding the business,
maintaining clear communication and providing practical advice
as issues and decisions arise.
PRATT PARTNERS
A long-term accounting relationship.
Our role can extend beyond annual compliance to help clients
plan ahead, understand their position and work through
important tax and business matters.
Meet PRATT Partners
OUR APPROACH
More than year-end compliance.
The right accounting relationship should reflect the needs
of the business today and where it is heading.
01
Proactive
Relevant tax and accounting issues considered before
important deadlines and decisions where possible.
02
Commercial
Tax and accounting matters considered alongside cashflow,
profitability and the broader business position.
03
Connected
Accounting, taxation and business advisory considered
as part of the same ongoing relationship.
Not sure whether you need to change?
A first conversation can simply help you understand your
options, what a transition would involve and whether
PRATT Partners is the right fit.
Discuss your position
YOUR NEXT ACCOUNTANT
What should you look for in a new accountant?
Fees matter, but so do experience, communication,
capability and whether the relationship suits the needs
of your business.
Experience
Relevant experience with businesses, industries
and structures comparable to yours.
Communication
Understand who will look after you, how advice is delivered
and how the relationship will operate.
Scope
Accounting, taxation and advisory support that matches
what your business actually requires.
Forward planning
Consideration of tax, cashflow and business matters
before important deadlines and decisions where possible.
Fit
A professional relationship that suits how you communicate
and how you want your business supported.
SYDNEY · GOLD COAST · AUSTRALIA-WIDE
Looking for a business accountant?
PRATT Partners works with business owners, private companies
and family groups from Sydney and the Gold Coast,
as well as clients across Australia.
Our services include business accounting,
taxation and business advisory.
COMMON QUESTIONS
Changing accountants FAQ.
Can I change accountants during the financial year?
Generally, yes. You do not ordinarily need to wait until
30 June or until your next tax return has been completed.
The appropriate timing will depend on your circumstances
and any work already underway.
Will PRATT Partners contact my existing accountant?
Where a professional handover is required, the outgoing
accountant will ordinarily be contacted to request relevant
information once the appropriate engagement and authorities
are in place.
Do I need to tell my existing accountant first?
You can first discuss your position and options with the
prospective new accountant. The professional handover process
can then be explained before anything further occurs.
Can I keep my existing Xero file?
In many cases, yes. Existing accounting software and records
can often continue to be used, subject to appropriate access
being established and the records being reviewed.
What happens to outstanding ATO matters?
Existing debts, lodgement obligations and other ATO matters
remain in place. Once the relevant authorities are established,
the new adviser can review the position and identify
any immediate priorities.
What if my accountant is retiring?
You may choose to continue with the successor practice
or use the transition as an opportunity to review whether
another accountant would better suit your future needs.
How do I start?
Start with a conversation about your business, existing
accounting arrangements and what you need going forward.
From there, the scope and transition process can be explained
before you decide whether to proceed.
START A CONVERSATION
Considering a change of accountant?
You don't need to have made the decision.
Speak with PRATT Partners about your current arrangements,
what you need from your accountant and what a transition
would involve.
Discuss changing accountants
Sydney · Gold Coast · Australia-wide
