Is Your Accountant Holding Your Business Back?

Running a business is challenging enough without having to second-guess whether your accountant is truly supporting your growth.

Have you ever felt like your accountant isn’t as proactive as they should be? Do you find yourself chasing them for advice rather than receiving timely insights that help your business move forward? If so, you’re not alone.

Many business owners stick with their accountant out of habit or loyalty, only to realise—sometimes too late—that they’ve outgrown their service provider. Whether it’s a lack of engagement, limited expertise in business expansion, or simply missed opportunities, the wrong accountant can cost you more than just their fees.

Below are three all-too-common scenarios where businesses have decided to move on. As you read, consider whether you might be in a similar situation—and whether it’s time to reassess your own accounting support.

Why I left my accountant – Part 1

We had been a client of Betty’s [not his real name] for 17 years. When she moved from Smith’s to Jones’ accountants [also not their real names] about 10 years ago, we went with her. She’s a lovely person and our loyalty was to Betty, not to Smith’s and certainly not to Jones’.

Betty knew our business well. She used to call us just to see how we were getting on, or to let us know about something that affected our business. New taxes, rulings and stuff like that.

When Betty retired, we were told we had to speak to Brian. The problem is that he doesn’t seem very interested in our business. He doesn’t know anything about our business and whenever we call, he is in a meeting. He doesn’t want to talk to us., and he has never ever been out to see us.

So, we wanted to find another accountant like Betty.

Why I left my accountant – Part 2

We started out in business about 7 years ago. Back then, we were really small and our business was pretty simple. It’s now grown to the point we have 22 staff. Sales grew 24.5% last year and the future is bright.

But we feel like we have outgrown our accountant. Peter is a nice bloke and he seems good at what he does. It’s just that there are a bunch of things we need help with now and it seems he can’t really help us with them.

For example, we want to offer shares to some of our employees, so they have got some ‘skin in the game’. He couldn’t help us with that. We want some advice on exporting, and he couldn’t help us with that and when the bank wanted a 3-way forecast he couldn’t help us with that either.

In short, our business has evolved to the point where we need some additional support. I don’t think Peter is the person that can give us that. I think we may have outgrown him. These days, we need someone who can help beyond the basics.

Why I left my accountant – Part 3

Just the other day, we were talking about our business with an accountant we met at an event. I tried to get away, but I couldn’t. We ended up talking and I’m glad we did!

He pointed out that our corporate structure probably wasn’t right – we had all our assets, the machines, the trucks, the premises – all in the same company as our trading risk. He said that keeping it simple might have been the right thing to do in the beginning but now that we have grown, he would need to know more about us and our business but that’s probably not what it should look like now. The good news is that it can be fixed.

Then he asked about our shareholders’ agreement, and I was embarrassed to admit that we don’t have one. That’s a problem now because as I told him, Sally wants to leave, but she has shares in the company and there’s no agreement about how we are going to deal with that. She wants me to buy them, but I don’t have the money to do that right now.

Then when I found out that we could have been claiming the R&D tax incentive for the past four years, I was ropable. That’s probably cost us about a million bucks!

So, it turns out that Adrienne was asleep at the wheel. Don’t get me wrong, all our taxes were up to date and she’s a lovely lady. But as it turns out, they were just going through the motions, reporting to the ATO and no more than that. They weren’t actually looking after us the way they should. So, yeah, I thought they were okay. But it’s ended up being very costly being with them.

Why Business Owners Decide to Leave Their Accountant

1.Lack of Personal Engagement

A strong accountant-client relationship is built on trust and communication. Your accountant should ‘have your back’. If your accountant is hard to reach, doesn’t understand your business, or seems disengaged, it could be a red flag.

2. Outgrowing Their Expertise

As businesses grow, their needs evolve. If your accountant can’t provide strategic advice on tax incentives, forecasting, or employee share schemes (among other things), you may be limiting your own potential.

3. Missed Financial Opportunities

An accountant should proactively identify cost-saving strategies, tax benefits, and structural improvements. If they’re only filing compliance paperwork without offering real insights, they may not be the right fit for your business.

Is It Time to Re-evaluate Your Accountant?

Your accountant should be an asset, not a liability. If any of the situations above sound familiar, it might be time to ask yourself some tough questions:

• Are you getting the strategic advice you need to grow?
• Does your accountant take the time to understand your business?
• Have they helped you uncover financial opportunities you didn’t know existed?

If the answer to any of these is “no,” then it’s worth considering whether your current accountant is the right fit for your business. The right financial partner doesn’t just keep your books in order—they actively contribute to your success.

Take a moment to reflect: is your accountant helping your business thrive, or just keeping it afloat? If you’re unsure about the answer to this question, reach out to us. Our expert accountants will be more than happy to explain how our accounting services could truly help your business thrive.