My Accountant Is Retiring or Selling Their Practice—What Should I Do?
For many individuals and businesses, an accountant is more than just a financial advisor—they’re a trusted partner who knows the ins and outs of your finances. When your accountant announces their retirement or the sale of their practice, it can feel like a significant disruption. However, with the right approach, this transition can be an opportunity to find an accounting firm that better fits your needs.
Here’s a step-by-step guide on what to do when your accountant is retiring or selling their practice:
1. Don’t Panic—Start Gathering Information
The first step is to understand the timeline and how this change will affect you. Ask your current accountant:
- When will they retire or transfer their practice?
- Will they recommend a new accountant or firm to take over your account?
- Will your financial records be transferred automatically, or will you need to collect them?
Having clarity about the transition process will help you plan your next steps effectively.
2. Evaluate the New Firm (If Applicable)
If your accountant is selling their practice, it’s likely they’ll recommend the new firm or accountant taking over. While this might seem like the easiest option, it’s important to do your due diligence. Consider:
- Does the new firm have experience with clients like you? For example, if you’re a business owner, do they specialize in business tax preparation and bookkeeping?
- Will you receive the same level of service and personal attention?
- Are their fees comparable to what you’re currently paying?
If the new firm doesn’t meet your expectations, it may be time to explore other options.
3. Retrieve Your Financial Records
If you decide to transition to a new accountant, make sure you have access to all your financial records, including:
- Copies of past tax returns
- Payroll and bookkeeping records
- Important correspondence with the IRS or state tax authorities
Having these records in hand will make the transition to a new accountant much smoother.
4. Find the Right Accountant for Your Needs
Choosing a new accountant is an important decision. Look for someone who offers the services you need and understands your specific financial situation. Key factors to consider include:
- Expertise in your industry: If you own a business, find an accountant who specializes in your sector.
- Proactive communication: Many clients leave their accountants because they only hear from them once a year at tax time. Look for someone who will check in regularly and provide strategic advice.
- Personalized service: Your accountant should take the time to understand your unique needs and goals.
5. Transition Smoothly
Once you’ve chosen a new accountant, provide them with all the necessary information and documents. This is also a good time to discuss:
- Tax planning for the upcoming year
- Bookkeeping or payroll needs
- Any outstanding financial issues that need attention
A good accountant will guide you through the transition and ensure everything is in order.
Why Choose Basso & Guida?
At Basso & Guida, we specialize in helping clients navigate transitions like these with ease. Whether your accountant is retiring, selling their practice, or simply no longer meeting your needs, we’re here to provide a seamless onboarding experience.
Here’s what sets us apart:
- Proactive Communication: We check in regularly to ensure you’re on track with your financial goals—not just at tax time.
- Personalized Service: We take the time to understand your unique situation, whether you’re a business owner or an individual.
- Expertise in a Variety of Industries: From small businesses to high-net-worth individuals, we have the experience to meet your needs.
Ready to Make the Transition?
If your accountant is retiring or selling their practice, don’t wait to find the right partner for your financial future. At Basso & Guida, we deliver Precision in Numbers and Passion in Service to help you thrive.
Contact us today to schedule a consultation and see how we can make your transition smooth and stress-free.
