Switching Tax Advisors: When It’s Time for a Fresh Start and How We Can Support You

Choosing the right tax advisor is one of the most important decisions for any company, be it an established SME or an aspiring startup. But what if the collaboration no longer works out? What if expectations are not met or your business needs change? A change of tax advisor is a strategic step that should be carefully considered. At Hey Unkelbach Financial Services, we understand this challenge and will guide you transparently and efficiently through this process, ensuring you receive the optimal support your company deserves.

Reasons for Changing Tax Advisors: When Action Is Needed

There are various reasons why companies consider changing their tax advisor. Often, it’s not individual, serious incidents, but a sum of smaller dissatisfactions that tip the scales. Here are some of the most common reasons that can make a change worthwhile:

• Lack of accessibility and communication: A tax advisor should be a reliable point of contact. If inquiries go unanswered, deadlines are missed, or communication is sluggish, this can lead to frustration and uncertainty.
• Lack of proactive advice: A good tax advisor not only handles mandatory tasks but also proactively advises you on tax optimization, funding opportunities, and strategic financial decisions. If these impulses are missing, you may be missing out on potential benefits.
• Insufficient expertise or specialization: Especially for startups and SMEs with specific business models (e.g., e-commerce, international business), specialized expertise is essential. If your current advisor reaches their limits here, it can lead to errors or missed opportunities.
• Value for money: A tax advisor’s fees must be transparent and comprehensible. If you feel that the services provided do not justify the costs or if there are hidden fees, a review is appropriate.
• Lack of digitalization: In an increasingly digital world, it is important that your tax advisor uses modern tools and processes. If you are still struggling with piles of paper while others have long offered digital solutions, this is a clear signal that action is needed.
• Changed business needs: Your company continues to evolve, and so do your requirements for financial advice. Growth, restructuring, or expansion into new markets may necessitate a change of tax advisor who can meet these new challenges.

The Benefits of Changing Tax Advisors: More Than Just Numbers

Changing tax advisors is not just a reaction to dissatisfaction, but can be a proactive decision that brings significant advantages to your company:

• Optimized tax strategies: A fresh perspective can uncover untapped potential for tax optimization and help you legally save on taxes.
• Improved communication and accessibility: A tax advisor who communicates actively and is easily accessible builds trust and ensures smooth processes.
• Specialized expertise: As your company grows or specializes, a tax advisor with specific industry or subject knowledge can provide crucial added value.
• More efficient processes through digitalization: A digitally oriented tax advisor can significantly simplify and automate your accounting processes, saving time and costs.
• Strategic partnership: A good tax advisor is more than just a service provider; they are a strategic partner who supports you in important business decisions and contributes to your company’s success.
• Clarity and transparency: A change can lead to a clearer cost structure and more transparency in collaboration.

The Transition Process: How to Ensure a Smooth Change

Changing tax advisors may seem complex at first glance, but with the right preparation and support, a smooth transition is possible. Here are the most important steps:

1. Analysis and decision: Carefully consider why you want to change and what expectations you have for the new tax advisor. Clearly define your criteria.
2. Finding a new tax advisor: Specifically look for firms that meet your requirements. Pay attention to specializations, degree of digitalization, and the chemistry in the initial consultation. We at Hey Unkelbach Financial Services can support you in this by connecting you with suitable tax advisors from our network.
3. Termination of the old mandate: The termination should be in writing and adhere to the contractually agreed deadlines. This is usually advisable at the end of the year or after the completion of the annual financial statements. In the case of important reasons (e.g., incorrect advice), extraordinary termination is also possible.
4. Data transfer and authorizations: Your old tax advisor is obliged to hand over your documents. Ensure that all relevant documents (accounting data, annual financial statements, tax returns, etc.) are completely transferred to the new advisor. Grant the new tax advisor the necessary authorizations and revoke those of the old advisor.
5. Onboarding the new tax advisor: Provide your new tax advisor with all necessary information and support them during the onboarding process. Open communication is crucial for a successful start here.

Please feel free to contact us.