As a family-owned business, your accounting needs have likely changed over time. As you grow, expand, and encounter new financial challenges, what worked in the past might not be sufficient anymore. Not sure if your current accountant is the right fit? Here are 6 signs it might be time to seek specialized guidance.

1. You’re overly involved in the daily accounting and bookkeeping- Are you finding it challenging to manage day-to-day finances and accounting tasks? Handling this internally can drain valuable time that could be better spent on growing and running your business. If this sounds familiar, it may indicate that your current accountant isn't providing the full range of support your business needs. It might be time to bring in a firm with experienced advisors who can offer outsourced accounting services, provide deeper financial insights, ensure compliance, and give you more time to focus on strategic decisions.
2. You’re getting surprised by tax bills- Are you getting caught off guard with unexpected tax liabilities? If your accountant is not proactively planning for and strategizing how to legally minimize your tax obligations, it might be time to make the switch. The right advisor will help you forecast taxes, leverage available deductions and prevent cash flow surprises.
3. Your business needs are more complex than just tax compliance- As your business expands, your needs will likely go beyond basic tax compliance. You may require support with securing financing, such as business loans. If your current accountant isn't providing timely and accurate financial statements to help with this, they may lack the capacity or experience needed to support your business’s growth. Whether you're restructuring, merging, acquiring, or expanding, the accounting firm that once met your needs may now struggle to keep pace with the increasing complexity of your finances.
4. You’re facing major business transitions- Leadership changes, ownership transitions and succession planning can impact your company’s financial future. Don’t miss out on tax efficient strategies and long-term planning opportunities. An experienced advisor can help ensure a smooth transition while protecting the legacy of your family business.
   
5. You have industry specific challenges- Every industry comes with unique financial considerations, from regulatory compliance to specialized tax credits. If your accountant doesn’t have expertise in your industry, they may not be fully optimizing your tax strategy or providing insights tailored to your business model.
6. Your financial reports don’t tell you anything new- Do your financial statements give you real insights into your profitability or are they just numbers on a page? Beyond generating reports, the right advisor should help interpret the data and assist you with making informed decisions about profitability, cash flow and growth opportunities.

If any of these signs resonate with your business, it may be time to reassess your accounting needs. As your family business evolves, partnering with an experienced accounting firm that offers specialized support can help you navigate the complexities of growth, ensure compliance, and strategically position your business for the future. The right advisor will not only manage your financials but will become a trusted partner in driving your success. Don’t let outdated accounting practices hold you back—seek guidance that aligns with your business’s unique needs and goals.