Friday, July 13, 2018

What to Do if Your Accountant Makes an Error

Excerpt from an article by Brian Eckert
To read more, visit Bplans

A certified, professional accountant can be a valuable partner to a small business at all stages, from formation, to financials, to the sale of the business. Handling your own accounting might seem like a money-saving strategy, but it may not be the best use of your time. Aside from that, do-it-yourself accounting can sometimes result in expensive mistakes.

Paying a professional can have benefits that far outweigh the added costs. But if an accountant makes an error or gives advice that has financial consequences for your business, it can create the sort of setback you were hoping to avoid by hiring a pro in the first place.

As the business owner, you may incur liabilities or suffer losses that stem from an accountant’s negligence. If this happens, you may be able to hold the accountant legally responsible for financial losses that their actions (or failure to take action) result in.

Suing isn’t always the first, best, or only course of action. But if your accountant made a costly error and is unwilling to set things right, you should understand your legal rights and options.

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