Bankeo study: what entrepreneurs are looking for when they change accountants

In short. Since 2023, Bankeo has received over 15,000 requests from entrepreneurs looking for an accountant. More than a third of these requests come from businesses that already have an accountant and want to change. The number one reason isn't price: it's a lack of responsiveness (approximately 31% of requests), followed by growth needs that exceed the firm's capacity (22%) and uncertainty about fees (17%). Here's the complete ranking, the methodology behind the figures, and how to switch accountants smoothly in Quebec.

Changing accountants is a decision most entrepreneurs put off for months, sometimes years. Yet, at Bankeo, it's one of the most frequent situations: more than a third of the requests received since 2023 come from businesses already using accountants. This study compiles, for the first time, the reasons given in these requests. It answers three questions: why do entrepreneurs leave their accountant, what do they look for in a new one, and how to successfully navigate the transition in Quebec, from obtaining authorization from the CRA to completing the MR-69 power of attorney from Revenu Québec. If you're still hesitant about the very idea of ​​using accountants, our guide to the signs that it's time to hire an accountant complements this reading.

Where does this data come from: the method

Bankeo, founded in 2023, connects entrepreneurs with accountants from its network of over 1,500 partners, free of charge. Each request begins with a short form and then, in most cases, a qualification call with a Bankeo advisor. It is at this point that the entrepreneur describes their situation in their own words: what's working, what's hindering progress, and what they expect from their new accountant.

For this study, the team analyzed the free-text fields and appeal notes of applications received between 2023 and 2026, totaling over 15,000 applications. Applications from entrepreneurs who already had an accountant were isolated, and then each stated reason was manually coded into one of seven categories. When multiple reasons coexisted, only the primary reason—the one that triggered the process—was retained. The figures are rounded to the nearest percentage point: these are robust orders of magnitude, not a census accurate to the tenth.

Two honest clarifications. First, these are stated reasons: they reflect the entrepreneur's perception at the time of their request, and not a judgment on the work of the accountant they left. Second, this qualitative data is separate from our Fee Barometer , which is based on the actual fees of 1,248 completed mandates. You can cite this study with the mention "Source: Bankeo, analysis of requests received 2023-2026".

The seven reasons for change, ranked

The most striking result can be summed up in one sentence: people don't leave their accountant primarily because of price. Fees only come in third place, far behind responsiveness and adapting to the evolving needs of the business.

1. Lack of responsiveness: the number one reason, by far

Approximately 31% of change requests highlight the same problem: silence. The phrases recur with striking consistency: "He no longer responds to my emails," "I only hear back in March," "I have to follow up three times regarding a GST/QST issue." The problem is almost never a lack of technical expertise. An entrepreneur who waits ten days for a response regarding a DAS payment eventually concludes that their case is not a priority, and they are often right to demand better.

2. Growth that exceeds the firm

In 22% of cases, the business has simply grown faster than the relationship. The self-employed individual has incorporated and now has to file a T2 return for the federal government and a CO-17 for Revenu Québec; they've hired staff and are discovering payroll, source deductions, and year-end statements; they're selling online, and their 9.975% GST/QST is complicated by interprovincial regulations. The accountant who was suitable at the start is no longer available, and the entrepreneur is looking for a more comprehensive profile, often a CPA member of the Ordre des CPA du Québec, for this new phase.

3. The ambiguity surrounding fees

Contrary to popular belief, the gross price only accounts for 17% of the main reasons for cancellation. And in these cases, it's not so much the amount that causes cancellations as the surprise: a bill that increases year after year without explanation, unexpected extras, or the lack of a clear pricing structure before the contract is signed. When the bill deviates from market rates without justification, doubts arise. These benchmarks can be found in the pricing section below.

Next come errors and delays (12%): returns filed after the deadline, penalties and interest owed to the IRS or the Canada Revenue Agency, and entries that need to be corrected. Following these are retirement or the sale of the practice (9%), a reason that is growing with the aging of the profession, the need for a specialist in the field (6%), and other reasons (3%): relocation, disagreements, and the desire to transition to digital accounting.

What entrepreneurs look for in their next accountant

The same requests also indicate what entrepreneurs want to find. Four expectations dominate, almost perfectly mirroring the initial models:

• A committed response. Not a vague promise: a stated response time, a direct channel, follow-up between statements. This is the most frequently cited expectation.
• Clear prices upfront. A fixed price or price list communicated before the mandate, and extras discussed before being invoiced.
• A true digital fluency. Cloud accounting, online document submission, electronic signatures: the "invoice box delivered in April" relationship is no longer acceptable.
• Industry knowledge. Construction, IT, real estate, catering: the entrepreneur wants someone who already understands their tax, credit, and cash flow challenges.

C'est exactement ce que mesure l'Indice Bankeo, la grille de plus de 20 critères qui sert à vérifier les comptables du réseau. Et avant de vous engager, validez ces attentes dès la première rencontre : notre liste de questions à poser à un comptable avant de l'engager en fait le tour.

Changing accountants in France: the steps to follow

Good news: changing accountants is simpler than most entrepreneurs believe. Five steps are all it takes.

1. Find the new one before leaving the old one. You avoid the gap between the two, especially if GST/QST, payroll or fiscal year-end deadlines are approaching.
2. Review your agreement. Check the notice period and ongoing work, and pay the fees due to start on a clean slate.
3. Retrieve your documents. Annual accounts, filed returns (T1, T2, TP1, CO-17), payroll records, supporting documents: the documents that belong to you must be returned to you. In Quebec, CPAs are regulated by the Ordre des CPA du Québec, whose mission is to protect the public.
4. Update the authorizations. Your new accountant must be authorized as a representative with the CRA and have an MR-69 power of attorney from Revenu Québec. Remember to also revoke the previous accountant's access.
5. Inform the previous employee in writing. A polite email is sufficient. In most cases, the two professionals coordinate the transfer between themselves: your role is limited to authorizing it.

And what about the price?

Changing accountants doesn't cost anything in itself: the introduction via Bankeo is free for the entrepreneur, and the transfer of files is part of the standard handling of a new mandate. The real question is the annual budget for the following mandate.

Selon le Baromètre Bankeo, la médiane se situe autour de 3 000 $ par année pour une entreprise, et la plupart des mandats se trouvent entre 500 $ et 6 000 $ selon le secteur et l'étendue des services. Basé sur les honoraires réels de 1 248 mandats conclus via Bankeo (2024-2026), sur plus de 15 000 demandes reçues. Consultez le Baromètre des honoraires pour le détail par service, ou notre analyse des honoraires comptables au Québec en 2026.

One final finding from the study: switching providers solely for price often leads to disappointment. The most satisfied entrepreneurs are those who switched providers to regain responsiveness and proactive support, and who view the bill as an investment rather than an expense to be cut.

Frequently asked questions

Why do entrepreneurs change accountants?

According to a Bankeo study based on over 15,000 requests received since 2023, the main reason for switching is a lack of responsiveness and communication (approximately 31% of requests), followed by growth needs exceeding the firm's current capacity (22%) and uncertainty regarding fees (17%). Errors and delays, the accountant's retirement, and the need for a specialist in the field round out the list.

When is the best time to change accountants in Quebec?

Right after tax season. Change requests peak in May and June, and this is also the best time to make a change: the new accountant has time to take over the file, obtain the necessary authorizations from the IRS and Revenu Québec, and prepare for year-end closing before the next filing period. Avoid making the change between February and April, when T1 and TP1 returns are being filed.

How does the transfer of files between two accountants work?

First, you choose your new accountant, then you inform your previous accountant in writing, and finally you update their access: authorization for a representative with the CRA and a power of attorney (MR-69) with Revenu Québec. Your documents (financial statements, tax returns, records) must be returned to you, a process governed by the regulations of the Ordre des CPA du Québec. In most cases, the two professionals coordinate the remaining steps between them.

Does changing accountants cost anything?

Le changement lui-même ne coûte rien : la mise en relation via Bankeo est gratuite et le transfert fait partie de la prise en charge d'un nouveau mandat. Pour le budget annuel, la médiane se situe autour de 3 000 $ par année et la plupart des mandats entre 500 $ et 6 000 $, basé sur les honoraires réels de 1 248 mandats conclus via Bankeo (2024-2026), sur plus de 15 000 demandes reçues. Le détail par service est dans le Baromètre Bankeo.

Can my former accountant keep my documents?

You must be given the documents that belong to you: financial statements, tax returns, supporting documents, and company records. In Quebec, the conduct of CPAs is regulated by the Ordre des CPA du Québec (Ordre des CPA du Québec), whose primary mission is to protect the public. Settle the fees owed to start on a clean slate and avoid any disputes, and contact the Order if you encounter any persistent difficulties.

How does Bankeo help with changing accountants?

You describe your situation in just a few minutes, a Bankeo advisor calls you back to discuss your needs, and then you're introduced to vetted accountants from our network of over 1,500 partners, often within 48 hours. The service is free and without obligation for entrepreneurs: Bankeo is compensated by the network's accountants through a fee per completed transaction, the amount of which is known in advance. And if the match is no longer suitable, even months later, we'll find you another one: we're there to support you, every step of the way.

Official sources

1. Revenue Agency of the Canada Allow a salesperson
2. Revenu Québec, form MR-69, Authorization for the release of information or power of attorney
3. Ordre des CPA du Québec, Public Protection;
4. Revenue Quebec, Corporate Tax Obligations