Bankeo study: What entrepreneurs who switch accountants are looking for

At a Glance. Since 2023, Bankeo has received more than 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 switch. The number one reason isn’t price: it’s a lack of responsiveness (about 31% of requests to switch), followed by growth needs that exceed the firm’s capacity (22%) and uncertainty about fees (17%). Here is the complete ranking, the methodology behind the figures, and how to switch accountants seamlessly in Quebec.

Switching accountants is a decision that most entrepreneurs put off for months, sometimes even years. Yet at Bankeo, it’s one of the most common scenarios: more than a third of the requests received since 2023 have come from businesses we already serve. This study compiles, for the first time, the reasons cited in these requests. It answers three questions: why do entrepreneurs leave their accountants, what are they looking for in their next one, and how to successfully navigate the transition in Quebec, from CRA authorization to the Revenu Québec MR-69 power of attorney. If you’re still unsure about the very idea of seeking professional support, our guide to Signs It’s Time to Hire an Accountant This is a great complement to this article.

Where does this data come from: the methodology

Bankeo, founded in 2023, connects entrepreneurs with accountants from its network of over 1,500 partners, for free. Each request starts with a short form and, in most cases, is followed by a qualifying call with a Bankeo advisor. This is when the entrepreneur describes their situation in their own words: what’s working, what’s holding them back, and what they expect from their next accountant.

For this study, the team analyzed the free-text fields and call notes from requests received between 2023 and 2026, more than 15,000 requests in total. Requests from entrepreneurs who already had an accountant were set aside, and then each stated reason was manually coded into one of seven categories. When multiple reasons were cited, only the primary reason, the one that triggered the decision, was included. The percentages are rounded to the nearest whole percentage point: these are robust estimates of magnitude, not a census accurate to the nearest tenth.

Two important points to note. First, these are the reasons given by the entrepreneurs: they reflect the entrepreneur’s perception at the time of the request, not a judgment on the work of the accountant they left. Second, this qualitative data is separate from our Fee Barometer, based on the actual fees from 1,248 completed engagements. You may cite this study with the following attribution: “Source: Bankeo, analysis of requests received 2023-2026.”

The seven reasons for switching, ranked

The most striking finding can be summed up in one sentence: people don’t leave their accountant primarily because of price. Fees rank only third, far behind responsiveness and the changing needs of the business.

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

About 31% of requests to switch point to the same problem: silence. The same complaints come up with striking consistency: “He doesn’t respond to my emails anymore,” “I don’t hear back until March,” “I have to follow up three times just to get an answer about GST/QST.” The problem is almost never a lack of technical expertise. An entrepreneur who waits ten days for a response regarding a source deductions payment eventually concludes that their case isn’t a priority, and they’re often right to demand better service.

2. Growth that outpaces the firm

In 22% of cases, the business simply grew faster than the relationship. The self-employed individual incorporated and must now file a T2 return with the federal government and a CO-17 form with Revenu Québec; they’ve hired employees and are now dealing with payroll, source deductions, and year-end forms; they sell online, and their 5% GST and 9.975% QST are complicated by interprovincial rules. The accountant who was suitable at the startup stage is no longer keeping up, and the entrepreneur is looking for someone with a more comprehensive skill set, often a CPA who is a member of the Ordre des CPA du Québec, for this new phase.

3. Uncertainty regarding fees

Contrary to popular belief, the gross fee accounts for only 17% of the main reasons. And in these cases, it’s not so much the amount itself that drives them away as the element of surprise: an invoice that skyrockets from one year to the next without explanation, unannounced extras, or the lack of a clear pricing structure before the engagement begins. When the bill deviates from Market benchmarks without justification, doubt sets in. The benchmarks in question are in the pricing section below.

Next come errors and delays (12%): returns filed after the deadline, penalties and interest owed to the CRA or Revenu Québec, and entries that need to be corrected. Next are retirement or the sale of the firm (9%), a growing reason as the profession ages, the need for an industry specialist (6%), and other reasons (3%): relocation, disagreements, or a desire to go digital.

What entrepreneurs look for in their next accountant

These same requests also reveal what entrepreneurs are looking for. Four expectations stand out, mirroring almost perfectly the reasons for leaving:

• A Commitment to Responsiveness. Not just a vague promise: a guaranteed response time, a direct line of communication, and follow-up between tax filings. This is the most commonly cited expectation.
• Transparent pricing from the start. A flat fee or a fee schedule provided before the engagement begins, with any additional services discussed before they are billed.
• True digital fluency. Cloud-based accounting, online document filing, electronic signatures: the “box of invoices handed over in April” approach just doesn’t cut it anymore.
• Knowledge of the industry. Construction, IT, real estate, and food service: Entrepreneurs want someone who already understands their challenges with taxes, credits, and cash flow.

That’s exactly what the Bankeo Trust Index, the checklist of more than 20 criteria used to evaluate accountants in the network. And before you commit, make sure these expectations are met right from the first meeting: our list of Questions to Ask an Accountant Before Hiring Them takes a closer look.

Switching accountants in Quebec: A Step-by-Step guide

Good news: Switching accountants is easier than most entrepreneurs think. All it takes is five steps.

1. Find a new one before leaving the old one. You avoid the gap in between, especially if GST and QST deadlines, payroll deadlines, or year-end deadlines are approaching.
2. Review your agreement. Check the notice period and any work in progress, and settle any outstanding fees to ensure a clean start.
3. Retrieve your documents. Financial statements, 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 your permissions. Your new accountant must be authorized as a representative with the CRA and have an MR-69 power of attorney with Revenu Québec. Also, be sure to revoke your former accountant’s access privileges.
5. Notify your former accountant in writing. A polite email is all it takes. In most cases, the two professionals coordinate the transfer between themselves: your role is simply to give your approval.

And what about the cost?

Switching accountants doesn’t cost anything in and of itself: matching through Bankeo is free for the entrepreneur, and the transfer of files is part of the standard process for a new engagement. The real question is the annual budget for the subsequent engagement.

According to the Bankeo Fee Barometer, the median fee is around $3,000 per year for a business, and most engagements range from $500 to $6,000, depending on the industry and the scope of services. Based on actual fees from 1,248 engagements secured through Bankeo (2024-2026), out of more than 15,000 requests received. View the Fee Barometer for a breakdown by service, or our Analysis of Accounting Fees in Quebec in 2026.

One final takeaway from the study: a switch motivated solely by price often leads to disappointment. The most satisfied entrepreneurs are those who switched to regain responsiveness and proactive support, and who view the bill as an investment rather than an expense to cut back on.

Frequently asked questions

Why do entrepreneurs switch accountants?

According to the Bankeo study, which analyzed more than 15,000 requests received since 2023, the main reason is a lack of responsiveness and communication (about 31% of requests to switch), followed by growth needs that exceed the firm’s capacity (22%) and uncertainty regarding fees (17%). Errors and delays, the accountant’s retirement, and the need for an industry specialist round out the list.

When is the best time to switch accountants in Quebec?

Right after tax season. Requests to switch accountants peak in May and June, and this is also the most practical time frame: the new accountant has time to take over the files, set up authorizations with the CRA and Revenu Québec, and prepare for the year-end closing before the next filing period. Avoid switching 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 notify your previous accountant in writing, and finally, you update your access permissions: authorizing a representative with the CRA and filing Form MR-69 (Power of Attorney) with Revenu Québec. The documents that belong to you (financial statements, filed returns, records) must be handed over to you, a process governed by the guidelines of the Ordre des CPA du Québec. In most cases, the two professionals coordinate the rest among themselves.

Does switching accountants cost anything?

The switch itself costs nothing: matching through Bankeo is free, and the transfer is covered as part of the new engagement. For the annual budget, the median is around $3,000 per year, and most engagements range from $500 to $6,000, based on the actual fees from 1,248 engagements concluded through Bankeo (2024-2026), out of more than 15,000 requests received. The breakdown by service is in the Bankeo Fee Barometer.

Can my former accountant keep my documents?

Documents that belong to you must be handed over to you: financial statements, filed returns, supporting documents, and business records. In Quebec, the conduct of CPAs is regulated by the Ordre des CPA du Québec, whose primary mission is to protect the public. Settle any outstanding fees to ensure a clean break and avoid any disputes, and contact the Ordre if you encounter persistent difficulties.

How does Bankeo help you switch accountants?

You describe your situation in just a few minutes; a Bankeo advisor will call you back to clarify your needs, and then we’ll introduce you to vetted accountants from our network of over 1,500 partners, often within 48 hours. The service is free and non-binding for entrepreneurs: Bankeo is compensated by the accountants in its network through a fee per file, with the amount known in advance. And if the match no longer works out, even months later, we’ll find you a new one: we’re always here to support you.

Official sources

1. Canada Revenue Agency, Authorize a Representative
2. Revenu Québec, Form MR-69, Authorization for the Disclosure of Information or Power of Attorney
3. Ordre des CPA du Québec, Public Protection
4. Revenu Québec, Tax Obligations for Businesses