5 replies to this topic

[AdvertBike]

Hi,

I do my own accounts simply because I dont have a lot going on at present, compared to some companies out and about. dont get me wrong, I have enough going on for my accounts, invoices and keep track of figures to be a complete and utter pain in the neck (to put it politely)

I am getting to the stage where I would much prefer to leave all the figures etc to someone, so I can concentrate on building my business.

How much does it normally cost per annum for a small business accountant ?

[AccountingBasics]

Paul

A few years ago I ran a small Bookkeeping business, I charged a rate of £200 per day, most businesses only needed a few hours a month. This cost included posting all the transactions and get the accounts ready to be submitted either as self employed or to an accountant to prepare all the documents to be sent to Companies House. I also met with the customer on a regular basis to collect records and go through the figures.

Rates do vary, but it is worth checking the experience of the person you ask to do your accounts. The are a few people who have no qualifications offering bookkeeping services. If you know anyone else in business ask who they use and if they can be recommended.

Another thing to consider is that while completing your own accounts you are aware of what the business is doing financially and how successful it is. If you pass this on to someone else make sure that you do not lose control of you figures and check the reports you get back are what you would expect.

I hope this helps.

Angela

[WoodsSquared]

Hi Paul

The only things I'd add to what Angela has already said are:

1. Make sure you get a fixed fee - unfortunately too many accountants will provide a quote that is actually then nowhere near the amount charged which makes it impossible to budget for

2. Make sure they are proactive and help you plan for your business expenses (particularly taxes)

3. Use someone that is (or will be) genuinely interested in what you do as this means they'll be more likely to help you with recommendations/referrals etc

Let me know if we can help in any way

Good luck

[jmjaccountancy]

I agree with the responses above and only add that going for the cheapest in the short term is not necessarily the cheapest in the long run so you want to try and get fixed fee quotes but also see what is actually included.

We offer fixed fees and comprehensively detail what is included to make things as transparent as possible as we know that we offer value for money and good advice for our clients.

Good luck with your business and glad it is growing.

[AdvertBike]

Thanks for your comments.

I think I will stay as I am at the moment and continue doing my own book keeping. I will review again in 6 months time - This way, I will at least know which way my business is going

[AccountingBasics]

Paul

Just a quick thought, I don't know what accounting software you use at the moment. I was recently recommend a cloud accounting package called XERO by our accountants. I have never been that impressed with transferring to cloud software before, but XERO has a feature where you can import you bank statement (as long as your bank is support by XERO). It will then post the transactions for you when you have reviewed them. This feature could possibly save you some time each month. The main disadvantage is there is a fixed monthly fee for the software.

There may be other packages out there that have the same feature, but I have not looked into it any further.

Angela