Why you get what you pay for when it comes to accountants
Posted on 26th August 2021
Here at Effective Accounting, we pride ourselves on being so much more than number crunchers. We work with our clients to make the numbers work for them.
What to look for when choosing an accountant
Whether you choose to work with us, or another provider, we want you to get the best return on your investment. Here is our guide to getting the best out the fees you pay for your accountant.
- Recommended: Best way to start your search is by getting recommendations from others who are happy with their accountant. Ask around and single-out the best ones.
- Good reviews: Do your research and look for good reviews on-line. Try to find independent reviewers or personal recommendations from their actual clients.
- Services: Ask them about what other services they can offer you, such as start-up guidance, financial forecasts, audits, assistance with load applications, investment advice and how best to minimise your tax bill.
- Cost breakdown: Ask them for a full breakdown of their services and charges.
- Value: Do some calculations and work out which accountant offers you value for money; this isn’t necessarily the cheapest. Review your fees annually and don’t be afraid to go elsewhere if you’re not getting the service you want.
- Qualifications: Make sure they are fully qualified or certified as an accountant and have the backing of a relevant professional body.
- Experience: Check that they have experience in your type of business or trade.
- Contacts: It’s worth asking your accountant if they can refer you to any possible suppliers or potential investors.
- References: Request refences and proof of professional indemnity insurance.
- Suitability: Ask yourself if they’re the right fit for you. A bigger firm may be more established, but a smaller one may respond faster and offer a more bespoke service.
- Single point of contact: Ensuring you have one point of contact mans you can build a better professional relationship with your accountant.
- Communication: Check their terms and conditions for expected service levels and response times to queries.
How to get the most from your accountant
Here are our top seven tips for getting the most out of your accountant.
1. A good accountant can take full responsibility of your bookkeeping and payroll. This will free you up to invest more time into running your business, increasing sales and delivering services or products to your clients.
2. Think of your accountancy fees as an investment. Investing in a good accountant means you can sleep soundly at night knowing your tax affairs are in order.
3. Invest in software that can track of your income, outgoings and expenses, making it easier for you to keep on top of your admin. We recommend Xero (of course!)
4. Good communication is key – so ensure you are contacting your accountant and responding to their requests for information promptly. It helps them do their job – and ultimately, that is what you are paying them for!
5. Regularly review your business goals and measure these against your performance. This way you can proactively plan your next business development steps.
6. Seek advice from your accountant on business planning, new project cost estimation and investment levels needed to achieve your business goals.
7. If you decide to retire or change profession, your accountant can advise you on the most tax-efficient way to dissolve or sell your business.
8. Regularly review the charges from your accountant to check that you’re happy with their services levels and value for money you receive.
At Effective Accounting we offer a responsive, proactive and bespoke service with a single point of contact.
We offer a wide range of accounting services and financial planning support:, including
- Tax returns and self-assessment
- Tax planning
- Management accounts
- IR35 advice
- Contract review
- Company secretarial
- Income protection insurance
And we work on a fixed fee basis – giving you certainty of your costs.
If you’re in the market for a new accountancy firm, contact us to see if we’re the perfect fit for you.
Nicola J Sorrell
- Effective Accounting
Founder | Xero Champion | IR35 Expert
Tagged as: Business Tips, For - Contractors, For - Employers, For - Limited Companies, For - Property Owners & Landlords, For - Self-Employed
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