How much should you value your accountant?
The accountant for most small businesses is normally the only professional advisor that they engage with, they may not need a firm of solicitors or consultants to help support them with their business, but they will need an accountant to file their accounts and taxes. How much should you value the services that they give you?
When we speak with prospective clients this is normally one of the first questions that they ask: “How much do you charge for your services?” This is a difficult question to answer, because the answer depends on quite a few variables.
“The role of the accountant is undoubtedly changing, the times when we would only prepare your accounts, vat returns and tax returns are not a distant memory, in fact these are still the core services that we do for clients. But we can also do a lot more for you and your business”
The role of the accountant is undoubtedly changing, the times when we would only prepare your accounts, vat returns and tax returns are not a distant memory, in fact these are still the core services that we do for clients. But we can also do a lot more for you and your business.
There is an eco-system of online services and apps to navigate your way through to find a structure how to keep your records and bookkeeping. We can help you how to set this up for you, train you how to use and maintain it. The effect that this automation can have on your business can be dramatic, it can remove all the mundane tasks in keeping your books for your accountant, and give you back more time to spend on your business or simply with your family.
“Time is one of the most precious commodities you have as a business owner, if you could have more why would you not take it? ”
Your accountant is also the gateway that you have to access funding to grow and manage your business. Increasingly accountants are being asked to fulfil that the role that was in the past the domain of a bank manager and give you advice on financing for your expanding business. This is made easier by using apps that plug in to your bookkeeping software such as Xero and Quickbooks and analyse your accounting data and suggest finance products that may be suitable for you.
The accountant is in prime position to advise you on the financial information that they have prepared for you, to look for trends in the way your business is performing and look for potential issues in future. If we project your financial information can we check to see that you have access to enough working capital to meet all your financial obligations if not what action can we take now to take to prevent you falling short?
These are simple advisory services that we can give you to ensure the future prosperity of your business. But if we dig a little deeper, we can look to identify the potential issue that is causing this problem. Do you need help in collecting the debts that are owed to your business and do you want someone to hold you accountable for taking this action?
These are higher level business advisory and coaching services that the accountant is offering your business. When you spend time doing the accounts for a business you start to understand a lot about them and what potential issues that they may have. Your accountant should be the first person to speak to if you want to undergo a programme of developing your business, tackling problems and getting the structure right.
These services are all supplementary to the core services of preparing accounts, vat returns and tax returns. The fees that an accountant charges should be viewed as an investment in your business. There is a considerable amount of work that goes in to maintaining even the smallest business each year.
Each client deserves to have their work prepared correctly and care and attention give to ensure that tax reliefs are claimed where possible and to prevent inaccuracies from happening.
One of the major factors in the quality of service you get from your accountant will be the fees that you pay. Are you paying enough for them to hire staff and to build a business to meet your requirements? When you have the initial discussion with your accountant is price the deciding factor when choosing which firm to go with?
If this is you, you are probably not going to be our ideal client and we would not be a good fit for you.
We pride ourselves on being able to deliver a quality of service to our clients and in this regard, we are our harshest critics, we have high expectations of the service that we give to you. This takes an investment in our business in staff, training, software and IT none of which come cheaply. Our prices are competitive but if you think that quality and cheap can go to together in accountancy when it does not in any other industry you are only setting yourself up to be disappointed.
“When you get your business running smoothly and it provides you income and satisfaction, it is the best feeling in the world. You have freedom and choices of what you can do what you want, and your world is full of possibilities.”
Nobody likes paying taxes or paying for anything. But to be successful in your business you are going to have a change in mindset and accept that you need to pay for the quality and service you want form an accountant. You will need all the support you can get of you are to be successful, you have to earn it. The money will not jump into your wallet.
When you get your business running smoothly and it provides you income and satisfaction, it is the best feeling in the world. You have freedom and choices of what you can do what you want, and your world is full of possibilities.
If you want a quote on how we can help your business and the services we can offer please get in touch.