Expecting Only the Expected Accountancy Fees
Becoming a self-employed sole trader, or establishing a small company, is often something of a minefield for even the most business savvy of individuals. There is a variety of what might be categorised as ‘back of office’ aspects of running a business that require acknowledgement, a degree of understanding and, most importantly, relevant action. Furthermore, many of these functions cost, whether on a one off or an ongoing basis. The appointment of suitable accountancy services, and scrutiny of their accountancy fees, is one such essential task that sole traders and small businesses ideally need to start thinking about before they commence upon their journeys.
Each and every sole trader and business in the land is beholden to HMRC. The ability to compile and submit correct and timely annual tax returns, coupled with the ability to make correct and timely payments, can be make or break for sole traders and small businesses. What can sometimes lead them in to subsequent difficulties are their attempts to avoid spending per se, including spending on accountancy fees.
Of course, the vast majority of sole traders and small businesses do not start trading with impressive budgets at their disposals. Some might have accessed start up grants or loans. Others might have accumulated personal savings that they intend to pour in to their businesses. Many simply do not have budgets, with any expenditure coming directly out of their bottom line profits. It is only natural that sole traders and sole businesses aim to err on the side of caution and keep accountancy fees and all other spending to a minimal.
It therefore makes real common sense for vast amounts of sole traders and small businesses to know exactly what services they can expect to receive from their accountancy firm. When seeking out cost effective yet hard working solutions, it is useful for small businesses to work with quantified fixed monthly accountancy fees. Clarity of costs and service levels empowers them to make decisions best befitting their individual needs. It also avoids the nasty surprises that some small businesses get when appointing what they think are cheap accountants offering hourly accountancy fees. In theory, this can seem like the best option. In practice, it can be open ended, unpredictable, and more costly than anticipated.
There is a selection of small business and sole trader accountants offering services specifically formulated to suit the needs and price points of this sector. These accountancy firms have applied their time honoured expertise to the establishment of professional small business accountancy services. By recognising that the procedures necessary for large organisations do not match the needs of smaller ones, they can charge small business accountancy fees that genuinely partner effective service with value for money.
Small business accountancy offers its target audience the luxury of tailor making relevant service agreements and timetables in partnership with their providers, accompanied by upfront costs. For fixed accountancy fees starting from £14.50 per month, small businesses need not fear the unexpected. They know what to expect, when to expect it and can efficiently budget for a relatively small monthly outlay rather than worry about unquantifiable bills that might hit their desks in the future.
Lee Murphy is the co-founder of The Accountancy Partnership, an accountancy firm based in Cheshire. Specialising in online accountancy services, The Accountancy Partnership offers low cost accountancy fees.
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