Whether you are hiring an accountant for personal or business use, you want to make sure it is cost effective and that you are saving money where necessary. It is not always cheap to utilise the professional services of an accountants, but it is vital to the success of your business if you are not experienced in financial areas.
There are always ways you can reduce your accountancy fees:
Speak to your accountant
If you feel comfortable enough with you accountant, see if they would be happy to reduce your fees for either the short or long term. Or if there is anything you can do yourself that will help reduce fees.
Move to a cheaper accountant
Most accountancies will offer free consultations and provide no obligation quotes for the services you require, it doesn’t hurt to ‘shop around’ and see if you can get the services cheaper elsewhere. Remember though, just because another place is cheaper, you could be compromising the level of service.
Make sure your books and bank statements reconcile
If you do this yourself it will reduce the amount of hours required by the accountant, particularly if this is the first month you have hired one. If you can check the numbers match up then you will be able to reduce your fee.
Prepare everything well in advance
Get everything ready for your accountant in advance, ensuring you have all the necessary documents and forms that will help them. Some ways you can help yourself with this is by:
• Ensuring you have a separate business account that only business transactions go through
• Keep hold of all your receipts and invoices and keep them numbered and in date order. Also, write on your receipt what it was for, if it doesn’t say anywhere else
• Keep all your credit card and bank statements in the same place
These little things will help reduce the amount of bookkeeping time you will need to use an accountant for, therefore ultimately reducing bill amounts.
Try arranging fixed fees
Most accountants will be able to arrange fixed fees for the services they provide. Try and discuss this with your accountant as soon as possible to ensure you are getting a good price. Throughout the time you use the accountant be weary of any extra charges that may arise.
By following these steps you will be able to save some money on your accountancy fees. Remember that your accountant is there to help and advise you, if this isn’t happening then you need to reconsider.