HOW MUCH ARE ACCOUNTANCY FEES FOR AN OWNER MANAGED BUSINESS?

It depends on the needs of your business...

• How many staff do you have?
• How many directors does the company have?
• What’s your annual turnover/sales?
• Are you VAT registered?
• Do you need management accounts reporting?
• Credit control to help you chase monies from customers?

Business owners juggle many aspects of running the business. Outsourcing some of these can allow you to spend as much of your time as possible on value-adding activities, where your passion truly lies!

At MG Accounting Service we specialise in helping local business owners to succeed in their area of expertise by assisting them with the paperwork which is needed

So how much should you be paying for that service? Well we don’t have a listing of how much other accountants will charge you, but we can let you know how much WE charge for frequently requested services. This should give you a good idea of how much you can expect to pay.

Do you want to pay in instalments? We find that most clients appreciate the simplicity of receiving one invoice annually for the full amount of all requested services and then any requested additional services can be invoiced separately if needed later in the year. Some clients prefer to pay their invoice in one payment – others prefer to agree payment plans for monthly payments throughout the year - What’s important to us is that the process is as clear and stress free as practical.

WHAT DO I GET FOR MY MONEY?

We like to offer bespoke bundles of services to each client.

This allows us to meet your business needs and then if your turnover/sales/staff levels changes as time moves on we can continue to help you in the best way possible. If that results in you needing a higher bundle of accountancy services, which is a good thing as it has resulted from your business growing, your business can continue to develop and grow accordingly.

DO I NEED AN ACCOUNTANT?

Often business owners find that when the business starts to grow it can be too much to handle… Some of the issues which are frequently reported to us when owners are unsupported and do their own accounts tasks are:

• The wrong figures are submitted to HMRC (resulting in paying too much tax or getting fines).
• They don’t realise how much tax/VAT is owed and the business has to go into liquidation because they can’t afford to pay.
• They time drawings from the business poorly or take too much money out of the business and pay illegal dividends.
• They claim for wrong expenses (and are penalised by HMRC for these errors) or they don’t claim expenses which are valid (and end up paying too much tax).
• Failing to make sure you’re paying staff the legally required wage level or dealing with staff pension schemes.
• Without being able to have someone look at your business from another angle – without the offer of a professional sounding board about business development choices – it can be difficult to see potential problems and find effective solutions

As an owner perhaps time is taken up on operating the business - but also planning for the future, advertising for tomorrow's work, resolving problems from yesterday's job - doing ALL jobs, ALL the time - including the job of an accountant!

And for what? To save a few pounds each day? Your time is more precious than that!!

As an owner manager you choose to invest your time in an industry which appeals to you, so make good use of the support offered by business like ours, to help YOU make best use of your own time and energy.

Overall, you’ve got to ask yourself, “what am I getting for my money?”

You could use the cheapest accountant – I’m sure you receive lots of letters advertising those - but what will you get for that fee?

You won’t have any answers to this until you do a bit of research or ask some questions. Check out accountants’ websites, reviews, social media accounts, blogs on their website or arrange a meeting or phone call.

We might not be the right accountants for you - You might not LIKE having to answer questions about how your business is growing and changing. You might WANT an online accountant who doesn’t ask you how they can help you. You may think we’re too expensive. You might EVEN like leaving things until the last minute on principle that you don’t like submitting tax returns…

But, if you’re looking to save time in your business, want to know that you are doings things right and generally reduce the chances of worries with HMRC, we might be perfect for you! 

If you need any help get in touch ?

Please call us on 0752 77 55 207 or use our contact form.