Fees often play a big part in how attractive an accountant is for a business. However, there is no one size fits all solution. From a basic accounts package, through to an accountant who provides virtual finance director input, the range of services you need will have significant influence on how much it costs you overall.
A basic package (£65+ per month)
If you don’t need accountant support with all the bells and whistles then you could keep this cost under £100. This should cover basic accounting work, including handling personal and corporation tax matters, VAT returns and monthly payroll.
A little more insight (£150+ per month)
If your business is growing, you need more support and perspective when it comes to cash flow, or you want some guidance with respect to goal setting then a more involved package might be a good idea. At this level you could also reasonably expect there to be input on the best ways to help reduce both personal and corporation tax liabilities too.
Something fairly comprehensive (£195+ per month)
At this level, most businesses are looking for an accountant who will do more than simply handle tax returns once a year and provide occasional insights. At this price point you’re usually paying an accountant for all the more basic support, as well as some guidance on strategy and how to reduce the tax that you pay. Plus, you can expect regular input and work on bookkeeping and records, as required, to make sure that everything is up to date.
The full package (£395+ per month)
Bringing in an accountant on this basis provides you, not just with full financial coverage, but with support and advice on everything from budgeting, to setting and meeting KPIs too. You’ll be able to get support when it comes to business protection strategy and have access to the kind of financial experience that could help keep your business on track and moving forward.
What factors might impact the cost?
- The number of transactions your business is processing e.g. sales, purchases etc
- The current state of your records and whether these need to be completely re-done by an incoming accountant
- The size of the workforce and the number of employees you have
- Change in circumstances, such as a refinancing or a large job or order.
What about hiring an accountant full time?
For most businesses it’s more cost effective to pay for an external accountant on a fixed fee basis. However, if you want to bring an accountant on board in-house you can usually do this from upwards of £30,000 p/a, depending on skills, accreditation and experience.
If you’d like to see more, take a look at our accountancy packages to get a feel for what Appleby Mall could offer you, or get in touch with us for a more specialised quote.