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Whilst ‘how much does a UK accountant cost?’ is a seemingly simple question, in the past it has been hard to get a clear answer.
Traditionally accountants have aligned themselves with other professional services charging based on timesheets. This would leave you with little idea of the total cost for the year until after the services were delivered. Often you would get a nasty surprise.
The great news is those time are changing. Now you are in control. You can have certainty on the price to be paid and can pay the fee monthly.
The first decision that you need to make is whether you view accountancy services as a commodity or a value add. There is no right or wrong answer, it is what is better for your business.
Accountancy can be viewed as a commodity for managing your business compliance. You want to keep the bookkeeping up-to-date and file the annual accounts and tax returns. If this is the case, the key driver should be price.
There are a number of online solutions for this. For example, Crunch, The Accountancy Partnership and Mazuma Accountants to name three. For a sole trader or a simple owner-director Limited Company the monthly fee would be under £100.00 plus VAT.
Indeed, with the developments in automated bank feeds, machine learning in accounting software and artificial intelligence, it is likely that the cost of compliance will fall even further.
However, partnering with the right accountancy can add tremendous value to your business.
Google search “accountant” in your hometown and you will be presented with an array of firms offering accountancy services. Notably, the vast majority are not explicit on the cost unlike their online solution counterparts. The website is more an invitation to start a conversation with the fees to be discussed later.
At CooperFaure, the COVID-19 pandemic has given the opportunity for us to re-evaluate how we work. We can now focus our time on delivering more value to our customers locally, nationally, and internationally.
The first step is to give you clarity on the price. We have three levels of service plans for a fixed monthly fee.
The second step is to demonstrate how we add value. In our opinion, this is not by reporting on what has happened, it is about providing the tools, experience and advice to guide you for the future.
It is all about tomorrow not yesterday. We have developed a suite of business intelligence and analysis to support you towards your destination.
Are we more expensive than our local accountant counterparts? Likely yes, but we are giving you complete transparency with no hidden extras.
It is all too easy to have a visually attractive website with no substance behind it. We have fifteen years as a business supporting and nurturing customers like you grow by combining traditional values and modern techniques.
Our philosophy is that, if you partner with CooperFaure, we will deliver true insights that will add value to your business. We offer a thirty-day free trial, do not tie you in to a long-term contract and give you the freedom to move between plans.
In other words, it is you the customer that has the ultimate say in whether we have added value.
In summary, there is an abundance of choice. There accountants available, whether you are looking for a price-driven compliance solution, more support from a local accountant or a full added-value solution. As we said earlier, there is no right or wrong answer, it is what best for your business.
If you would like to see how we can help you can find a list of our products and prices here.
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