Cost to hire a Accountant on Bidvine

£17 - £25

National average price

£17 - £25  National average range
£17 - £25

£17

£25

Your estimate

How much do accountants cost?

May 22, 2019

Preparing your returns, getting your finances in order, and keeping your books organised is made easy with the expertise of a professional accountant. Before you hire though, there are a few things you'll want to keep in mind. Check out the article below to read everything you need to know when hiring a professional accountant!

Considerations

Working with an accountant is one the best decisions you can make for your business. These experts can apply their in-depth knowledge to the financials of your business. From balancing the books to navigating tax returns, you can be confident your organisation's accounts are being attended to properly when working with a professional.

Of course, if you aren’t sure what to ask for with your accounting, you’ll have to assess what you need help with and share what your business looks like. This makes it much easier to find a pro who is able to help with your particular business. Plus, you’ll have a better sense of how long the task may take and how much it may cost.

Type of Business

If you are looking for help with your business’ accounting, make sure you find an accountant with the right experience! One easy way of doing this is by indicating the type of business you have. Your needs may vary, depending on this type, so it’s important to share this detail to help find the right pros with the right experience.

Operating as a sole trader places all responsibility on the owner. So when it comes to your accounting, you are the heart of the business and the balance sheets! Personal property tends to be tied into the business too, so it’s important that your accountant knows what to look for when it comes to your financials.

A partnership allows partners equal control when it comes to decision making and accounting unless the partnership agreement has other terms. This agreement is an important document for both operations and for accounting, so informing an accountant of this document makes sure that your ledger is processed properly. Whether it’s two or more partners involved, an accountant needs to know who is involved to take care of business.

A private limited company is like a partnership but is set up to protect owners from personal liability. Depending on how the company is registered, it may have tax advantages that sole traders and partnerships do not. Using an accountant to help navigate these forms can be of great help, allowing you to focus on running your business!

Accounting Services

A good accountant offers many different services to help business owners. Quite often, you may be able to employ an expert for a variety of tasks that are required to run your business. This allows you to focus on the core of your business, whether that is making a product or offering a service or something else entirely!

Day to day, you will need to balance the business’ books. Accounts receivable and payable both need attention throughout the year in order to be up to date through bookkeeping services. By correctly marking all incoming and outgoing payments, your books will balance properly and save a huge headache at the end of the year!

If you have a handle on the daily responsibilities, you may still want to have occasional help with other tasks. This can include managing accounts, ensuring that payments are processed and sent out on time. Monthly jobs could include VAT returns so that your business is abiding by regulations and other duties. Plus, while it only comes once a year, preparing tax returns is still an important task. Your accountant will know how to report details correctly to make this work simple.

Time

This is one job that you don’t want to be rushed. A good local accountant will take their time to ensure that every aspect of your books is taken into account for the most accurate records and returns. Depending on the type of accounting work you require and the complexity, you may need an accountant for a day up to several weeks. Or, you may need to have an accountant’s help for a few days each month. Choose the frequency that works out best for you for the best results.

Another time factor you should also be aware of is that the time of year that you require an accountant’s services can influence the cost. Tax season is naturally an accountant’s busiest time, meaning that you can see an increase in cost. If you are looking for help with a last-minute tax return, it may be a costlier endeavour. To save, book your accountant’s services in advance. By planning ahead, you can save yourself on the cost and relieve some stress!

Experience

Make sure you find expert service and knowledge in your accountant. This includes training and essential qualifications like AAT and higher levels like ACA, ACCA, or CIMA. While not every qualification is necessary, they need to have excellent training in order to call themselves an expert.

The more certifications an accountant has, the more they may charge per hour for their services. However, the tradeoff is knowing that they are well-prepared and very capable of handling your requests. Request rates or bids from more than one professional to allow you to compare rates to ensure that you are getting good rates.

You should also look to see that they are experienced in the specific type of help you need, whether it’s with your books or with taxes. This experience may be listed on their website or other online profile — or even available by reading reviews! You can easily see how well an accountant has handled a certain type of work through reviews. You can trust previous clients to be honest about the quality of work and this proves the pro you are considering is experienced!

Location

Traditionally, accounting is done in a business’s offices. This allows them access to the business information they need like financial records, ledgers, and invoicing systems. For this reason, when you search for an accountant, you will need to keep your business’ location in mind. You won’t want to have someone coming from too far and increase your costs with travel expenses or fees! If you have your financials stored in an online or cloud solution, you can hire an accountant that works from any distance and just meet with them for signing and approving the paperwork.

However, accountants are not required to complete their work within your organization. If your business is very small or you are working out of your home, you may not have the space to allow an accountant to come in and work for weeks at a time. In these cases, think about bringing your financial information to an accountant to work from in their own office. They may also offer to pick up the files from you, but keep in mind this may incur an additional cost.

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Summary

Now that you know what goes into the cost for an accountant, you’re prepared to make this important decision. Your books and accounts are the lifeblood of the administration side of the business. Without them, you won’t make any profits! It’s essential to work with someone you can trust to handle your accounting needs properly.

So let Bidvine help you find the right pro to take care of your taxes or balance your books. Simply answer a few questions about the help you need and submit a free request for bids. You’ll be matched with great professionals ready to help with any accounting services you need. Then, you’ll have full confidence in your professional’s ability to handle your business’ finances.