Accountant fees

[ajdriver]

When my business is set up, I will be able to keep a record of all the transactions and from that work out the Profit / Loss etc. Do I require an accountant by law? Even if not, I think I would benefit from one, as it will take some responsibility away from me.
How frequently am I likely to need one? I would presume every quarter?
How much do they cost, is it per hour, or per job? I need some rough figures for cash flow forecast etc.

Thanks
Alan

 

[Alpha]

Alan

1) You do not need an accountant by law. We are just an optional extra!!!
2) You may very well benefit from having the advice of an accountant particularly in the areas of tax but we have been known to be quite useful for a lot of other things as well!

However by having an accountant it does not take any responsibility away from you as you are still responsible for getting your accounts completed and if a limited company, filed at companies house on time and in an acceptable format. Again, if limited, you are responsible for ensuring your annual return is filed.

You are responsible for completing and filing your tax return on time etc etc . but most responsible accountants go out of their way to try and ensure that the work is done and the deadlines met.

How frequently you require them can depend upon what they are required to do for you and what controls you require to run your business effectively and profitably. You may only require annual accounts and tax return( Annually).
You may require VAT returns being completed (Quarterly)

You may require Management accounts to give to your bank manager or to see how your business is moving (Quarterly/Monthly)

Then of course you may require additional funding to grow your business, cash flow forecasts, business plans, strategic planning (Ad Hoc).

What would be needed is a good discussion with your accountant to establish your immediate needs and an ongoing dialogue so that any changes in requirements can be ascertained.

How much does one cost??

Accounatants fees and charging methods vary considerably eg cost per hour, fixed fee for defined work, some even charge in units of 6 minutes even for telephone calls so talk to a few and find out who you can work with and whose charging suits your requirements.