End of Year Accounts

[S88MRG]

Evening all,

I was hoping to get some advice regarding the price we have recently paid for the preparation of our end of year accounts.

I believe we have paid well over the odds for our latest end of year, and would like to know how much some of the accounts on here charge, or indeed, how much other forum members have paid for their businesses?

Our turnover for the year just gone was pretty much bang on £300,000 - all of our invoices etc go onto sage, which is well maintained, and then this is passed to our accountants.

Anyone hazard a guess? For obvious reasons I will not name the company involved, but I be happy to mention a rough figure (I don't want to mention it initially in case it alters feedback).

Regards,

Mike

**Update**

Sorry, forgot to mention, this business is currently running as a sole trader, but of course we are VAT registered.

 

[elaine@cheapaccounting]

Not enough info to give a quote on here.

On another point - You might want to read this ...

Why are you a sole trader ...

http://www.cheapaccounting.co.uk/blog/index.php/why-are-you-a-sole-trader/

Also see the sticky on choosing your accountant.

If you are not happy with fees then may I suggest getting written quotes from say 3 accountants. Have a chat with three off line for a better indication of fees. Make sure that you have a letter of engagement setting out fees agreed for a defined scope of work - that way there are not any shocks later.

Good luck

 

[teddys]

To give an idea, the cost may generally be made up of two elements:

1. Variable element: This depends on the number of transactions involved e.g. a retail business. The cost would obviously be higher

2. Fixed element: The cost of preparing the statutory part of accounting will remain more or less fixed unless it is technically complicated

In your case the second part of the cost should be the least minimum.

 

[accountancyextra]

As Elaine says, you haven't given enough information here to comment.

Additional things we'd need to know:

1. What insustry are you in
2. How many bank accounts are there
3. Are they used jsut for business
4. Are they reconciled to SAGE
5. Do you use SAGE to generate the VAT returns
6. Have you kept your workings to support your VAT returns
7. Does your paying in book contain details of all deposits
8. Do you accurately mark up cheque stubbs
9. Do you have staff? How is your payroll recorded? and how is that then transferred to SAGE?

We'd need to know those things (and probably a couple of others!), just so we could "do the job". But, what about all the other things that you may need? For example pro active support throughout the year? A review of the numbers to spot tax saving/ business growth opportunities? Elaine has already mentioned the Sole Trader v limited Company suggestion. There needs to be "room in the budget" to consider how to improve your position.
You are talking like your fees are a cost, rather than an investment (which they may be!!, if the accountant adds no value). Investing with the right accountant can pay numerous dividends, even if the fees are "high".