Is cheap accountancy good value?

Discussion in 'Accounts & Finance' started by Maccademia, Mar 6, 2018.

  1. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    4,825 1,360
    I think that in many cases that's an old wives tale promulgated by accountants themselves as most small businesses don't need that much advice on an ongoing basis as long as they keep an eye on the budget and ask the odd financial question on here
     
    Posted: Mar 8, 2018 By: Ian J Member since: Nov 6, 2004
    #21
  2. GoingOnline

    GoingOnline UKBF Contributor Free Member

    53 18
    I use an online accountant to do my Ltd. stuff. Price is about the same you quoted. I end up doing a lot of paperwork anyway (putting everything invoices and expenses on their system, reconciling bank accounts, etc...) and they don't hold my hand or are proactive in terms of telling me how to increase profits. If you have a standard vanilla business, works fine. If you have a complex business and personal financial situation I think an accountant that has a more personal touch would be better. Just my 2c :)
     
    Posted: Mar 9, 2018 By: GoingOnline Member since: Jun 18, 2011
    #22
  3. Daugela

    Daugela UKBF Contributor Full Member

    82 11
    I believe that the old saying holds “you get what you pay for”.
     
    Posted: Mar 10, 2018 By: Daugela Member since: Jul 15, 2017
    #23
  4. TexasLarry

    TexasLarry UKBF Newcomer Free Member

    27 4
    Finding a good accountant is just as difficult as finding a good hair stylist, mechanic, docotor, etc.

    I would avoid larger firms like the plague.

    Find an individual accountant that is "hungry" and wants to work for your business.

    The only way to find such a person is by calling around and interviewing candidates.

    Sounds like your current accountant likes to "nickel and dime" you, which is a red flag.

    Wish I had an easier formula, but if you search long enough, you'll find a gem, I'm sure.

    HTH!
     
    Posted: Mar 18, 2018 By: TexasLarry Member since: Mar 18, 2018
    #24
  5. Phildswtres

    Phildswtres UKBF Newcomer Full Member

    3 0
    I think its like any other trade, you need to find the right person more than anything else. I've worked in small firms and one of the largest and there are good and bad (awful) in both. As the above answer states, shop around and speak to them, then go with who feels right for you. I wouldn't put too much emphasis on the price.
     
    Posted: Mar 19, 2018 By: Phildswtres Member since: Mar 19, 2018
    #25
  6. kevin.doran

    kevin.doran UKBF Ace Full Member - Verified Business

    2,475 470
    Much appreciated.

    On the face of it £2650pa does sound rather expensive yet on the flipside £834 is quite cheap.

    For me it's all down to value for money - if the £2650 firm offer a x10 better service than the £834 I know where i'd be going....
     
    Posted: Mar 20, 2018 By: kevin.doran Member since: Nov 28, 2011
    #26
  7. KAC

    KAC UKBF Enthusiast Free Member

    961 214
    Posted: Mar 20, 2018 By: KAC Member since: May 7, 2017
    #27