Set of Accounts Needed - How much?

[dazfree]

Hi,

I run a small business and do the accounts myself on Quick File.

The accounts are fully upto date with all required paperwork.

I need a set of accounts doing for the end of our year (31/01).

I'm just enquiring about how much you think it would cost for an accountant to do this for me or can I do this myself (or is that not advised?)?

I think it is a simple job which is at most a couple of hours work for an accountant as all information is in place.

The accountant for the other business I am involved in has quoted £325 + VAT (so £390 as not VAT reg and can't claim it back).

Just seems a bit much for a small business with a revenue of £28k and all the bookeeping done.

What you think?

 

[Mitchells Bristol]

£325 sounds about right, if not slightly on the low side.

 

[dazfree]

Ok, can I ask if the data in the online filing system is all correct how long does it take to put a set of accounts together?

 

[faradaykeynes]

Are you sole trader?

 

[dazfree]

Nope Ltd company.

 

[faradaykeynes]

good price , go for it, i guess that is for accounts + CT

 

[Ola1]

I concur, Thats a good price.

 

[kevin.doran]

I charge £360 for a similar service and that's on the cheap side so i'd say the price is good.

It's not really very fair just to say it takes X number of hrs therefore it should be priced at this much. What about general overheads, accounts production & filing software not to mention all the yrs of studying and/or experience that go into being able to produce said accounts in the first place.

PS i'd be VERY interested to know how many PM's you've had offering an even cheaper service???

 

[Mitchells Bristol]

Ok, can I ask if the data in the online filing system is all correct how long does it take to put a set of accounts together?

Any set of accounts is likely to take at least half a day, as the accountant will prepare a file to support the accounts they have prepared and to verify the figures submitted - typically focussed around supporting the balance sheet figures.

I echo Kevin's comments. As an accountant, preparing a set of accounts is the least interesting part of the job - the value you should be getting for your £325 is advice on how to structure your business to be more profitable and/or to pay less tax. If you are getting this service on top of a set of accounts for £325 you are doing pretty well!

I would also be interested to hear how many PM's you receive! I would bet at least five or six so far....

 

[Bob]

..at £325 + VAT, I'd bite his / her hand off. Just make sure what you are getting at that price and, more importantly, what you are not getting

 

[dazfree]

Cheers for the advice guys. Think I will go with it.

Yes, I did get a PM but just the one (yes they were basically trying to sell their service to me).

 

[kevin.doran]

Oooooh, name and shame????

 

[SugarCubeProductions]

Wow mine's £750 a year +VAT for a set of company accounts!

Shame I just got them to do my second years else I might have moved.

 

[kevin.doran]

@SugarCubeProductions don't underestimate what you truly get for your £750, it's soooo much more than some year-end docs.

The race to the bottom rarely produces a winner...

 

[SugarCubeProductions]

Well they employ tax advisor's as well so I'm sure they'll be saving me more in tax then their fees.

 

[8420PR]

If you have done all your accounts in quickfile, why would you not get quickfile to do your year end accounts and CT600?

They are offering it for £199.
http://www.quickfile.co.uk/resources/pricing.aspx

I am interested in the answer, as we are considering using quickfile and the accounts service is appealing (both from a cost and time-saving point of view).

 

[kevin.doran]

If you have done all your accounts in quickfile, why would you not get quickfile to do your year end accounts and CT600?

They are offering it for £199.
http://www.quickfile.co.uk/resources/pricing.aspx

I am interested in the answer, as we are considering using quickfile and the accounts service is appealing (both from a cost and time-saving point of view).

How do you that what you've entered into QF is 100% correct i.e. will they (and by 'they' I presumably mean the firm in India they'll be subbying it out to) be checking everything over? Will they talk to you and correctly apply accruals/prepayments or are they literally going to pick up the figures and stick them into a template? Will they discuss any areas for improvement? I too would be interested in their answer...

Saving a couple of quid now could really bite you in the rear if/when HMRC come knocking...

 

[GlennDrake]

Hello, I'm one of the co-founders behind Quick File. I can confirm that all year-end work is carried out in-house by fully qualified accountants, absolutely no outsourcing. Although we do not provide a full consultation and tax advisory service as part of our year-end service (£199 + vat) we will carryout some degree of screening to prevent any obvious errors.

If individuals using our service wish for additional support, we are certainly able to provide a very competitive rate for further consultancy work.

Our pricing is really a product of having everything in one place, highly bespoke software, and a team that understand small business accounting.