Managing a business is a lot of work, whether it’s big or small, and it’s often one of the hardest parts of running a business. It’s also the most important part, too. Doing everything yourself is admirable but sometimes, it’s a good idea to get advice from a certified accountant.
Hiring an accountant might seem like a luxury, especially to small business owners out there who already have set budgets, but it might be the right choice. For you and for your business. More so if you’ve been struggling to stay on top of your books. Having an accountant to seek expertise and help from might be your best option and it might even help you to worry less.
How Much Accountants Cost
The fees and services of accountants in the UK can vary a lot, many dependent on multiple factors which is why it’s important that as a business owner, you talk to several accountants and compare their quotes and services.
When accountants consider a fee to give to business owners, they’ll take into account:
- The size of the business – the amount of employees your business has.
- The scale of your business – the activity you have every year.
- How organised your books are.
- The annual turnover of the business.
It’s important to remember that usually, smaller businesses have fewer transactions to manage which can often end up in a lower overall accountancy fee.
Accounting for Small Businesses
When we talk about small businesses, this can be anything from a one-man-show or self-employed contractor to a limited company that has just reached 50 employees. Most small businesses hire accountants to help with the taxes as many tax return accountants have a one-off fee for the year. Of course, unpredictable income revenue can alter the accountant fee because of the complexities of documenting it.
Accountants that are hired by small businesses can often have small business packages that they offer when you want additional services other than just tax returns. Such packages include a multitude of accounting services to the benefit of the businessowner. For instance, bookkeeping, regular day-to-day accounting advice, corporation tax returns, and advice on tax avoidance legislation (IR35) are just a few of the services they might include in such a package.
According to Checkatrade, the usual price range for a tax return accountant is between £150 to £250. The accounting firms that offer packages often do so as monthly fees which, again is dependent on the size of your business, range in price from as little as £60 up to £250.
Other Ways Of Paying Accountants
If you don’t, or perhaps if you can’t, pay accountants per month or annually, you can arrange an alternative. Accountants sometimes have flexible options to be paid. You might want to pay them hourly for whatever service you’re getting for your business, whichever one it needs. That could be one service, or it could be three. It is worth asking when you are considering using an accountant how you can pay for their services.
Some services are higher in fees than others – bookkeeping services often range from £25 to £35 per hour whereas more specialised services like business planning expertise, start from £125 for the hour.
Do I Need An Accountant?
Not necessarily. However, it doesn’t hurt to have one on side. Proactive accountants who just want to help your business grow do genuinely care about the success of your business and the management of it. Maintaining your business, particularly those important financial documents, is tough enough on your own, having an accountant really could be the answer for you.
They can help you tackle any complex financial matters – invoices, tax liabilities, annual reports, tax-deductible expenses. If just seeing that overwhelms you, don’t worry. That’s what your accountant is for!
Why Rivington Accounts Might Be Right For You
Rivington Accounts, one of the North West’s leading accountants for business growth, sincerely care about both the financial and growth success of your business. Think of us as a friendly, approachable extension of your team.
The services we provide to our clients are customised, proactive. Developing solutions we know will help to enhance the way you do business. We just want to help your business thrive and in doing so, we collaborate with you to get to know you and your business. The things that are important to you, your goals.
By growing your business, we can offer you something that you might have been missing out on – time. Time with your friends, with your family, time to fulfil those other commitments you have.
We build honest relationships with our clients because it’s our aim to support you and challenge you in achieving your goals. When we give you advice, it is tailored specifically to your unique business wants, all in a friendly environment so you can thoroughly discuss and consider your options.
Reach Out to Us
If you’re uncertain about where to go next or how to develop your business further, just reach out to Rivington Accounts!
Financial freedom is important to many business owners and maintaining a healthy work/life balance can sometimes be challenging. We understand. So if you’re too busy to deal with finances, are struggling, or are just dissatisfied with your current accountant, let us help you.
Send us an email via enquiries@rivingtonaccounts.co.uk or call 01257 42 92 52 to speak directly to one of our team.
Financial management is really important for all businesses, no matter the size, niche or industry. Whether you do it yourself or choose to get an accountant or financial director on board, the need for effective financial oversight is the key to financial success.
That being said, however, many people face the dilemma of hiring a financial director vs improving their accounting department. This blog aims to make that decision clearer – if you are thinking about hiring a financial director – you may just need a better accountant.
Let’s delve into it.
Understanding The Role Of A Financial Director
A financial director is responsible for strategising and offering financial guidance to ensure a business’s financial commitments are met. They help companies form a strong foundation in which they can financially grow.
It’s understandable, as a business owner that hiring a financial director seems like an attractive option. With that being said, however, specialist financial advice and guidance can also be given by a well trained and highly skilled accountant.
If you are wanting to continue experiencing financial growth, it may be time to consider getting a better accountant.
The Value Of A Skilled Accountant
Choosing the right accountant is no mean feat. An accountant plays a huge role in business, controlling finances.
Accountants are responsible for a number of things:
- Bookkeeping
- Payroll
- VAT
- Taxes
- Compliance work
- Budgeting
- Cashflow
- Business advice
An accountant can add real value to a business – if chosen correctly. Improving an accounting department can strengthen internal processes and controls as well as enhance financial growth within the business and analysis capabilities.
A skilled accountant can be on board from the very beginning of the business, at whatever stage you are in – whereas a financial director is a role that you perhaps incorporate later down the line.
Financial Director vs Accountant
When making the decision to grow your business financially, understanding whom to have on board is a big decision. We explored the role of a financial director and the value an accountant can add to your business – but that doesn’t make the decision between the two easier.
Getting a better accountant can help you maintain profit and ensure your business remains compliant with financial regulations. An accountant will also be able to check the accuracy of your financial documents and help you strategise the improvement of your financial gains.
A financial director, on the other hand, will help with slightly different roles within the business such as monitoring the financial wellbeing of your business. They play a crucial part in structuring the financial department of the business, including the financial decisions.
When you are evaluating the current and future financial needs of the business, both roles can play a part in different ways.
Before making the decision, it’s important to really know what it is you need – when you have explored your business needs, then is the right time to consider the differences between a financial director and an accountant.
Need A Better Accountant? Get In Touch With Rivington Accounts
Recognising the importance of financial oversight in your business operations is the first step to making the decision between hiring a financial director or improving your accounting department.
Rivington Accounts is home to highly qualified accounting professionals. If you are wanting to get a better accountant to help with your finances, that’s where we can step in! Whether you are starting, running, struggling or growing, we are the accountancy firm that can help!
If you are looking for a company to manage your accounts, bookkeeping and payroll – get in touch!
You can call our team today on 01257 429252 or drop us a line at enquiries@rivingtonaccounts.co.uk.
We appreciate that before working alongside an accountant to grow your business, you not only want to know who they are but also what their values are and why ultimately, you should choose them. Competing with a complex field of business growth accountants, Rivington Accounts aims to enable businesses to move on to their next step of development. Here, in this blog post, we aim to explore more of Rivington Accounts and aim to answer one of our most frequently asked questions – why choose Rivington Accounts?
Businesses often seem as though they are running smoothly, however beneath the surface, more and more business owners are faced with dissatisfaction when it comes to their accountants. Whether it be missed deadlines, not getting a response when you need them or being too busy to deal with finances, Rivington accounts can help. We offer strategic support to business owners meaning we take care of your accounts whilst you take care of your business, and more importantly, your life.
Who Are Rivington Accounts?
Before we delve into why you should choose us, it’s only right that we introduce who we are. Rivington Accounts is one of the North West’s leading accountants, enabling businesses to further grow and develop, whilst we take care of their finances.
We partner with business owners, enabling them to grow their businesses and allowing them to gain back the all important time to focus on family and other priorities. It is no secret that maintaining a work life balance is undoubtedly important, but with that being said, it is also no secret that many business owners struggle to maintain it with the ever pressing matters that come with owning a business.
Why Choose Us?
Our aim is “to look after you better than any other firm so you can build a great business”.
Let us explore how exactly we do that, and why you should choose Rivington Accounts.
We aspire to provide a proactive and customised service by developing solutions that aim to save time and therefore enable you to enhance the way you do business.
Services At Rivington Accounts
There are several ways in which we can help take the strain off finances and allow you to achieve work life balance at Rivington Accounts.
Management Accounts
We allow you to thoroughly review the performance of your business and guide you in the right direction. Our valuable insight gives you control, through the knowledge and understanding of changing circumstances and the effects this may have on your business.
End Of Year Accounts
Each Limited company needs to prepare their accounts for the HMRC at the end of its financial year. By managing end of year accounts, we allow Limited companies the comfort and reassurance that their taxes and finances are taken care of, avoiding those hefty bills!
Payroll And Pensions
Payroll and pensions can take up a lot of time, not to mention can be confusing! Rivington Accounts offers a fast and reliable service, taking time off your hands so you can focus on the business, and we can focus on employee payments.
Bookkeeping
Often a word that scares many business owners. Our bookkeeping services are tailor-made for you and your business. We cover all things bookkeeping and VAT returns so you can shift your attention back to running a business!
Why You Should Choose Rivington Accounts
Want to get your life back? Want to focus on running your business? Fed up with wasting time and resources battling with finances?
If you answered ‘yes’ to any of these questions – that’s enough of a reason to give us a call. There are so many ways in which Rivington counts can help – but don’t just take our word for it.
“Martin, Heather, Rohey and Angela have been unbelievable with me. It’s my second year running a business, so I’m still learning by the day. I couldn’t have been happier with the service I’ve received.
Accounting has been a little daunting for me, well that was until I reached out to Rivington. They’ve been an amazing support and they have completely taken care of everything.
I highly recommend them and I promise you, you won’t be disappointed with the amazing service they offer.”
If you would like to speak to a member of the Rivington Accounts team and learn more about the reasons you should choose us, get in touch!
You can call us today on 01257 42 92 52
Or email enquiries@rivingtonaccounts.co.uk
We often get asked whether clients should put a car through the business, In most cases, the answer is no.
Cars used to be a huge benefit and perk – years ago people were actually encouraged to drive more miles to pay less tax – but now, unless it’s an electric or a hybrid car, it’s generally not worth having a ‘company car’.
We can do the calculation for you, based on the value of the car, CO2 emissions, etc but in the majority of cases, you’re better off buying a car personally, and claiming mileage through the business.
If you’re getting an electric car or a hybrid then the situation can be different and it can sometimes be worthwhile to buy/lease it through the business.
The only way to get the best advice is to speak with us about your specific situation.
To read more of our most frequently asked questions go to our Knowledge Centre.
Our Services
We offer a range of different services, please click on any of the below links to find out more.
Compliance Services
Corporation Tax, Personal Tax, Company Accounts and Companies House Returns.
Time-Saving Services
Payroll/Pensions, Bookkeeping, VAT, CIS, Credit Control, Business Registrations.
Business Reporting
Budgeting, Cashflow Planning, Performance Reporting and Review Meetings.
About Us
- Grow your business
- Increase your profits
- Save tax and relax
Why Choose Us
Latest News
- April 14, 2023
- by admin
