So how do you choose our accountant?

Cost? Reliability? Accuracy? Compliance? Speed of delivery?

The temptation of course is to go for reliability and accuracy as your determining factors, with obviously cost as a significant factor and compliance equally important, but a given. Speed of delivery is important, but not the determining factor. Reliability and Accuracy usually sway most towards the high street accountant, the local chartered accountancy firm, whose staff and employees will generate your accounts reliably, accurately and compliantly. What they will do, is follow both the rule of law, ( the companies acts and taxation laws) in strict compliance, and their own governing bodies accounting conventions. There is absolutely nothing wrong with that. In fact, this is the right way (but not the only right way!), the correct way to get your year-end accounting statements prepared for Companies House and HMRC. But is it really what you need?

We are a very important and growing part of UK PLC.

We are a very important and growing part of UK PLC.

The process by which even a small high street accounting firm delivers your accounts is often long winded, not least because of the enforced checks and balances brought about by their accounting conventions, but also because frequently the accounts themselves are generated by junior, often not fully trained staff, whose work needs to be checked and monitored by supervisors and then ultimately signed off by a partner. As I say, all perfectly correct and compliant, but long-winded, inevitably costly and oh so time consuming.

So is there an alternative?

Yes, of course, but you still need to ensure that the fundamental issues are addressed; Cost, Reliability, Accuracy, Compliance and Speed of delivery. Freelance accountants can and do offer an alternative. Most can offer a full year–end accounting service reliably, accurately, inexpensively and promptly and of course compliantly; i.e. delivering accounts in compliance with company and taxation laws. Where they stand out though is in the delivery of that service in terms of cost and speed, but also in terms of actually helping you to run the business, a spare pair of hands if you like, who can help monitor the things you need to be doing, help keep your business costs down and help make sure there is enough cash in the business. They will not be hindered by the incessant checks and balances and the unnecessary and fastidious governance of their accounting conventions. They will probably still pay homage to them, but use them as a yardstick, rather than a brick wall… As a result, they will inevitably be cheaper and they will deliver your accounts to you promptly and accurately.

Probably a bit controversial this. I can just hear the ACA and CIMA, qualified accountants jumping with rage at the suggestion that their service could in some case be inferior to the freelance and often ‘unqualified’ accountant. But that is ok, because on this forum alone, there have been many references to the importance of using a ‘qualified’ accountant, whilst also pointing an unfavourable finger at those who have not qualified professionally. But actually drawing a line in the sand, there is a real point here. There are some businesses, which even in their infancy require a fully compliant set of accounts generated by a chartered accountant and for them as they grow this is the only way. For most others, their businesses, either in their infancy or where will never grow ( by choice or by market restriction) to the point where there is pressure to appoint a chartered accountant and these businesses are better off appointing a freelance accountant. They will save money, expect prompt and accurate accounts and enjoy the benefits of a partner to their business.

It’s about time some someone stood up for the freelance. We are a very important and growing part of UK PLC.

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