How To Save On Accountants Fees

The cost of living crisis is hitting businesses too. Wages, fuel, energy and material costs are all increasing affecting many businesses. However, there is one cost cutting exercise businesses could consider, and that’s to reduce accountants fees. Read on below to find out how to save on accountants fees.

Less Work Less Accountants Fees

The more accountancy work you do, the less your accountant has to do, so the less accountants fees you pay. What could you take over from your accountant?

Payroll & Pension

Most payroll software is fairly easy to use, come with a lot of guidance, and some of them are free for small employers. A basic knowledge of how to operate the payroll should be all you need for most scenarios. Some workplace pension providers, such as Smart Pension, are also easy to use and update every month. So you could do your own payroll to reduce accountants fees.

VAT Returns

You could easily save accountants fees by doing your own VAT returns. Accountancy software makes submitting VAT returns easy. As long as the correct VAT rate is selected for every transaction, it should be a case of just running the VAT report, checking the detail for any mistakes, then click on submit.

Bookkeeping

Are you paying accountants fees for bookkeeping? Do you have spare time and want to save business costs? Then do your own bookkeeping. That is mainly, importing the bank transactions and categorising each one appropriately. Again, accountancy software makes this easy with automatic bank feeds, automation rules, and artificial intelligence to guess what to do with transactions. By using the software to help automate the bookkeeping as much as possible, it shouldn’t take as long as you think to do your own bookkeeping. It’s a great way to reduce your accountancy costs.

Flexible accountants fees

Here at CloudBook Online Accountants, our clients can add and remove individual services whenever they want. So if you have a quiet few months ahead, you can take over the bookkeeping and/or VAT returns and/or payroll to save accountants fees. Then when you get too busy again, just hand it back over. We only charge you for the services we actually provide.

Use Online Accounting Software

If you’re handing your accountant a box full of receipts and invoices to sort out, you’ll be paying way too much in accountants fees. If you’ve written down every transaction in a cashbook and totalled up every column, that’s better but you could still save accountants fees by a lot. Perhaps you’ve got everything on a spreadsheet, now we’re getting somewhere, but if that’s complicated or has errors, you could reduce accountants fees further. Online accounting software can help you do your bookkeeping perfectly, which makes accountants jobs easier, so you pay less accountants fees. Check out Xero, QuickBooks, FreeAgent, and Pandle to name just a few.

Use Two Accountants!

Wait, two accountants, double the accountants fees right?! Not necessarily. You could use one accounting firm as a consultancy service, to get specialist business advice and high end tax-planning advice, as and when required. Specialist accountancy firms that provide this consultancy service are usually quite expensive. So if they are also doing your accounts and tax returns, you will probably be paying too much for those services. Reduce your overall accountants fees by using a cheaper accountant for those compliance services, such as accounts and tax returns.

Find a Cheaper Accountant

An obvious one we know, but have you really considered it properly? Are you paying too much accountants fees because you’ve used the same one since you started and the fees creep up every year? Could you reduce your accountancy costs by choosing one that doesn’t need so many admin staff, a big expensive high street premises, and all the bills that come with that?

At CloudBook Online Accountants, we’ve worked hard to cut out all of the unnecessary costs of providing a good accountancy service. There are no support staff, so you’ll have one main contact who is a hands-on qualified accountant. We all work from home and do everything online. We’ve also automated admin tasks, so we have more time to take care of client work. We also only help clients that use accounting software or at least tidy spreadsheet. That’s how we’ve kept our fees so low and we can offer fixed fees to everyone. Our Client Testimonials and 5.0 Star Google Reviews show that we still provide a great service. You can get an instant quote and see our fees on our website. Or just get in touch and we’ll talk you through it.