The climate of recession has been hard on businesses in the last few years. Businesses are looking for ways not to increase their costs, and this includes their accountancy bills.
Accountants historically charged for their services on a time basis, therefore the more organised your records, the less time spent by them on your records. An incomplete set of records is one of the main reasons for an increase in your fees.
Here are some tips on how to make sure that this does not happen:
- Always try and get all the information required to your accountant on the agreed date.
- Bank Statements/Credit Card Statements – Ensure that you provide a complete set of statements covering the whole accounting period. It is important to go through the statements so that there are none missing as this is one of the key reasons in delaying the completion of accounts. It is also very helpful to write details on the face of the statements for debit/credit receipts (especially where there is no paperwork), so that your accountant doesn’t need to spend unnecessary time querying this with you.
- Cheque Stubs – Always ensure that you complete the cheque stub with the necessary details.
- Organise your papers in an orderly manner as it will save the accountant doing it.
- If you are VAT Registered, you should provide all your VAT workings together with your VAT returns for the required periods.
- Payroll Records – A summary of your monthly/weekly/quarterly payroll records should be provided for the periods.
- If you are doing your own bookkeeping and not sure as to how to keep your records on spreadsheets, do not hesitate to ask your accountant for a pro-forma template.
- Have a chat with your accountant. Ask them for advice on how to keep your books in a better state.
- Work efficiently with your accountant – respond quickly and comprehensively to any questions that he raises.
And, consider agreeing a fixed fee with him coupled with monthly payments. You will find that arrangement suits both parties.
Tracy Koon – Audit Team
Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936. Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.