We understand that paying for an accountant is something all business owners wish they could avoid. Quite a lot of small business owners look for the cheapest service possible in order to save money on expenses. However, there are many reasons to why you should never use a cheap accountant, and you should invest as much as you possibly can into the service.
Here’s 4 of the main reasons why you should stay clear of cheap accountants.
- Underqualified accountants
Did you know that in the UK, accountants don’t have to have any qualifications to legally set up their own accountant practice? This means that anyone can call themselves an accountant, without having any previous training or experience. This is extremely worrying giving the nature of the job – dealing with people’s finances and personal data. Make sure you use an accountant that has an AAT, ACA, ACCA or CIMA qualification. These accountants undergo stringent exams, are regulated by professional bodies and have plenty of experience, so you can be confident that your accounts are in safe hands.
- Poor service
In general, cheap accountants tend to have a high amount of clients. This means they’re not able to provide a top level service as they just don’t have the capacity to do so. Also, members of staff of budget accountant firms are often underqualified, meaning they can be paid less than those with experience and qualifications. It’s important to factor in that mistakes are more likely to be made, than when using a reputable accountant. Mistakes can end up costing you and your business a lot of money.
- Limited Services
Quite often, cheap accountants are cheap because they only offer limited services. They will only do what you instruct them to do, and won’t go above and beyond to help you. For example, if you forget to provide a document, they may not remind you or chase you for this, meaning the whole process could get significantly delayed. If you want an accountant that can provide you with an all-round package and that will be on hand to help you when you need it, a cheap accountant is one to avoid.
- Possible missed deadlines
Accounting and tax comes with a lot of deadlines, which if missed can result in heavy fines and penalties. When you use a cheap accountant, you are at risk of missing deadlines as they often have a large list of clients that they work with, so they simply don’t have time to keep up to date with everyone’s tax schedules. It is often then your responsibility to make sure you are well informed of any deadlines coming up, and give any relevant documents to your account.
How can Turas Accountants help you?
At Turas Accountants in Telford, we believe in providing high-quality services at a fair and reasonable price for our clients. We offer a huge range of services, that can be tailored to suit the needs of your business. Our services include:
- Preparation of your year end accounts
- VAT returns
- Tax planning
- Company formation
- Making Tax Digital set-up
- Capital Gains Tax
- Credit control
- And much more…
As accountants, we’re not just here for just filling out your paperwork. We are here for advice and support in any area of tax and accounting. If you’re unsure about what you need to do this year, get in touch with us.