How to Ensure Low Cost Accountancy Fees

Many small and medium business organizations do not employ cost accountants. Start-up companies can never afford even to employ a receptionist – let alone an accountant. However, every company has to prepare a balance sheet and a profit and loss statement at the end of a financial year, irrespective of their size or profit margin. All companies need to pay taxes, file tax returns, pay salaries, bonuses to employees, and dividends to shareholders. Only a professional and qualified accountant will be able to carry out the background accounting work required for these tasks.

The accountants are good at number crunching and can save some amount in taxes for the organization. However, not many people seem to compare the money saved on taxes with the amount paid to the accountant’s service. Under normal circumstances, a small organization or a start-up cannot afford a high profile accountant. Most such companies look for auditing firms that charge low cost accountancy fees. However, since their resources are limited, rarely will they find a competent and reliable accountant who charges a reasonable fee.

The following are some tips for all organizations that search for accountants who charge low cost accountancy fees.

Search Locally

One might have heard of famous accountants. They are reliable, but will perhaps cost a fortune. Moreover, star accountants may not turn up for working in small firms. They usually send junior accountants for such jobs.

Therefore, for small and medium firms, it is better to hire a not-so-famous accountant, with whom they are comfortable. The accounting procedure of these firms is often not very complex and may not require an accounting stalwart. Therefore, small and medium business owners may search for local accountants who may not charge a fortune, but do the accounting job just as effectively.

The Internet Option

The problem with qualified and competent local accountants who charge low cost accountancy fees is their visibility. They cannot afford innovative marketing and advertisement campaigns. It will be extremely difficult for a person to spot local accountants even if they live close by.

The emergence of the internet has created many new opportunities. Since accounting is a computer-friendly and software-compatible job, the number of accounting firms on the internet is increasing. You can search the internet for auditing websites that charge low cost accountancy fees. However, make sure that you speak with the accountant in person or through telephone before sending them the job.

Find An Accountant On The Internet

Most accounting websites are set up by top accounting and auditing firms. So, what if one wants to find local accountants on the internet? There are websites that act as a platform between buyers and sellers of accounting service. Qualified accountants can register on these websites. A firm that requires accountants posts its requirements in these websites. The registered accountants can bid for the particular job. The owners of the firm can then evaluate the bidders and select a suitable accountant.

This is a cost-effective and hassle-free way to select a competent accountant. For registering in these websites, an accountant should be a member of Association of Chartered Certified Accountant (ACCA). This requirement ensures that only serious and qualified accountants bid for the jobs.