An accountant is necessary for most businesses, even if it is only to prepare the year end accounts and tax returns. However, it is usually the case that a business will have queries or problems throughout the year that require attention and advice from an accountant.
Typically, a traditional accountant will provide a quote for the task of preparing and submitting year end accounts and tax returns, which is what a business will budget for. In reality, it is likely that there will be other duties, queries and problems throughout the year which require attention. The accountant will charge for each of these queries and the work entailed, all adding up to a large, unexpected bill at the end of the year.
Fixed fee accountancy is becoming increasingly popular, as it allows businesses to pay for the work they require throughout the year with a fixed fee, usually paid on a monthly basis. Fixed fee accountants charge a fixed fee every month throughout the year, which covers the costs of phoning or emailing your accountant whenever you have a query. The benefit of having access to a fixed fee accountancy is the unlimited access, in addition to knowing that your accountant is helping you to operate in the most tax efficient way possible throughout the year, without charging you an extra bill.
Fixed fee accountants charge a monthly fee based on your requirements throughout the year, which makes it possible to plan the costs ahead of time. You know exactly how much you will spend, in addition to receiving a comprehensive accounting service.
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