More recently, having got to know the UK annual accounts submissions process inside out, fellow qualified accountants in my field started to ask me to prepare their accounts as I had done it numerous times already and I could do it at a reasonable cost.
More importantly for my colleagues though, I was able to give them useful advice that someone that only cares about just preparing a calculation would not!
One of the things that struck me was that not only were the typical “high street” accounting firm’s fees extortionate, they were mostly charging the same fees for a small company as they would a larger business that needed complex tax advice (for example.)
Believe it or not – even though there are registered accounting bodies that accountants subscribe to in the UK, there is no real regulation of accountants in a way there is in the financial services sector for example.
But here’s the biggest misconception. Despite these heavy fees, these accounting firms take no responsibility for whether the accounts are correct. All they do is prepare a calculation. Hence the disclaimer on the submission itself!
So where’s the peace of mind? Unless you want extra expensive advice further down the line.
This is where we come in!