Budgeting for accounting fees from Day 1

It really is an exciting and nerve wracking time, starting your own business, or going out on your own away from employment to start freelance work. I am finding more and more though, that one of the pre planning topics that is getting skipped, is budgeting for accounting fees.

Often this is because of friends or family tell you it’s not that hard.

This is one of the biggest misconceptions, because what I do on a daily basis for my clients, is hard and not straight forward at all. For a lot of people, dealing with their business financials is completely foreign to them. That is not a weakness, we all have things that we are not naturally great at – for me it’s anything art related! It’s tempting to resort to the internet and a large percentage of us do. However we know better then to believe everything we read on the internet, and that principle should be no different when it comes to what we read on various sites!

Outside of the benefit of doing everything correctly from Day 1 when you’ve engaged an accountant from the beginning, you also have the added benefit when it comes to your personal finances. Want to apply for a rental property? Or a mortgage? You’ll soon receive a form from the estate agents office after viewing your dream property, that needs to be sent to your accountant to verify and complete for you. We turn these requests around in record speed here and don’t charge you extra for this time. This efficiency can make the difference between you and someone else getting your dream rental. With mortgages, as Chartered Accountants we can sign off on any mortgage application for you – that same right does not extend to accountants who are not chartered.

If one of your goals of going out on your own was to be able to buy a house, then it is essential you have your accounts prepared from Day 1 with an accountant as banks will not accept any accounts not verified by an accountant. Don’t risk holding up your mortgage application because your accounts have to be re-done as speed of turnaround, is key in these situations.

A lot of clients come to me where they have given it a go themselves or a friend has done their accounts. Those accounts are always wrong. Which means I then need to spend the time and charge them to prepare them correctly. As a practicing accountant with over 15 years experience, I can tell you now that it is really is harder then you think. With Brexit looming and changes coming at every Budget, it is only getting more complex.

Why take that stress on yourself? Don’t want to sit on hold with HMRC for 60 mins each time you need to call them? Here at KFH Accounting, we work with you to take the stress of sorting your financials out, away from you. This lets you get on with the great parts of running a business while we work with you to ensure you are paying the right amount of tax and saving time with your financial record keeping (with innovative solutions such as cloud accounting software).

Please feel free to call us directly on 01268 786 960 and speak to us about how we can help you. We are a friendly team of highly skilled professionals who genuinely care.