The Benefits of a Fixed-Fee Accountancy Service

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Fixed-fee accountancy services are a one-stop shop for businesses who need a comprehensive and unlimited service. Where traditional accountants might charge erratically and inconsistently depending on how much time they spent on a certain client’s account within a certain period, fixed-fee accountancy firms charge a set amount for all businesses; a policy which has a number of benefits for those trying to balance the books on smaller budgets.

Laurence Collins, Managing Director of fixed-fee accountants Magic Accounts, says, “The fixed-fee service we offer has a multitude of advantages for businesses, from streamlining their cash flow to ensuring there are no hidden costs. The packages we offer are flexible, so all organisations can choose the services which are most appropriate for their business.”

Investing in a fixed-fee online accountancy service often works out at higher value for money when considering the services that are carried out. Clients get unlimited advice and assistance throughout the year, with ongoing support for their business and experts on hand to answer queries and questions. Whether it is a start-up business learning the ropes regarding tax and company finance, or whether the business has been around for a while and decided to switch to a more efficient accountancy method, fixed-fee accountants can be of assistance to any clients.

With fixed-fee accountancy services, there is usually an opportunity to have a dedicated accountant who comes to know the books of each of their clients thoroughly. Rather than outsourcing to an accounting service which has different members of staff for payroll, tax and accounts, fixed-fee accountants are generally well versed in all financial areas of a business and are better placed to offer assistance.

Cash flow is also a crucial area of a business which can be impacted by hiring accountants. The firms with many hidden costs can have a negative effect on cash flow; one month they may carry out a one-off financial report with a multitude of add-ons and hidden charges, and the business can find themselves shelling out a huge amount for it. Around the end of the tax year, the accountant also usually has to do a lot more work for a business, which means a larger amount is paid out within that month. Poor cash flow and financial management is a large reason that many businesses fail, so having a single, fixed-fee that is paid out every month, regardless of whether they are filing end-of-year returns or simply providing a basic accountancy service, is beneficial to the management of business expenses and outgoings.