Title: Evaluating the Value of Your Accountant: Are You Getting What You Paid For?
As a business owner, understanding the intricacies of your finances is crucial for success. Recently, I found myself questioning whether my accountant is truly providing the level of service I expected—or if they’re simply doing the minimum required. Allow me to share my experience, and perhaps it will resonate with some of you navigating the same challenges.
Background Story
I’m the sole director of my company, which I registered as a limited entity in August. Having transitioned from a sole trader model where I managed my own accounts for two years, I’ve experienced rapid growth in revenue. My turnover is expected to range between £300,000 and £500,000 this year, with an impressive leap from £3,000 to £30,000 per month in just a few months. Anticipating further growth, I expect my revenue to hit £50,000 to £60,000 monthly shortly.
The Accountant Experience
Roughly four months ago, I enlisted the services of an accountant to help me navigate the complexities of VAT registration. Their initial pitch was compelling, leading me to believe that they would be an invaluable asset in this new phase of my business. However, since I signed up, the communication has been alarmingly sparse.
For a monthly fee of £500, which covers bookkeeping, payroll, and other essential services (keeping in mind that I’m the only employee on payroll), I expected more engagement and support. My current financial setup is quite basic—income with a few expenses—but the lack of communication has left me feeling unsupported.
The absence of proactive advice or assistance has been disconcerting. Each time I attempt to reach out for clarification on important matters, such as my first VAT return, it feels like I’m met with reluctance. There hasn’t been any guidance to help me understand balance sheets or the returns I receive, which was one of the primary reasons for hiring a professional.
Reflections on Financial Oversight
This experience has caused me to question whether it’s typical to have such limited interaction with an accounting firm. As a business owner, I want to ensure I have a firm grasp on my financial landscape, and currently, I don’t feel that level of control. Am I asking for too much in terms of monthly updates and support?
Finding suitable mentorship in this journey has also posed challenges, as past experiences with mentors have often left me feeling demeaned
