Fees are based on the number of hours worked times an hourly cost rate. We charge for the time spend on the work that we do. This is the only fair way of charging for work. Every invoice consists of an addendum of the person who did the job multiplied by the hourly charge out rate, summarised into a total.
This gives our client the information they most need to assess the work done. It is an extremely clear and open way of billing as the client can see exactly how the time incurred has been spent.
Our charge out rates (excl. VAT) are very low:
These rates are significantly less than is normal for the accountancy profession.
The benefits of this are that we can have a three tier approach to the work -entering, managerial review and finalisation. This maintains the quality of the work at a cost that is very reasonable.
We get trainees to use our basic software. Then our more senior staff review the work done and make corrections. Finally the work passes through the highest level of management review and is finalised. This has really kept our jobs up to the highest standard and as you can imagine, saves time with the year end process.
Keeping Up To Date
We are registered with the ICAEW and have to do a certain amount of training. We augment this according to needs.
In practice we do a huge amount of extra work keeping ourselves up to date.
All staff are either qualified of in the process of training, We have had an excellent pass rate over the years. No one who has worked for us has actually failed.
If they enjoy helping people with their financial problems and crises then that give the accountancy career a whole new dimension.
Personal Service Companies
Personal service companies are subject to the same rules as apply to any other company. However the rules which govern them have changed.
Most people who require a service company do so for genuine reasons. They need the protection of limited liability or the contracting company will not consider taking on anyone without a company vehicle. They would be well advised to get a company to separate their personal affairs from their business.
It really depends on the badges of trade as to whether the HMRC will accept the situation or not.
If you are thinking of starting a company and need to discuss it with someone we can help.
We never outsource our work. This is usually a very cut price option and means that the control of the job is completely lost as well as having a really complex line of command. We would never recommend this way of working.
Are you worried that you still have the right set up for you? Please call us for a quick analysis.