From your point of view, the cost of accounting fees is important but cheaper is not always better. Cheap solutions may end of costing you more in the long run.
It's the risk of work being incorrectly completed or missed out altogether than costs you more in additional income tax. On top of income tax, Inland Revenue will charge interest and penalities on this amount. It is critical to your business that you engage a chartered accountant that has the experience, is up to date with tax law and can provide information and advice you can trust.
When selecting an accountant, we believe you should ask any potential accounting provider the following questions.
- Do they have experience in tax relating to your industry?
- Do they have a physical office that you can visit?
- Do they have rigorous review process where all work is signed off by a qualified chartered accountant?
- Do they outsource any work to third parties in countries such as India and Philippines etc?
- Do they have an appropriate level of indeminity insurance?
- Do they prepare workpapers to support financial information?
- Do they have systems in place to quality check information?
Feel free to ask us these questions when you meet with us.