Accounting firms in London
Accounting firms in London – Did you know there are around 260,000 accountants in the UK who are members of the main accountancy bodies such as ACCA, ICAEW, ICAS, CIPFA, chartered accountants and certified accountants. The largest firms called the Big Four are the largest in the public accounting industry. These are Ernst and Young, PricewaterhouseCoopers, Deloitte and KPMG. Deloitte was the largest of the four companies and the largest in the world in terms of revenue in 2018.
There are different types of accounting such as
- Management accounting
- Tax accounting
- Public accounting
- Tax accounting
Many of the accounting firms will have knowledge of most of the accounting areas but will specialise in a particular type.
A Fixed Monthly fee.
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Is it difficult to start your own accounting firm ?
Yes, it takes time to build up a reasonable amount of clients, employ the right number of staff , cover all the overheads in running an office etc. Over time and after a lot of work and long hours an accounting firm can become established and by word of mouth and by recommendations , the firm becomes to grow.
Experience is very important so it is necessary to work in the profession for several years and gain experience before considering venturing on your own.
Like any self employed person , it takes a special type of character to work for oneself , so many qualities and attributes are required. It is no longer just turning up for work , doing a days work and going home.
The mind and energy is always on the new business and not always easy to switch off at a given time.
Do accountants earn a good salary ?
Yes , but that comes after a lot of studies to get qualified and obtaining the right experience.
The best route to take if you wish to have your own accounting firm, in my opinion, is studying, getting knowledge, work for an accounting firm in the profession to get the best experience possible.
Working in the profession and in a small firm rather than large, you will have more opportunity to do much more. In a large firm, you will just be another number and your learning curve will be limited.
In the short term there is the disadvantage of earning less money than you would in industry but the big benefit will be the huge experience that can be gained especially if one day you wish to open up your ownaccounting firm.
Salaries can range from between £60,000 pa to £100,000 pa.
How to choose an accounting firm ?
There are several Accounting firms in London firms with their own websites adverting on the internet.
As always the best choice is by recommendation, someone who knows a particular firm and satisfied with the services received.
Otherwise to search on the internet, speak to one or two firms and get a feel who you might be more comfortable with. Look at their testimonials. It is usually better to select a small firm who is more likely to give you a personal service and be more reasonable with the fees.
From our experience over the many years of providing a bookkeeping and accounting service , we are more qualified and more experienced that say a semi senior or senior staff at a larger firm.
Our fees are certainly much less but I can assure the quality and standard of work is at a very high level.
Yes and a lot of self employed workers do that but it is not a good practice. Lots of information gets lost , forgotten and takes longer to put the pieces together at a later stage.
We offer small packages for a very small fee , so at least during the year , every month the data gets recorded and reconciled.
Our average client have a turnover of around £2 million a year. For this type of client, we often work on the client’s premises simply because of the amount of paperwork that is involved , so we go1 day per week.
Equally we have many clients with a turnover between £20,000 and £50,000 that is easily done on our premises. A few hours are spent to process the 5 to 10 invoices , the few receipts, the bank statement reconcile, sage all ready for the year end.
We offer fixed fees packages for small clients starting from £40 per month. Once we see the number of transactions, we will tell you of the fixed amount each month.
We keep a monthly checklist, specific to your business, for all the tasks to be processed.
There is an annual return that needs to be submitted each year , if you wish us to do it for you , we will normally charge between £100 to £150 as a one off fee for that particular tax year.