We often come across small business owners and contractors who use the services of a traditional firm of accountants. When questioned about their businesses, financial issues affecting them and the support they receive from their accountants, a number of issues commonly emerge:
- Ever increasing fees but the service remains the same
- Often not sure what they are actually getting for their money
- Infrequent contact and usually after company year end when it’s too late to change anything
- Unsure of the financial position of their business at any given time
- Confused about technical matters even though they have been explained to them
- Continue to spend a fair amount of time on administration and bookkeeping
- Unsure about the qualifications of the people handling their affairs
- Hesitant to change accounting firm because they fear it will be too complicated and time consuming
And despite these and other issues they have stayed with their accountants for years. We however would like to clarify how things could and should be different.
Changing your accounting firm is not difficult
Changing your firm should not be a complicated or painful process and depends largely on the experience and talent of the new appointee firm.
The first step is to choose and engage a new firm and to inform your existing accountants of your wish to move. As a professional courtesy, the new firm is then provided with all of your standing data, such as tax references, copies of your previously filed company financial statements and personal tax return, payroll history and anything else of particular relevance to your affairs. Within reason, the new appointee can request and expect to receive from the previous accountants any and all information they believe they require.
The new firm then gets about the business of providing the service you should expect.
Registered with the Institute of Chartered Accountants in England and Wales (ICAEW)
Silver Financial is registered with the ICAEW, generally recognised as the world’s premier accounting institute. This means we are professionally qualified at the highest level, client management and business operations are goverened by strict and exacting rules and regulations and we have full indemnity insurance cover.
Choosing an ICAEW registered firm should be viewed as an insurance policy for you and your business.
Our experience counts
The firm was founded by Richard Silver who has for over 20 years been managing the tax and finances of private individuals and businesses. He is a tax trained chartered accountant, a law graduate, has headed the finance functions of a number of significant and well respected global businesses and has worked for the private investment office of one of the world’s wealthiest individuals. There is not much he has not seen.
A specialist firm that values strong working relationships
Whilst small businesses and contractors are for many large or franchised firms a low priority, we specialise in this market and take all of our clients’ work very seriously. We constantly keep up to date with the specific legislation which affects you and your business, such as IR35 for contractors and changes in tax deductible expenses, and provide targeted advice. We will work hard and smart to ensure you are always compliant and are able to advise on more complicated matters should they arise.
We value effective working relationships so will do all we can to understand you, your business and the most pertinent technical matters affecting you – we truly aim to be your trusted adviser and business consultant.
Online accounting software
Unlike a traditional firm, we like our clients’ affairs to be up to date all the time so we can be proactive with our advice and work collaboratively with you. We do this primarily by using online accounting software which we firmly believe is the way forward – coupled with the right accountant, it’s the closest thing to having your very own finance department.
So no more uncertainty about your business finances, the time you spend on administration and bookkeeping is significantly reduced, you are advised at a time when things can be changed and have the peace of mind of knowing your accountant is keeping a closer eye on your affairs than you thought possible.
We keep things simple and will always be there for you
Tax and accounting can often be a complicated business but it does not need to be. We will always try and simplify matters so you can better understand the issues involved, the recommended course of action and the implications of your decisions. In fact, we will explain as many or as few matters to you as you would wish – and as often as you like. We want you to consider us as your go to adviser and would prefer for you to have a thorough grasp on your affairs so you can make the right choices.
Fixed and transparent fees
A traditional firm operates a business model which is overhead heavy. They may well charge fixed annual fees for specific work but, should you need additional advice or services, the fees increase.
More commonly though, clients are charged on the basis of time spent on your affairs and the level of seniority of the staff involved. Inevitably then with a traditional firm your affairs will be dealt with by juniors – sometimes errors arise and it’s not uncommon for the contact you have with your accountant to be kept to a minimum at their choosing.
We though operate a different system. We specialise in servicing clients like you, have all the knowledge and experience you will ever need and charge fixed fee packages on a monthly retainer basis. Everything we do for you is transparent and at an agreed upfront price.
Thinking or moving to a specialist chartered accountant?
If you are looking for a qualified chartered accountant who are contractor and small business specialists, committed to providing a second to none service, then contact Silver Financial today.
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