How much you should pay your accountant varies depending on what services they are doing for you. Monthly bookkeeping usually costs between £100-£300 a month for small limited companies, and additional services, such as VAT returns, payroll, Annual accounts and Corporation Tax will make this more expensive. By comparison, Novabook’s bookkeeping services cost £22 per month.

Some firms provide fixed fees, an hourly rate or success fees for certain services such as R&D Tax Credits. Fixed fees are the best for small businesses. Hourly rates incentivise working more slowly to bill you more money and success fees aren’t needed in accounting because the work is the same for an accountant with and without success fees. Novabook operates on a fixed fee subscription basis, and their Big 4 trained accountants aim to solve your problems as quickly and efficiently as possible.

Novabook is an accounting firm focused on small businesses across all industries, and their Big 4 trained accountants’ sole focus is to get back to you as quickly as they can with an answer that has no jargon, and just offers you an informed response. Internally, they minimise the amount of work they ask from you, and it is their sole job to take work off your plate and become a trusted advisor to support you in any area. Novabook can support you with UK Accounts & Corporation Tax, VAT filings, Confirmation Statements, bookkeeping and anything else you need. A typical Novabook plan costs £129 per month, and gives you direct access to your accountant and the Novabook portal, where founders can track all of their accounting and finance needs.

FAQs

What accounting services does a small business actually need?

• The accounting services that you need as a small business vary depending on complexity, but there are still legal requirements to file annual accounts, confirmation statements, Corporation Tax returns and more depending on whether you are VAT registered, and whether you have employees & payroll filings. A good accountant should be able to take all of this off your hands and make sure that all of your deadlines are met accurately and in good time. Novabook can handle all of this for you, with direct access to one of their Big 4 trained accountants and a typical plan starts from £22/month for the simplest services.