If you’re self-employed, you are an expert in your field. Whether you’re an IT Contractor, Freelance Designer or anything in-between, you have a skillset that you can sell to your clients and make a good living along with all the benefits that come with self-employment.
Like most things in life, there are upsides and downsides and self-employment is no different. Managing your own accounting and finances can be a headache, especially when you also have to run your business.
Whether you operate through a limited company or as a sole trader, you have certain accounting and reporting obligations as well as responsibility for managing your tax affairs and remaining compliant.
A small percentage of self-employed people may have the knowledge and skills to do this themselves, but it’s sensible to get the right support in place to handle this for you so you can focus on your core business activities. This is especially the case if you’re just starting out in business as there will be a bigger demand placed on your time.
Working with the right accountant will mean that you have the support you need. They will help to ensure your bookkeeping is accurate and up-to-date, your tax returns are completed correctly and on time and much more including advice and guidance on optimising your tax-efficiency.
We understand that it can be a big decision to hire an accountant. There’s lots of choice, there’s a cost involved, and you’re entrusting someone else with the financial wellbeing of your business. Making the right choice and finding an accountant you can trust, one that delivers exceptional service, is key for business success.
But what are some of the factors you should consider before you appoint an accountant? Let’s dig a bit deeper.
Will They Respond Quickly To Your Queries?
Time is usually a precious commodity when you’re self-employed. You may have multiple projects on the go with deadlines to meet, or maybe you’ve just started your business and are working long hours to build it up.
The last thing you need is to be left unread by your accountant or having to make multiple chase calls for an answer to a simple query. Slow turnaround times from accountants can be a source of huge frustration and can lead to issues such as missed deadlines, errors or HMRC penalties.
Slow response times to your queries will never be an issue with Gorilla. Thanks to our Client Service Guarantee, if you contact us before 3pm we will respond to your query on the same working day or we’ll issue you a £50 payment.
Are They Expert Accountants For The Self-Employed?
When you’re looking for an accountant you should find one that is a specialist for your company’s operating structure and sector. At Gorilla, our service is built for small businesses. We specialise in accounting services for the self-employed such as contractors, freelancers and locums whether operating through a limited company or through personal ownership.
We are also experts in a wide range of sectors which means that your dedicated accountant will be an expert in your field with sector-specific advice and insight to help ensure you receive only the best guidance and service.
Do They Utilise The Latest Technology?
We are firmly in the digital age and accounting software is at the forefront of that movement. The Government’s Making Tax Digital initiative is also driving the pace of this change by mandating businesses through a phased rollout to use digital accounting software to produce and submit their tax returns electronically.
Some accountants may still use traditional paper-based methods or spreadsheets but there are numerous disadvantages to this. As well as being slower and less accurate than digital methods, this will put you at a disadvantage compared with your competitors who may be reaping the benefits of using accounting software.
Gorilla Accounting are forward thinking technology-focused accountants. When you appoint us, you receive free access to market-leading FreeAgent cloud accounting software at no extra cost. FreeAgent is built for small business owners, contractors and freelancers and is trusted by over 100,000 users. Since our inception in 2015, we’ve been partnered with FreeAgent and are proud to have achieved FreeAgent Platinum Partner status.
The benefits of FreeAgent for your business are huge. Through the mobile app, you can run your business from anywhere, upload receipts, check your cash flow and stay on top of your tax position easily and securely. Automated bank feeds allow easy and quick reconciliation and categorisation of your transactions and sending invoices and payment reminders is simple. Payment gateway integration means your clients can quickly and securely pay you.
FreeAgent makes it easy to keep on top of your bookkeeping and your tax returns are calculated automatically in the background while you work. They can then be electronically submitted to HMRC potentially saving you a huge amount of stress and time when the tax deadline is looming.
Insightful reporting and a customisable dashboard means you can get an at-a-glance view of the financial health of your business in real time ensuring that you are always on top of things.
Will You Be Hit By Hidden Costs and Fees?
Monthly fees for accountants can vary significantly and the level of service and what’s included in their accounting service can also differ.
You might have to pay extra for access to accounting software and you should be mindful of other hidden fees too. Sometimes an accountant will quote you a low monthly fee but then charge extra hidden fees for staple tasks that are inclusive with other accountants.
At Gorilla we keep things simple. Our fees are transparent, fixed and extremely competitive. For a great value monthly fee, your business and personal accounting needs will be expertly handled. You pay the same amount regardless of your turnover, sector or profession with no hidden fees or nasty surprises.
- Limited Companies – £110 + VAT Per Month
- Sole Traders – £50 + VAT Per Month
- Landlords – From £50 + VAT Per Month
If you pay 12 months upfront we’ll even give you 10% off!
We are always transparent about our fees and our additional charges are listed below.
- Company Formation service (£50 + VAT)
- Registered Office address service (£10 + VAT per month)
- Self-Assessment Tax Return for additional Shareholders/Directors (£125 + VAT for a basic return). Additional pages come at an additional cost
For landlords, we operate a tiered pricing structure based on how many properties are in your portfolio and whether you operate through a limited company or personal ownership, which means that you receive the best-value service based on your circumstances.
Do They Have Good Reviews?
One of the best ways to find an accountant that’s right for you is to research their reviews online. By reading first-hand reviews and experiences from their clients, you can get insight into the level of service you can expect, or any issues you might encounter, especially ones that are recurring such as slow response times or errors in tax submissions.
It’s well worth doing some digging as appearances can be deceptive. An accountant might have a stunning website, high social media engagement and lots of professional accreditations but their reviews are the acid test of the service you can expect.
At Gorilla, we work tirelessly to ensure that we provide the highest level of service to our clients and this is reflected in our glowing reviews on Trustpilot and Feefo.
Joining Gorilla Accounting
It’s understandable that some self-employed people might think that an accountant is an unnecessary expense, especially if they’ve just started out in business and are looking to keep costs to a minimum. But once you find an accountant that’s right for you, it’s best to get them onboard as soon as possible.
They will be able to provide invaluable advice and guidance and ensure that your financial affairs are in order, as well as saving you heaps of time that can be channelled into your business. If you operate through a limited company, they can help to increase your tax efficiency which can more than offset the monthly fee meaning you increase your take home pay.
Maybe you have an accountant already but are struggling with poor service levels or are overpaying for what you receive. If so, switching to Gorilla is easy. We have a streamlined hassle-free onboarding service which means we can get you up and running and benefitting from our service in no time. We can even contact your previous accountant on your behalf to obtain all the information and records needed.
If you have any queries about our service, please call 0330 024 0406 to speak to an accountant today or request a call back. To join us, please complete our online application form.
