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How Much Do Legal Accountants Charge? Costs & Fees In 2021 (UK)
How Much Do Legal Accountants Charge?
Save up to 60% on costs of a Legal Accountant - here's how.
Don't waste time struggling with your company accounts. Believe it or not, you can save time and money bout outsourcing to a Legal Accountant!
One of our most asked question is "How much do Legal Accountants charge?", every business owner wants to know the answer to this.
The funny thing is, this 'top secret figure' nobody wants to share is not actually a 'top secret figure'. Answers to this question are always so vague simply because there is no 'one size fits all' cost of for a Legal Accountant.
Depending on your specific legal firm needs for a Legal accountant, alongside the quantity and complexity of these tasks all come into play when being quoted a price.
Taking that into account, we're going to give you a helping hand insight into the cost of a Legal Accountant and how not to get ripped off.
Top Tip: Once you find the right Legal Accountant for you, bare in mind they are in high demand during certain periods of the financial year. Always schedule end of tax year appointments with your Legal Accountant in advance to avoid being disappointed.
What is the role of a Legal Accountant?
Legal Accountant responsibilities typically involve preparing financial statements including balance sheets, tax returns, income statements and profit and loss statements, they also process all accounts payable and receivable, reconcile general ledgers and analyse all the data.
Generally speaking, the tasks of a Legal Accountant involve the following...
- Provide ongoing financial advice (initial structure, expansion, tax matters and more)
- Process and analyse financial data
- Reporting findings to the business
- Support with tax filing
- Ensure legal financial compliance
- Monitor financial performance
- Undertake monthly and/or quarterly reviews of accounts
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What is the average price of a Legal Accountant?
The majority of accountants will charge on a monthly basis, however there are some that will charge hourly or on an individual service completion basis. This is majorly dependent on the capacity and complexity of work you require the accountant to complete.
One of the greater factors influencing the price of a Legal Accountant is the location of where the Legal Accounts company is based. Here's a great comparison below of the price range and how you could save yourself money...
| London | Midlands |
|---|---|
| A London based Legal Accountant will charge London prices, simply because they wouldn't benefit otherwise. Opting for a London-based Legal Accountant is the ideal scenario if you are a company that value face-to-face meetings. | Legal Accountants based elsewhere in the UK for example the Midlands cost significantly less because they don't have competitive London prices. Legal Accounts outside of London focus on offering the same high-quality service for a much cheaper rate. |
| £££ | £ |
London-based Legal Firms are opting to outsource their Legal Accountancy jobs to a firm outside of London to avoid paying the extortionate fees. In 2021 statistics, reports suggest 71% of companies within the UK plan to outsource to reduce their costs.
What factors influence how much a Legal Accountant costs?
- Complexity of the work at hand
- Business size
- Volume of work to complete
- Completion Timescale
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What level of service should you receive from a Legal Accountant?
Of course, you should never settle for anything less than a faultless service. When it comes to outsourcing an Accountant, you will be required to put a lot of trust into the Legal Accountant you chose to deal with your finances. Therefore it is so important you do lots of research into deciding the best company/accountant for you.
These 4 pointers below, have been identified by us here at Legal Accounts as being essential assets to look for in a Legal Accountant...
... Have an excellent level of communication
Your Legal Accountant should be contactable 5 days a week during peak working hours. This enables them to be on hand when you need to air your concerns or get your questions answered.
... Have an understand of your existing software
Most accountants are trained on the most popular software systems and know how to deal with them. Therefore your Legal Accountant should not have any issues working on your software, this makes the process easier, avoids confusion and messy changes.
... Be friendly and passionate
Your Legal Accountant will be working closely with your business and therefore they need to be friendly and approachable. Likewise, they should show signs of being passionate in their job, this instantly gives you great confidence in their work.
... Have your best interests at heart
While a Legal Accountant saves you time, they should also strive to save you money by having your Legal Firm's best interest at heart. This involves identifying and suggesting areas of improvement to reduce your monthly account overheads.
Find the right Legal Accountant for you that is cost-effective, has capacity and can take the stress away from you. If you feel you're ready to onboard an outsourced Legal Accountant, get in touch with us get a FREE account overview.
"They are efficient and prompt when responding to our enquiries. They are truly an extension of our team here at Pickford Solicitors. Highly recommend." - Pickford Solicitors
