Michael Martion
Michael Martion, Owner at StartRight Accounting (Insignia Accounting & Consulting)

Accounting

Do you prefer an "all done for you" accounts process, or not?

"Done-for-you" means that everything is done for the small business: regular accounts prep, monthly/quarterly/annual tax lodgments, regular business improvement meetings.

Something of a new(ish) concept.  Most small businesses do it piecemeal: get their bookkeeping from one place (or DIY), get their accounting & tax from another, and business improvement advice from yet another (if at all).

Which is better?

 

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1 Answer

Phil Khor

Phil Khor , Founder at SavvySME

Great question Michael. It's a personal choice but I think a 'done-for-you' service offerings makes sense with a few caveats. I'd suggest that the scope of processes included should be those either inextricably linked or has plenty of scope for synergy, such as what you have suggested for bundling tax, accounting and bookkeeping services. Secondly, bundling these processes should bring about operational efficiencies and therefore economy of scale, which in turn works out to bring better value for client businesses. Better value can also translate into additional services, such as business advisory services, which helps accountants to be more intrinsically involved in their clients business as partners, especially with the opportunities cloud accounting brings. It's helping businesses to gain another trusted advisor who has just been freed up from otherwise more mundane work. So that's a good thing in my books. The other consideration for me is about quality of work and serviceability. Will the work be outsourced to partners, or will it be all done in-house? If it's the latter, then can a single accountant or firm do better, say in both bookkeeping and tax accounting, than individual bookkeepers and tax accountants? So I think it depends on who is offering the services and how. It's a challenge to be able to consistently provide both the breadth and depth of capability, without compromising on quality - but none of these challenges are insurmountable and if executed well, goes a long way to reduce operational risks whilst increasing efficiencies and value to clients.

 

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