Should I choose a cheap accountant and solicitor?

Posted on 3rd January 2015 at 4:10pm by Carl Reader in Business

Although it is tempting in the early days to watch the pennies, it is unfortunately often the case that the cheapest advice ends up being the most expensive. This is not to say that all cost-effective services are not worth considering – I would instead urge you to consider what systems they have to allow them to offer the advice that you need over and above any compliance that they have to deal with.

Simply put, if one advisor values themselves at £15 per hour, compared to an industry average of say £200 per hour, you need to think very carefully about whether they are suitably experienced, and indeed confident enough, to deal with your affairs.

On that note, it’s worth mentioning a little about how professional advisors charge. Traditionally, accountants and solicitors have charged on an hourly basis. I’d strongly recommend that you push your advisors for fixed fee quotes, so that you know what you are committing to. Also, make sure that you have a mutual understanding of timescales, so that you can manage your expectations and know when to expect their work to be completed.

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