What happens when you use a cheap or really “competitive” (cheap) accountant!

Is cheap really expensive in the end? Like all things?

What happens when you use a cheap or really “competitive” (cheap) accountant! 

Accounting and bookkeeping are really labor-intensive task which require not only a certain amount of skillset and knowledge, but most importantly common sense, which as we all know, is not so common. 

 

Risks when you hire a cheap accountant: 

• VAT returns are not correct – result to penalties and fines 

• Bookkeeping is not performed correctly – missing invoices, loosing receivable vat, not getting the right picture of your business results and balance. 

• Penalties and fines likely due to late submissions but also due to wrong VAT returns 

• More likely to get VAT and Tax Investigated 

• Higher audit fees as the auditors will need to do accounting work and then proceed with the audit work. 

• Frustration, loss of energy and loss of income. 

• Pay, pay, pay. Why? Not worth it! 

 

Is it worth it? 

Definitely not!! For Euro 500 or Euro 1000 difference hiring a professional accountant or audit and assurance firm not only will ensure the above are eliminated which instantly means you have saved the penalties and fines which make up for the increased accountants fees but also you will be able to focus on your main operations earning as a result of higher income. 

On top of this, a good accountant will save you taxes and will help you with your business model (see article here of what is a business model) which will make up for the extra fees' multiple times. 

 

Are you still debating about it? 

Do not go for cheap. Do a bit of research first! Read our article on how to research your accountant. 

Get Offers from our licensed accountants, auditors and tax consultants for free. No commitment to hire them but definitely you will get a fee of the fee range involved.