Tuesday, September 26, 2023

How do Personal Accountant Services Differ from the Rest?

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small business accountant in LondonAre you unsure about the range of services that personal accountants can provide? A personal accountant offers customised solutions and in-depth financial analysis tailored to your specific needs. This article will explore the differences in personal accountant services and their associated fees. While It has been discovered that 60% of businesses are dissatisfied with their current accounting and finance procedures, the demand for skilled accountants is not fulfilling the corporate and business sectors.

Without any further delay, let’s get started!

Who are Personal Accountants?

A personal accountant is a financial professional who provides dedicated and customised financial guidance to individuals and businesses. Unlike public accountants, who often work for accounting firms or provide services to a broad client base, personal accountants forge one-on-one relationships with their clients. This closeness allows them to deeply understand financial aspirations and challenges, offering highly targeted advice and solutions.

Why Should You Have a Personal Accountant?

In many cases, it can be difficult to track where your money is going. Between credit card expenses, loan payments, and uncertain economic times, it’s easy to feel overwhelmed. While a traditional accountant can help with bookkeeping, tax preparation, and financial reporting, a personal accountant provides additional services. They closely monitor your income and expenses and offer customised financial plans and investment advice tailored to your needs. In fact, 30% of SMBs believe that their accountants are the best advisors in the company.

While many individuals and business owners use accounting software to manage their financial jobs, hiring a profound accountant can help you even save more money on taxes and saves costly financial mistakes.

What are the personal accounting services that public accountants don’t provide?

Personal accountants offer the same services as public accountants, but some of their services are exclusive. Here are these services that only a personal accountant offers –

  • Personalised Financial Strategies
  • Individualised Attention
  • Comprehensive Financial Analysis
  • Customised Investment Guidance
  • Retirement Planning Expertise

Personalised Financial Strategies:  

A personal accountant’s speciality is expertise in creating a financial strategy tailored to your goals. In fact, 70% of accountants reported strengthening their advisory role for small businesses. With the help of personal accountant services, you can take a comprehensive approach to your financial planning and set yourself up for long-term economic success.

Get Individualized Attention:

While public accountants manage an extensive client roster within company or agency settings, personal accountants offer a more intimate partnership directly with you. Intriguingly, a mere 14% to 16% of accountant services, such as bookkeeping and personal finances, are outsourced. This statistic highlights the growing inclination of SMBs to opt for personalised financial planning. With personal accountants, you receive dedicated attention as they invest effort and time to understand your financial landscape, devise tailored plans and strategies, and provide insightful recommendations for enduring investments.

Comprehensive Financial Analysis:

Personal accountants carefully analyze income and expenses and interpret intricate financial patterns. Through their meticulous examination of financial data, they provide valuable insights for making better business decisions. This can result in optimized tax returns, improved financial health, and strategic growth for both businesses and individuals. In fact, as many as 71% of small business owners outsource their tax preparation and accountant services. At an individual level, the data interpreted by these accountants can help with long-term financial planning and achieving financial freedom.

Customised Investment Guidance:

It has been found that over 69% of CFOs use spreadsheets to prepare financial reports. To provide insightful financial advice, personal accountants act as experts to evaluate expenses and income, detect any obscured data or patterns, and create effective investment strategies to fight inflation and increase profits. These investment plans are often tailored to suit your or your company’s financial objectives, risk tolerance, and market trends.

Retirement Planning Expertise:

While 64% of SMBs utilize accounting software, personal accountant services provide a human touch to retirement planning. Although the software is convenient, it cannot replace the personalized approach of accountants who are updated with the latest guidelines and government regulations. Accountants analyze your financial status, long-term goals, and current market conditions, taking into account factors such as inflation and life expectancy to ensure your retirement plan provides a comfortable and secure future.

Cost of Hiring a Personal Accountant:

The cost of hiring a personal accountant varies based on location, requirements, and expertise. In the UK, basic services cost between £25 and £35 per hour, while tax and business planning can cost up to £150 per hour. In the US, the average fee is around $40 per hour but can go up to $500 per hour for a personal accountant. However, the cost of niche-specific professionals like ecommerce accountants is slightly higher than others. So, It is important to verify hourly charges before hiring.


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