How it works: Accountants for Musicians (Part 1)

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Accountants usually charge fees rather than commission. They may quote you a rate per annum for advising you. Some of the bigger accountancy firms run special schemes where the 1st years work for you is done at a special, discounted rate. You don’t have to stay with them after the first year. 

If you are tempted by these schemes, you should ask what exactly is covered by the discount rate. Its likely that you won’t get the same service as the full-price one.

You should ask what the non discounted rate would be after the first year so that you can decide whether you think you’d be able to stay  with them afterwards or will have to start the search for a new accountant, which could be disruptive. You should ask them what their experience is and who will be doing the work.

Often you find that the person who sees you and does the hard sell is the partner or even the marketing person. Someone quite different and possibly much less experienced maybe doing the work. This sort of thing is more likely to happen in the bigger firms, particular those that are offering a discount rate. You can be reasonably sure that it will not be a partner that will  be doing the cut-price work.

 Part two coming soon!

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