FAQs
     
 
 

 

Why do GPs consider changing their accountant?

Listed below are some of the reasons why you may be considering changing your accountant, with our comments on these. Of course, if the reason you are contemplating a change isn't listed, contact us in one of the ways shown in the Contact Us section and we'll be happy to let you have our views.

There are many possible reasons why you may consider changing, for example -

   
You feel your accountant doesn't reply to correspondence promptly and doesn't return phone calls
  At The Financial Health Centre, we pride ourselves on quality of service, and apply rigorous standards to such matters - all phone calls returned the same day, all e-mails responded to in 24 hours, all mail acknowledged the same day and dealt with within a maximum of 5 working days. Occasionally, it may be too complex to deal with in that time frame, and we would advise you of the anticipated response time.

 

Your accountant takes too long to compile the practice accounts, and keeps your practice records for several months
  As you will see from our Annual Accounts page in the Medical Records section, we aim to provide draft accounts to the practice within 4 weeks of the records being made available to us. At that time, the records can be returned to the practice if required. We plan to deliver the final accounts within 4 months of the practice year end.

 

You feel that your accountant has outgrown you
 

One of the main complaints we receive from GPs is that their accountants are no longer interested in them. This can be characterised by -

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   Substantial increases in fee charges
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   Little or no partner contact
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   Delays in finalising accounts and tax returns

As accountancy practices grow through merger and acquisition, they have to refocus to maximise profitability. Longstanding clients of the enlarged firm may no longer fit their client profile, and the characteristics mentioned above appear. Of course, it is always open to a client to pay more for less service, and remain 'on the books'. Not a course we would recommend however.

 

You don't feel that you are getting value for money
  We constantly strive to give value for money, and indeed, if you look at our Fees section, you will see that most of the services we provide are on a fixed fee basis. That way, you know what you're paying well in advance. There are no hidden extras, and if we don't live up to our claims, and you feel that we have not given you value for money, we won't charge you a penny.

 

Your accountant doesn't seem to have a full grasp of GPs' accounts
  General Practice is undoubtedly a specialist area of accountancy. Unless your accountants represent 20+ medical practices, it is unlikely that they will have the depth of knowledge needed to advise you properly. Knowledge of the Red Book is essential, and research into new areas such as PMS is vital if the advice is going to be pro-active and valuable

 

If I change accountants it will cost more in the first year to change over
  Absolutely untrue. Where we take over from another accountant, we know exactly what information is required to ensure a smooth transition. We can do this completely painlessly - no anaesthetic is needed! Our fixed fees cover any such transitional work.

 

When I change accountants, will this automatically trigger an investigation by the Inland Revenue?
  Not true. There are many reasons why the Inland Revenue may choose to launch an enquiry into a practice's accounts, but changing accountants isn't one of them. If at some point in the future the practice is selected for an enquiry, then if the practice has taken out our TaxWatch Investigation Support contract, the professional fees connected with the enquiry are already covered. Indeed, should your practice ever be selected for an enquiry in the future, our expertise will prove to be invaluable in ensuring that a suitable settlement is reached with the tax authorities, as a number of our existing clients have found.

 

Do I really need to keep a mileage log?
  For a representative sample of months, yes you do! This will enable you to substantiate part of your motor expenses claim, and ensure that you are not under- or over-estimating your motor expenses, a common source of investigation.

 

I don't know where to start with keeping a mileage log!
  Don't worry! Contact Alexis at The Financial Health Centre and she will provide you with as many blank logs as you wish to fill in. She will also talk you through all of the things that you need to do when keeping the log, and how to do them.