Freelance Accountants

[snackattack]

My dh is an accountant, recently made redundant and whilst looking for a permanent job, he thought he'd try and pick up some freelance work - book-keeping/statutory returns/year end etc. Quite by chance, happened to be talking to a friend who mentioned that her friend who is self employed and runs a small business is looking for an accountant to "look at the books and give some advice"..... just what that means I don't know but obviously not one to look a gift horse in the mouth, I contacted her by email on behalf of dh and she's interested in getting some advice on her business and I guess a review of her accounting. She's asked for a quote. DH hasn't a clue about that - how does one go about quoting for something like this? Would it be an hourly rate for example? How much money do accountants charge for something like this? I realise it's very vague and will ask for further information about what she needs but at a complete loss as to how to go about quoting for this. Tbh he's not looking to make a lot of money - just a few pennies whilst he's job hunting so obviously want to be fair and not have her running for the hills!
Thoughts much appreciated. Thank you.

when your husband was in work did he not have access to the charge out rates of the firm he was working for - he could use those to get some idea of what he should be charging - but be very careful that he has his own professional indemnity insurance - was he an accountant within an accountancy practise (they prepare accounts from 'incomplete records) or was he an accountant in another kind of business - the work can be very different

I think your dh should set up a prelim meeting and guage her level of requirement. Then go from there.

Is he affiliated to any particular body? If so there may be some red tape he'll need to sort out before being able to charge for any work.

For example, if he's a chartered accountant and a member of ICAEW he will have to apply for a practising certificate and get Public Indemnity Insurance.

Get him to look into it as it may negate the income from his job.

As for fees, I've found it easiest to charge a fixed fee for fairly standard work like year end accounts, VAT returns etc, with any additional work not specified in the engagement letter chargeable by the hour.

Your friend's request looks more open ended and I would look at charging by the hour (or day if it's going to be a long piece of work).

Hope it all works out for your DH!