expensive accountants

[fz04]

going through the accounts section ive seen numerous threads were a person says they are a sole trader or have a company with a turnover of £100,000 and over and they are asking advice on how to fill in their company accounts or self assessment

wouldnt it be more sensible for such a person with a reasonable turnover to hire a professional to do their accounts

or do these people find accountants too expensive and trying to save a few pounds

im sure the professional advice itself would be a good thing and save tax or any misunderstanding by filing wrong accounts

 

[DesignerNick]

I don't turn over £100k but I find having professional advice invaluable. It is well worth the monthly payment (not that much) to feel safe knowing my accounts, returns etc will all be done properly and nothing will come back to bite me in the backside.

 

[fz04]

thats exactly what i mean, i just dont get the threads where people are saying they are making £100 000/year and trying to do the accounts themselves

I don't turn over £100k but I find having professional advice invaluable. It is well worth the monthly payment (not that much) to feel safe knowing my accounts, returns etc will all be done properly and nothing will come back to bite me in the backside.

 

[DesignerNick]

They might have a good knowledge of how everything works though. I personally don't that is why I chose to use an accountant but if they have been in business 40 years and know the insides and outs then it is up to them if they feel up to it.

 

[fz04]

thats a good point, i never thought of that

They might have a good knowledge of how everything works though. I personally don't that is why I chose to use an accountant but if they have been in business 40 years and know the insides and outs then it is up to them if they feel up to it.

 

[David Berry]

Running a small business is all about generating sales and cash. There will be plenty of people out there including accountants who want to take cash off you. When you advertise in Yellow Pages you will be inundated with companies wanting to sell you more advertising. When you want to develop an online presence there are plenty of Web design companies who will want you to spend thousands on a perfectly designed web site.

My suggestion with regards to accountants is you look for someone who can help you develop the business not just take more hard earned cash out of the business.

Producing a set of accounts for a new start-up business is pretty easy. Generating sales when you don't have a track record is far more tricky. So find an financial advisor who can do both.

 

[MyAccountantOnline]

wouldnt it be more sensible for such a person with a reasonable turnover to hire a professional to do their accounts

im sure the professional advice itself would be a good thing and save tax or any misunderstanding by filing wrong accounts

Personally yes I think so - but am clearly bias

Accountants such as myself take many years to learn what we do and someone without our knowledge and experience is going to have to spend a lot of time trying to deal with their own taxes with no assurance that they will get it right.

My personal view is that a soletrader with very simple affairs may be able to struggle by and prepare their own accounts and tax returns but for partnerships and a limited company to try and DIY is utter madness.

I see many new clients come to me who have got themselves into a terrible mess attempting to save a few pounds in accountancy fees.

Its not one way either accountants do save people money - again its very rare that I dont save a client tax.

 

[hayesbookkeeping]

Personally giving a person advice helps an accountant or bookkeeper establish a relationship with a potential client.

With advice I am more then happy to help companies with their accounts or tax returns

If you want to keep clients these days the best way is to be professional and give advice and have work at the hishest standards and cheap prices.

Works for myself at the moment

 

[Tej]

going through the accounts section ive seen numerous threads were a person says they are a sole trader or have a company with a turnover of £100,000 and over and they are asking advice on how to fill in their company accounts or self assessment

wouldnt it be more sensible for such a person with a reasonable turnover to hire a professional to do their accounts

or do these people find accountants too expensive and trying to save a few pounds

im sure the professional advice itself would be a good thing and save tax or any misunderstanding by filing wrong accounts

I think if you really go through all the threads.. you might note that at least one poster has suggested... "get an accountant".

Its nice to run a profitable business.. but you need someone qualified to supervise the accounts ( hub of the business)..and ensure that all is correct...and compliant.

IMO