getting my accounts up to date!

Hi everyone, i have been running my business as a sole trader now for nearly two years (preschool music classes)

Up until now, i have been doing my own accounts and filed my own tax return, but my record keeping leaves a lot to be desired!

Anyway this year, i am working towards franchising the business and would like to be able to show prospective franchisees a set of properley audited accounts.

I just wondered if an accountant would be prepared to do this retospectively and what it involves, likely costs etc.

Also, there has been lots of money coming out of the account to pay for things that franchisees wouldn't have to normally pay for (lots and lots of legal stuff, plus trademark fee and website redesign) so could the accounts be set out to show these items separately?

I guess my first step would be to find a local accountant who would be prepared to tackle my mess of paperwork, but does anyone have an idea of likely costs.

My business income was approx £3000 in year one and £20,000 in year two (projected £25,000 in year 3)

many thanks

Claire

 

[DuaneJackson]

Hi Claire,

Seperateing the different type of expensiture wouldnt be a problem for any accountant (except Hayles previous accountant, but that's another story!)

Initially you only need a book keeper to do the data entry. You may find going direct to a book keeper instead of an accountant in the first instance works out cheaper for you.

Alan at alphalimited.co.uk does all of my accounts and I highly reccomend him.

Good luck!

 

[Alpha]

Also, there has been lots of money coming out of the account to pay for things that franchisees wouldn't have to normally pay for (lots and lots of legal stuff, plus trademark fee and website redesign) so could the accounts be set out to show these items separately?

These cost would be seperate in all likelihood as they are probably capital(assets) not revenue(costs).

I just wondered if an accountant would be prepared to do this retospectively and what it involves, likely costs etc.

I presume that you mean you want someone to put together formal sets of accounts rather than 'audited'.

I would have a word with someone such as Joyous of the forums i'm sure she will be able to help you.

 

[Joyous]

Hi Claire

Based on the figures you mention you’re nowhere near the audit threshold so as Alan suggests, formal rather than audited accounts will probably suffice.

For a set of accounts you’re probably looking at around £300 + VAT assuming that you’ve kept a good set of books during the year. If no books have been kept this number will more than double.

As has been suggested you’re better off getting a bookkeeper to get your books into shape before handing everything over to an accountant.

Please feel free to contact me if you wish to discuss.

Regards

Joy

 

[BMS]

Hi Claire

I'd be happy to discuss this with you if you'd like to PM me.

 

[businesssolutions]

Hi Claire

Should you require the services of a bookkeeping prior to passing things over to your accountant then I'd be more than happy to provide a quotation.

Thanks

Business Solutions

 

[dcaccounting]

Or produce your own books with online accounts :wink:

Regards

Dean