Quickbooks & Accountants?

[sampsonzak]

Hi,

I need to get my finances in order and finish my accounts and change from a sole trader into a ltd company, so I would ideally like an accountant to do this, but I then saw QuickBooks has software which I can just categorise payments (like I have been doing as self employed) which is fairly easy.

I am just wondering, if I used the quickbooks software and put in all the info myself, would I still need to get an accountant?

If I get an accountant, will they just do everything for me? Or still ask me to categorise payments etc.

I sort of need an accountant as I'm not really sure what I'm doing - but I also don't want to get ripped off either because of it..

Has anyone got any good recommendations for accountants who are fair priced / have experience with e-commerce businesses?

Thank you

 

[UK Contractor Accountant]

Any Accountant with relevsnt experience should be able to handle e commerce business- it's not a specialist area.

 

[sampsonzak]

I am just wondering, I have had a quote for £50 + vat every month, but I have to do the bookkeeping, no payroll, vat returns.

I am just a bit confused what I am paying for? If I do all the bookkeeping etc myself, isn't that the majority of the work needed?

If I purchase a QuickBooks plan and put in all the data,expenses, etc - is there any point in me getting an accountant? Or just pay for some advice from someone time to time?

Just trying to understand what exactly they will be doing for me if I do all the bookkeeping myself

 

[UK Contractor Accountant]

Do you know how to prepare statutory accounts in accordance with FRS102 or FRS 105?

if not then that's what you are paying an Accountant for- experience and years of training.

Quick Books will not produce your statutory accounts.

 

[sampsonzak]

Do you know how to prepare statutory accounts in accordance with FRS102 or FRS 105?

if not then that's what you are paying an Accountant for- experience and years of training.

Quick Books will not produce your statutory accounts.

I have taken a look and looks like QuickBooks does not do this but Sage does however.

Is the statuory accounts the only thing I would need to do extra if I did not bother getting an accountant?

Thank you

 

[johndon68]

I have taken a look and looks like QuickBooks does not do this but Sage does however.

Is the statuory accounts the only thing I would need to do extra if I did not bother getting an accountant?

Thank you

Sage's standard accounts packages (Sage 50, Sage 200, Sage Business Cloud) don't do statutory accounts in accordance with FRS102 or FRS 105.

John

 

[UK Contractor Accountant]

Is the statuory accounts the only thing I would need to do extra if I did not bother getting an accountant?

also need to prepare adjusted tax & capital allowance computations and also complete and file Corporation Tax Return.

 

[sampsonzak]

Oh right ok thank you for the info. I think I will go with an accountant then.

What would be a good rate per month for someone doing my accounts for an e-commerce business, if I did the bookkeeping and no vat or wages needed (for now)?

I will get a few quotes from some local accountants and see!

 

[Energise Accounting]

For £50 a month you will probably be getting a basic service e.g Accounts production and Corporation tax return.

You may still have to deal with self assesment, payroll,conformation statement, dividend vouchers and possiblly P11D. When extracting money from a Ltd company you have to be very careful . Any adhoc advice or meetings may have to be paid for. Make sure you read the engagement letter so you know what is included in the fee.

 

[sampsonzak]

For £50 a month you will probably be getting a basic service e.g Accounts production and Corporation tax return.

You may still have to deal with self assesment, payroll,conformation statement, dividend vouchers and possiblly P11D. When extracting money from a Ltd company you have to be very careful . Any adhoc advice or meetings may have to be paid for. Make sure you read the engagement letter so you know what is included in the fee.

Hi, this is what I was provided with along with the quote:

• Formation of your new company
• Unlimited support from your own dedicated accountant
• A full set of accounts
• Completion of abbreviated accounts for Companies House
• Submission of the corporation tax return (CT600) to HMRC
• Submission of confirmation statement to Companies House
• Up to two directors self-assessments
• Easy cloud accounting software with bank feeds and a mobile app
• Regular tax efficiency recommendations
• Automated reminders for your important deadlines

Is this everything I would need? Payroll/Vat I would ask for later down the line as I do not need it just yet. I assume the dividens vouchers would come with the Payroll, but I'm not sure.

 

[Energise Accounting]

As you are doing your own VAT etc it is pretty much all you need. I doubt you will find any cheaper.

 

[MyAccountantOnline]

...

I am just wondering, if I used the quickbooks software and put in all the info myself, would I still need to get an accountant?

...

It's understandably a very common question as many people don't appreciate the difference between bookkeeping (which is what you'll be doing with QuickBooks or any other software you use) and accounting and tax - they are very different.

Bookkeeping is recording the transactions, the next step on is using those records to prepare the financial accounts and tax returns, to ensure all necessary accounting and tax obligations are dealt with, to make sure you pay no more in tax than is required etc.

Dealing with all that's required to look after the accounts and tax affairs properly for a limited company is something which requires the necessary skills and experience which only a good accountant will have.

I have nothing against QuickBooks I used to use it myself but you really do have lots of choice now. I really would research and try a few more. Most people tend to recommend the software they prefer mine is FreeAgent and Accounts Portal. I look after alot of e-commerce businesses and FreeAgent works very well for them. Do bear in mind if you intend to use an accountant they may be able to get a discount on the software for you and it does have advantages working with an accountant who uses the software you use.

 

[Rawlinson Pryde]

It doesn’t help when Quickbooks advertises in a way which suggests you do not need an accountant. Doing their best to get accountants not to recommend their software!

You may want to check:
1. Is the firm registered with a Professional Body as They will need to have Professional Indemnity Insurance
2. Is the work performed by UK staff members
3. Do staff members have qualifications
4. What does the £50 + VAT really cover, you will have paid £600 p.a. + VAT before they have carried out most of that work on the list. If you were to leave, when is the cut off they would prepare your tax return or want extra money. I would suggest requesting an itemised quote, so you know what each element is costing you for transparency.

£50 + VAT per month does seem cheap for everything they are offering. Some accountancy businesses who offer low fees will just take your figures and not even look if there should be any adjustments to these and just process the paperwork, which can lead to issues and errors later on.

Also you probably do want a payroll, 1 for tax efficiency and 2 to make sure you get qualifying years for a state pension. In some ways if I were you I would say you are thinking of not having a payroll and then they should tell you the above.

 

[Stas Lawicki]

I've had accountants for all my small and micro businesses. The risk vs a few quid isn't worth it. Plus I get ad hoc advice and the reassurance my ARs are correctly done. I've also had qb and for me it was a waste of money. I've had xero too and that was comparable but for me and my meager accounts, excel with the right formatting was by far the easiest and best way for me. I like to go into detail of every line so doing it myself is the way I do it.

I do my books, send it off to my accountant, they work it all out and sort my returns and that's it.

Oh, and I also found qb a bit unreliable at times. Once it happens I could never be certain it was correct. Of course it might well have been but the little doubt was enough to can it. £50 a month is cheap...