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Hi, I am at the end of my tether. i own a small business, and over the last year, any money I made seems to be taken up by paying accountants. What I really need is someone to come and teach me how to do it all myself, on SAGER or some other program. Is there anyone out there who can help? I can't do the courses at the college, and I really need to get this sorted as soon as possible. My company grossed about 85,000 last year and I have paid the accountants about £4000 in 9 months. That seems really excessive to me.

any advice would be much appreciated.

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was part of this money for starting up your company.

was part of this for vat returns.

was part of this for paye wages

Do you have foreign income/trading

If you are unsure how to run sage, chances are your books were a mess and needed redoing.

 

Despite all of this, the total looks high.

Do you have the time or will to do your own books?

 

G1

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My recommendation: Talk to Harry who used to run Harry's cafe and Feegans lounge. He is qualified and does small business acounts for quite a number of small businesses on the island - and he is now concentrating on this pretty much full time now as he has set up a small office in the same lane as the Rover's Return pub.

 

I'm sure he can help you - suggestions and education on a small system of your own, to doing some or all of it for you.

 

Plus I'm pretty sure he'll save you a fortune, going by the costs you seem to be incurring.

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No disrespect intended to Harry or any other accountant, but if you pay peanuts, you normally get monkeys.

 

Whoever you choose, make sure there's a written contract which sets out exactly what they'll be doing and how much it'll cost. If there's no contract, walk away until someone will provide one.

 

The accountancy profession is totally unregulated and anyone can set up in business and use the title. Look for someone who has a recognised qualification ICAEW or ACCA are two big ones. Don't be fooled by impressive letters after names either. Google them and find out what they mean and what you have to do to get them - you may find one or two with £20 bought qualifications.

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  • 1 month later...

VT Accounts will cost you £200 (plus VAT), which is very easy to use and comes recommended by an accountant involved with small businesses (i.e. me).

 

A few hours spent learning the package, a few hours spent each month updating the accounting records, an hour each quarter organising your VAT return. A few more hours at the year end sorting out your financial statements, a few more for your company and personal tax returns.

 

I suspect by now you're thinking that you don't have these 'few hours' to spare for all of this accounting work, and that you'd far prefer to dedicate you time to running and growing your business.

 

The alternative is to engage someone, an accountant, to do this for you - you do what you're good at, they do what they're good at. For a fair price, at a fair rate.

 

Feel free to email me if you'd like to provide more details on the problems you've encountered with accountants so far; I'd be interested to know what you'd like an accountant to do for your business (greenbank@manx.net). I'll happily let you know if I can help.

 

I'm a chartered accountant (the relevant letters to search on Google are 'ACA' and 'ICAEW'), trained and qualified on the Island with +10 years experience.

 

A professional service doesn't necessarily need to come with a large fee; my initial thoughts on your situation will be without charge.

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I have just heard (yet another) story about the same firm of "Accountants" who have now been reported to the OFT for the way they do business. The "funny" side of this story is that they are a "finalist" in the Awards for Excellence customer service category.

 

Over th last few years I have lost count of the number of small businesses that have been abused by these people and they are giving the industry a bad name

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I have just heard (yet another) story about the same firm of "Accountants" who have now been reported to the OFT for the way they do business. The "funny" side of this story is that they are a "finalist" in the Awards for Excellence customer service category.

 

Over th last few years I have lost count of the number of small businesses that have been abused by these people and they are giving the industry a bad name

 

These awards for this that and the other really do make me smile. Everyone thinks they are the Hollywood Academy nowadays. Can't just do a good job with satisfaction and get paid for it. They need to have awards too. There are even "public sector awards" for God's sake.

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Average that out on around £140 hr, that's a lot of time

 

As a Chartered Accountant for 20 years the bill/time does appear heavy.

 

My recommendation when choosing an acountant is to ensure you get a fixed or capped quote forthe work. At least you know where you stand in advance.

 

From being on the inside it would be wrong to say some accountants who charge on a time basis do so unsrcupiously but rather they do so without though or have an absolute faith in the accuracy of the time records etc. Whilst it may be the time recorded by staff it does not necessarily reflect the efficiency and necessity of the work being done. Jobs and get picked and put down, staff can waste time, be inneficient, include training/supervision etc. Where firms charge purely based on time this in my view encourages inefficiency as ineffect the longer the job takes, the more time on the clock, the bigger the bill and the profit.

 

In general if you employ trades such as a painter etc you would only give them the go ahead after a quote, you would not let them get on with it only knowing there basic hourly rate but not how many hours it will take. Why should accountants be different

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I have just heard (yet another) story about the same firm of "Accountants" who have now been reported to the OFT for the way they do business. The "funny" side of this story is that they are a "finalist" in the Awards for Excellence customer service category.

 

Over th last few years I have lost count of the number of small businesses that have been abused by these people and they are giving the industry a bad name

 

A colourful company I see!

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