# Do you use an accountant for your business?



## Beneddie1112 (Nov 12, 2007)

Hey,
Do ant of your guys use an accountant to do your tax returns Etc. ? Or do you do them yourselves? I have heard an accountant is worth there weight in gold when it comes to claiming VAT money back and other things. Do you think it is worth the extra expenditure?

Regards,
Ben


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## knifemaker3 (Sep 8, 2006)

Spend the money. Get a good accountant.

Hope this helps.

Craig


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## pwapparel (Feb 16, 2007)

Get an accountant. They will know things that many of us would never be able to find out when counting special expenses against our income.

Just make sure you do your own day-to-day stuff. You don't need to pay an accountant nearly $150/hr to balance your check book!


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## TripleT (Apr 29, 2007)

Hi, Ben - Just by the fact that you're asking the question, I would recommend using an accountant. Personally, I do my own tax work, but this is one area of business where outsourcing is pretty standard procedure. Are you in the U.K.?


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## Beneddie1112 (Nov 12, 2007)

Yep, im a UK member. I was wondering how many of you guys use accountants. Thanks for all the advice and opinions so far !


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## palmtree68 (Dec 23, 2007)

HA! I am lucky as my wife just graduated with a Masters in Accounting with a 4.0 GPA! She helps a ton of course and oversees all of my accounting and transactions. Every day she gives me great tips.


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## peteVA (Nov 11, 2007)

Ben, don't know how it is in the UK, but in the US there are a lot of bookkeepers and bookkeeping franchises that are much less expensive than accountants. Most are geared towards small businesses and are just as good at filing returns and doing payroll, if needed.

Nothing wrong with accountants, I've used them for decades. And there have been periods where they saved me more than they cost. But having a business with 25 or 30 employees and doing millions in sales is a different set of circumstances than many here are in.

So, there are many small business bookkeepers, many of them in the US are IRS "Enrolled Agents", which means they have taken and passed tests from the IRS proving their knowledge of the tax laws. 

Whether using a franchised office, or an independent bookkeeper, many small businesses can get all the services they need at an affordable cost. Having a full-fledged accounting firm is generally only required when "audited" figures are required for bank loans or lines of credit.
.


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## COEDS (Oct 4, 2006)

I use a accountant and have been very happy doing so. My accountant has been worth the money, he knows all the deuctions and the best way to get the maximum refund. ...... JB


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## karlking85 (Sep 26, 2007)

It all depends on the individual, but in most cases I would suggest getting an accountant. Unless you are able to spend 40+ hours a week JUST researching the quick changes in tax law, and/or have a master's in Accounting, a good professional accountant can, and will, save you alot of money in alot of ways. 

I will agree with Pete 100% as well, the larger or more complex your business is, the more crucial it would be to hire an accountant. They can easily save you more than you would ever pay them over the course of a year. 

Also, unless you are very competent in filing and bookkeeping procedures you might "forget" to pay a tax or two that could mount up in healthy penalties. This is something you are less likely to encounter if you have a CPA to remind you.


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## peteVA (Nov 11, 2007)

But, all of that can be done by a bookkeeping service for maybe $ 25 a month, rather than an accountant for $ 100+ per month.

Many bookkeepers do everything from getting a bag of receipts at the end of the month and turning them into P&L statments to doing payroll, filing sales taxes and payroll reports on a timely basis.

You need an accountant when you are doing big business. When you are starting out and have no employees, or just a few, a small business bookkeeper can do all you will ever need.

If you need a car and have little to buy one with do you go for a Mercedes out of the gate, or do you settle for something you can afford? They will both get you safely to your destination. Same here. Any bookkeeper that is an IRS Enrolled Agent is as well aware of the tax laws affecting small business as any attorney.

It's your money, I'm only trying to help you keep it.
.


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## karlking85 (Sep 26, 2007)

But would a bookkeeping service be as thorough in saving your company money as a full service CPA would? Or would they offer this as sort of a "premium" service at an additional cost?


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## cancelledbyrequest (Jul 18, 2007)

palmtree68 said:


> HA! I am lucky as my wife just graduated with a Masters in Accounting with a 4.0 GPA! She helps a ton of course and oversees all of my accounting and transactions. Every day she gives me great tips.


Lucky Bastard!!!!!!!!


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## karlking85 (Sep 26, 2007)

I know, right Robb?  I studied Accounting for years, and actually almost went to accounting school, but stuck with the t-shirts instead. The one good thing about that though is that it makes life so much easier when you are starting up a new business and actually understand all the bookkeeping procedures and filing techniques. Still, I WISH my wife was an accounting major!


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## TripleT (Apr 29, 2007)

I don't know if this will help Ben (being in the U.K.), but this link is a portal to some pretty cool business sites.

According to the SBA, 20% of small business do their own tax work. As Pete said, if you have a complicated tax situation using an accounting firm may be the way to go, but most of us probably don't have that situation. 

The Turbo Tax Business Program is pretty straight forward and does stand-up under an audit. If you stay organized it really is not that hard to do - but there's nothing wrong with using a CPA, and for most folks that's the way to go.

Business Tax Software


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## peteVA (Nov 11, 2007)

karlking85 said:


> But would a bookkeeping service be as thorough in saving your company money as a full service CPA would? Or would they offer this as sort of a "premium" service at an additional cost?


Yes, they will be as through. CPA's have done a great job in selling their services, but in most cases you are paying for something you don't need. You are paying for the "certified", which is required by banks or other lenders when they request an "audited" financial statement. When your business gets to that point, hire a CPA.

They are also good at working with an investment firm when you have some big bucks to invest, particularly when planning retirement and tax avoidance. 

But for a "mom and pop" or other small business they are not required, are even a luxury many cannot justify. Look in your Yellow Pages for bookkeeping and you'll find some. Talk to them, feel them out. Then do the same with some CPA's. Make a choice.

More than anything, pick someone you feel comfortable talking to. If you can't relax and discuss your business back and forth with the person, move on. Communication is the key.
.


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## binki (Jul 16, 2006)

We use a CPA for income taxes and tax planning. We do our own books. One C-corp, one LLC, 2 personal 1040's. Lot's of deductions, depreciation, all needs to be split among owners, retained earnings on c-corp, etc. 
Too much for me to do. I stopped doing it the year it took me 4 months of work, 4 hours a day, every day, to complete.


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## peteVA (Nov 11, 2007)

Right, you are at the point you need a real accountant. And I'll bet the majority of that time you spent was on the LLC. They can be a real paperwork nightmare.

Sounds good and have some benefits, but more than one or two members and you've got your work cut out for you - or the accountant.
.


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## andrew russel (Nov 18, 2014)

*which type of accountant you have ?*

Accountant Jobs require a lot of hard work and dedication. Accountants have to be very careful while managing taxation records of their clients. If you want to have an accountant who can keep records of your business transactions and other records, you need to hire it from a professional firm.Also, Follow the ways and ideas of an established accountant and recommend an accountant who is experienced and knowledgeable.


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