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accounting/doing the books

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  • 01-10-2004 2:21pm
    #1
    coolio_64
    Closed Accounts Posts: 346 ✭✭


    first of all is this thread in the correct place?

    Lets say for a small business
    5 employees but a big turnover

    Would you need to be a qualified accountant for it?

    what software is the best for it?
    Tas, Sage, Quicken etc?


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    #2
    Nuttzz
    Registered Users Posts: 3,774 ✭✭✭Nuttzz


    Sage is probably best and a book keeper who knows what there at, if you do it yourself and make a balls the auditor will charge a fortune for audit fees, saved by having a book keeper, plenty of book keepers available P/T or book keeping services


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    #3
    Waylander
    Closed Accounts Posts: 2,832 ✭✭✭Waylander


    Tas books is probably the cheapest and most user friendly of the accounting packages out there at the minute. Hard to say on the little info you gave whether you would need a qualified accountant or not. Do you trade as a company, or as a soletrader\ Partnership? Also do you have an auditor? If so he is probably the best person to advise on whether you need a full tiem accountant or not. The volume of transactions and the amount of cash washing through the business would be important factors to consider here, as would various security controls. Also what are you loooking for, do you need monthly accounts, or just someone to keep tax returns such as VAT and PAYE up to date?


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    #4
    LoneGunM@n
    Closed Accounts Posts: 1,414 ✭✭✭LoneGunM@n


    The best advice I can give is, if you are going to use an accounting package to prepare your accounts before submitting them to an accountant, find out what package they use and what packages are compatible with that, because it will be easier for the accountant to see the movement behind the figures!!


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    #5
    De Rebel
    Registered Users Posts: 1,109 ✭✭✭De Rebel


    If you are going to get an accountant is going to do the accounts, a straightforward package like Sage Instant Accounting or even better The Big Red Book would be fine for you to do the basic book keeping (where you record sales, purchases, cash) and then pass it on to him to prepare the accounts, tax returns etc.

    If you are expecting to produce the acounts yourself then you will be using a package like Sage Instant Acocunting or Line 50 to its fullest extent. And you'll need to know just a little bit about accounting and tax also.

    What Lone Gun M@n said - get your/an accountant's advice before doing anything.


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    #6
    nahdoic
    Registered Users Posts: 944 ✭✭✭nahdoic


    Dave is an accountant from Keeper and Procedures, and was a great help setting me up as a sole trader. I've just set up his new forum for him, and he is keen to get questions like this posted in his forum, and you'll get a free reply and answer from Dave or from some of his qualified staff.

    http://www.keepersandprocedures.com/phpBB2/

    [this is similar to self-promotion so mods feel free to delete as I did design the website and I may be biased - but Dave is a great help to new people just starting out in business especially - and you will get an answer from a qualified person!]


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    #7
    MartMax
    Registered Users Posts: 1,667 ✭✭✭MartMax


    just my 2 cent... what ever business you are doing... proper books and records help you... not today maybe in the future... at least you can see where are you going and useful for planning...

    also make sure you comply with the authorities eg revenue and companies office... limited companies must submit annual returns... accounts normally have to be audited... unless audit exemption is availed... but there are rules...

    registered vat business must submit returns and keep proper records... they can go back to you after so many years and dig your files... same as paye/prsi stuff... as for sole trader.. for least u still need to keep useful records to prepare your income tax returns...

    bookkeepers who know what they are doing can help you... you can hire or just outsource from anywhere else... seek advice from accountants... they can surely help you... and they not necessarily gonna charge you much... if you are nice.. they'll be nice to you... look for smaller audit firms... you'll get more personal touch...

    just a small piece of advise... plan everything from before the beginning of the business... if proper system is in place.. everything should be alright... don't just be thinking about your accounts when everything was started so long time ago... there'd be mess... mess gonna cost you more than think...


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