Accounting costs

smtdos

Can anyone give a rough idea of what accountants charge for the following for SME's?

1. Annual set of accounts and tax returns
2. Annual filing with the CRO

I've been quoted 1-2k for the 2 combined. Does this sound about right?

Thanks in advance.

Kinetic^

More information required. What industry are you in? How organised are your records before you give them to your accountant?

smtdos

It's a startup website selling goods.

Not trading yet but trying to get a handle on the costs involved so I can decide on an accountant.

smcgiff

Depends on whether you get PWC or your local accountant to get them done.

Assuming you'll be going down the small local practice route and assuming there are not too many transactions and you don't just dump a box of receipts and invoices into his lap then less than €1k is well possible.

But there are a number of variables that will make it impossible to say for sure without your business being reviewed.

honeymonster

It really depends on the number of transactions and how well your records are kept.

Keeping good records will save you a fortune. It would be worth your while if you have the time to do a basic bookkeeping course if you don't have an accounting background.

My accountant charged roughly €850 for an annual accounts + cro. But the records were well organised.

smtdos

honeymonster wrote: »

It really depends on the number of transactions and how well your records are kept.

Keeping good records will save you a fortune. It would be worth your while if you have the time to do a basic bookkeeping course if you don't have an accounting background.

My accountant charged roughly €850 for an annual accounts + cro. But the records were well organised.

Thanks for feedback.

I've done a business diploma so have basic book-keeping knowledge.

Would keeping an excel sheet of all expenses/renenues plus receipts be sufficient do you think?

Or should I be looking at getting a copy of Sage or similar?

honeymonster

If you're just starting off excel should be fine.

Please make sure you have experience using excel especially the formulas can cause problems.

Just off the top of my head

You could have 12 tabs in your excel workbook, one for each month.

Have revenue, expenses, assets & liabilities as main columns
Description, amount, date and paper file reference as sub headings.

Paper file reference refers to the actual invoice or receipt. So in your folder of receipts, each will be numbered which corresponds to each item in your excel spreadsheet paperfile reference. Very useful for cross referencing and checking material balances.

If you are going to buy software ask your accountant what they use. No point in doing all the work and he can't use it.

Let me know if you need any further help

honeymonster

If you're still looking for an accountant I would recommend:

Paschal Murphy & Co
Phone: (01)8253083