Hi Folks,
I've been an IT contractor for 2 years now working as a LTD company and I'm wondering if I need an accountant anymore. I don't see the value in paying him over 1k to do very little in my eyes.
I use Payback software to work out my Salary/PRSI/PAYE calculations each month, I process my P30 each month via ROS and I've recently filed my own P35 using Payback figures.
I also process my own VAT returns via ROS bi-monthly. Really, my accountant only gives me a P&L at the end of each year - which always works out the same as a report I can generate from QuickBooks where I keep my accounts details.
I guess my question is Do I have a legal requirement to get an Accountant to sign off on my books? I know I have to send my accounts to the CRO a B1 form I think which I haven't done before but really how hard can it be - I only have 12 invoices and minimal expenses!
Regards,
Mahons
You do not need an accountant but if you are late for company office you will need accounts audited., could become costly. the company office will take no excuses for being late and if accounts are not in proper format and signed they will send them back to you. Also if looking for a bank loan bank will unlikely just accept you set of accounts with out accounting letter
All that filing you do yourself, my accountant does for me. So maybe the service you're getting isn't great. Maybe shop around.
So, if you are audit exempt and you know exactly what you are doing, they I don't think you need an accountant.
P.S. The accountants may tell you otherwise...
My understanding is that the directors are responsilbe to do the final accounts for the company.
A third party accountant is only required if you need your accounts audited.
So, if you are audit exempt and you know exactly what you are doing, they I don't think you need an accountant.
P.S. The accountants may tell you otherwise...
I was in a similar situation as yourself. I used to dump receipts, invoices and statements on my accountants desk, which meant him charging me all these hours for sorting out my mess. etc
Tony I can assure you that over a 3-5 year period if I (and I am sure the other regular accountant contributors) done your accounts I would more than save you the price of my fees. There are over 3,500 sections of the taxes acts. Each section has numerous sub-sections. The CRO/ODCE regulations are severe and non compliance is expensive. People either overclaim or under claim their allowances/expenses.
Where people go wrong is that they allow their accountants to walk all over them. They dont question them. They dont fully utilise them. They allow them to overcharge. Shop around. Your accountant should:
Be affordable but not too cheap.
Be strong but approachable.
Be proactive
Be modern - IT and general organisation
Just wondering why your accountant shouldn't be cheap?Be affordable but not too cheap.
In my line of work, someone's 'worth' (or rather 'rate of pay') is determined by the market.IMO I would not feel confident dealing with people that undervalue their own worth.
...my question is Do I have a legal requirement to get an Accountant to sign off on my books?
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