FatCat's Money Confessions

FatCat's MoneyConfessions - helping you save (& make) money, one click at a time

Is my accountant over-complicating matters?

Hi guys,

After sitting through a meeting with my accountant yesterday I’m really concerned that he is viewing my tiny, straightforward business as a major corporation!

He has talked me into buying QuickBooks, which meant buying a second computer (Mac doesn’t support QuickBooks so I needed to purchase a pc) plus the QB software, which was around $2000 all up.

I’ve now heard from friends that everything could have easily been done on a spreadsheet.

Then yesterday I was listening to my accountant and part-time assistant discussing my BAS statements, which used to take me around two hours and now sound as if they’re going to take a whole day!

I’m all for getting up to date but am really concerned that the time and money that is going into all this is becoming ludicrous.

I’m a couple of years behind on my tax because I was a full-time carer for my Mum and working from home and not receiving a pension.. and the last couple of years of her life were so demanding I barely had time to work let alone do my tax.

I’m now really keen to get up to date but listening to my part-time assistant say what a massive job it’s going to be is really disturbing me.

Incidentally, my assistant has only been with me for around three months.. Prior to that I sole trader, with no assistant.

Do you think I should be running this by another accountant?

Any advice would be most appreciated.

With thanks,
PJF

Tags: BAS, Tax, accounts

Views: 6

Reply to This

Replies to This Discussion

Accountants have a habit of overcomplicating things - they do get paid by the hour! The tax system doesn't help, but it doesn't need to be too complicated for you. Although by the sound of things it is...

You'll probably be up for a bit extra in time and money to get your tax affairs in order again, but you certainly don't need QuickBooks or any other accounting software for your business if you're only keeping track of payments from a few people and miscellaneous outgoings. Your friends are right - a simple spreadsheet will do the trick.

One thing I can say - don't let your part-time assistant determine whether or not it's a big job. You pay her, so you set the parameters. Perhaps you should get someone else to do this, or do it yourself as you did in the past. Your BASs shouldn't take a day, not unless you have a major business going!

You need to take a step back and look at what needs to be done with your tax. Then you can work out the best way forward - new accountant, doing more yourself, not using your assistant for this task, etc.

RSS

Latest Activity

peter randle is now a member of FatCat's Money Confessions
May 24
Bankruptcy ben replied to Stephen's discussion How to Cancel a Part IX Debt Agreement
"Hi I work for a Debt Agreement administrator. There are 3 ways to end a debt agreement, you pay it out in full, you can apply to have the agreement terminated (however interest backdates from the start of your agreement), or you can offer to make a…"
May 8
Cliff Mearns replied to Cliff Mearns's discussion Bankruptcy -v Debt Agreement
"Ben, let's not lose the loop. How financiers view bankruptcy is not relevant to the discussion of an individual's capacity to pay something. Bankruptcy is being utilised as a means of evading debt obligations. "
May 8
Bankruptcy ben replied to Cliff Mearns's discussion Bankruptcy -v Debt Agreement
"I agree with the setiment however in reality there's nothing to encourage an individual to make a payment with a Debt Agreement! While technically it's different most financial companies regard it as the same as bankruptcy."
May 8

FatCat news

The Secret to Success Without Stress

What???? Stay in bed??? I had important things to do!!!

The World's Most Powerful Latino Celebrities

New Generation Latinos, also known as NGL's, are making waves and changing the conversation.

What's On Deck For China Investors?

China's government is pushing pro-growth policies as headline data continues to disappoint.

Is The Bible The Ultimate Financial Guide?

Maybe it's time to go back to Sunday school.

What makes entrepreneurs successful?

By being hardworking entrepreneurs, we all have the opportunity to be very successful.

Badge

Loading…

© 2012   Created by FatCat.

Badges  |  Report an Issue  |  Terms of Service