What is the going rate per hour for hiring an accountant ?
What should I expect to pay per hour for an accountant to do personal, small business taxes, and perhaps financial advice? I am in Los Angeles.
Small Business - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
.. no sorry, this is still the UK board - posting the same Question to UK twice will not get you a better answer :-)
Answer 2 :
Bookkeepers charge about £ 10 per hour plus traveling. Chartered Accountants about £ 60 per hour. Why do need one anyway?If you run a business best to get an Auditor whom will check and verify your figures for £200 per annum.
Answer 3 :
Too F'ing much. This year I had to pay more to the Accountant than to the Tax Man! And my company wasn't Trading.......
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Sunday, October 28, 2012
Sunday, October 14, 2012
what's the difference between an accountant and a chartered accountant?
what's the difference between an accountant and a chartered accountant?
I have an accountant at the moment, he's a chartered accountant. I'm thinking of changing. My accountant is lovely but I just cant take much in that he tells me, it goes in one ear and out the other, nothings simple and straight talking. I have been talking with another guy that really knows his stuff, and talks in my language, I've learnt so much and had some brilliant advice from him, even found out that our business will need to be audited (if thats the right term) and our company will have to pay for it, Ive never heard of an audit before now. Only he's not a chartered accountant, does that make any difference in the world of the tax man? Veritas - you are spot on.... I am very unexperienced with managing a company. We have only been set up 7 months. It is a Limited company, myself and partner have an equal sharehold. Thats why I feel I need to be able to understand my accountant, because I hate feeling vulnerable. The audit thing was because we have almost 5 million turnover within 7 months, so it looks like its a probability we'd have an audit, not sure if thats true, like I said, Ive never heard of audit before. Not sure what it will cost neither. But as for simple things like the tax implications on taking out dividends etc, when I ask my accountant, I cant take in what he says, like you, he uses terms that I cant understand ie oxym something? Thats not even in my queens english dictionary :-) So to refrase my question. Being so new to managing a business, should I go with the accountant that I understand more clearly ? or mine that I dont? but trust him to get me through because he is more qualified.
United Kingdom - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
none, both will rip you off
Answer 2 :
about thirty quid an hour
Answer 3 :
if he's not a chartered accountant, for a start, he can't do the audit. Only a CA can sign up for the (additional) ticket needed to do audits. "Chartered" means he met the standards to join his Instution, which means he's a trained professional. Not chartered means you can't rely on him alone, though if you can afford both that might be the best mix. On the other hand your non chartered friend might be a smooth-talking busker, and you might be best getting rid of him. Beware and move SLOWLY in this matter. Charlatans usually reveal themselves over time. All accountants have a problem communicating what they mean to humans. This can be remedied partly by a trip to your local bookshop ("Accounts Demystified" is the one that worked for me) and partly by placing your hand on his forearm while he's holding a pencil, and starting a sentence with the word "Look...". So I vote for keeping your CA but beating him into shape. A non-C A is too big a risk. The tax man (and worse: the VAT man) doesn't care who advises you, but he does care if you break the law. Unfortunately the law is fiendishly complicated. You need a serious professional with you.
Answer 4 :
a chartered accountant has taken additional qualifications, which places them at the top of their profession... which is why you pay more for them...
Answer 5 :
use both of them- use the non chartered for you normal business needs since he knows what he is doing then you take the books that are filled in properly by your accountant to the chartered one for it's final audit since there is less for him to do it will be cheaper for you than using the chartered for everything - in most chartered accountants offices they will charge you the full chartered rate but get an accountant to do tidy up the books before the chartered accountant looks it over but they charge you as if the chartered accountant did all the work
Answer 6 :
I think that you need to be careful, you seem to be very inexperienced. If you are a sole trader, ie, not a Limited Company, then you do not need an annual statutory audit carrying out on your business. Public Limited Companies, do require an Annual Statutory Audit and the majority of non-PLC Limited Companies will require an Annual Audit, but there are exceptions. Lets be clear though, an Audit is not technically the same thing as a firm of Accountants keeping your financial books for you, including perhaps, preparation of annual accounts, 'Tax Return', and 'VAT' returns'. It is not brilliant advice to be told that a business needs an Audit, if that is true in your case. That is very basic. I suspect that the term Audit has been used very loosely, and what is really meant is, assistance with accounting records. Again, any properly qualified accountant, would have known about the Audit requirement without having to find out, as you put it. Remember, Accountants will only do what you engage them to do. Your headline question is an oxymoron and betrays a lack of knowledge on your part. This lack of knowledge could be exploited. A Chartered Accountant, IS an Accountant. Those who are in 'Public Practice' will have been approved by their Professional Body, in this case, the ICAEW to carry out Statutory Audits and other Accounting Services. Moreover, members of the Association of Chartered Certified Accountants, whose professional body is the ACCA, may also, if aproved by their professional body, act in the same way as the ICAEW. There are two other approved accountancy bodies, but you don't need to concern yourself with them. As far as the Customs & Revenue (tax man) are concerned, they don't particularly care who actualy completes your tax return, because you remain responsible for the accuracy of the figures. It is possible, however, that if a firm of Accountants with a recognised qualification carries out the work, you may be subject to less hassle and enquiry. Because they may feel more confident with their work. As I said before, you sound very inexperienced and easily impressed. How do you know, therefore, that your (other man) knows what he is talking about? You tell us very little about your business, what its legal status is, or what accounting work you want carrying out. Nor do you say what, if any, are the qualifications of your 'other man'. We know he isn't a Chartered Accountant, but we don't know if he is a member of any recognised Accountancy body, and if he is, whether he has been authorised to carry out the work you require. Again, with your current accountant, who is properly qualified, you don't say what it is that you don't understand, do YOU need to understand it, what work is he doing for you? I have just noted that you have used the word -WE- when referring to your business, that means it could be a partnership. The partnership agreement might call for an annual audit. One thing is for sure, your Chartered Accountant will know what he is doing, and you would have recourse to his professional body if he doesn't. Your other man is an unknown, who may simply be exploiting your ignorence.
Answer 7 :
one will sort money and the other departs it
Answer 8 :
Accountant = Dumb Chartered Accountant = Dumber
Read more other entries :
I have an accountant at the moment, he's a chartered accountant. I'm thinking of changing. My accountant is lovely but I just cant take much in that he tells me, it goes in one ear and out the other, nothings simple and straight talking. I have been talking with another guy that really knows his stuff, and talks in my language, I've learnt so much and had some brilliant advice from him, even found out that our business will need to be audited (if thats the right term) and our company will have to pay for it, Ive never heard of an audit before now. Only he's not a chartered accountant, does that make any difference in the world of the tax man? Veritas - you are spot on.... I am very unexperienced with managing a company. We have only been set up 7 months. It is a Limited company, myself and partner have an equal sharehold. Thats why I feel I need to be able to understand my accountant, because I hate feeling vulnerable. The audit thing was because we have almost 5 million turnover within 7 months, so it looks like its a probability we'd have an audit, not sure if thats true, like I said, Ive never heard of audit before. Not sure what it will cost neither. But as for simple things like the tax implications on taking out dividends etc, when I ask my accountant, I cant take in what he says, like you, he uses terms that I cant understand ie oxym something? Thats not even in my queens english dictionary :-) So to refrase my question. Being so new to managing a business, should I go with the accountant that I understand more clearly ? or mine that I dont? but trust him to get me through because he is more qualified.
United Kingdom - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
none, both will rip you off
Answer 2 :
about thirty quid an hour
Answer 3 :
if he's not a chartered accountant, for a start, he can't do the audit. Only a CA can sign up for the (additional) ticket needed to do audits. "Chartered" means he met the standards to join his Instution, which means he's a trained professional. Not chartered means you can't rely on him alone, though if you can afford both that might be the best mix. On the other hand your non chartered friend might be a smooth-talking busker, and you might be best getting rid of him. Beware and move SLOWLY in this matter. Charlatans usually reveal themselves over time. All accountants have a problem communicating what they mean to humans. This can be remedied partly by a trip to your local bookshop ("Accounts Demystified" is the one that worked for me) and partly by placing your hand on his forearm while he's holding a pencil, and starting a sentence with the word "Look...". So I vote for keeping your CA but beating him into shape. A non-C A is too big a risk. The tax man (and worse: the VAT man) doesn't care who advises you, but he does care if you break the law. Unfortunately the law is fiendishly complicated. You need a serious professional with you.
Answer 4 :
a chartered accountant has taken additional qualifications, which places them at the top of their profession... which is why you pay more for them...
Answer 5 :
use both of them- use the non chartered for you normal business needs since he knows what he is doing then you take the books that are filled in properly by your accountant to the chartered one for it's final audit since there is less for him to do it will be cheaper for you than using the chartered for everything - in most chartered accountants offices they will charge you the full chartered rate but get an accountant to do tidy up the books before the chartered accountant looks it over but they charge you as if the chartered accountant did all the work
Answer 6 :
I think that you need to be careful, you seem to be very inexperienced. If you are a sole trader, ie, not a Limited Company, then you do not need an annual statutory audit carrying out on your business. Public Limited Companies, do require an Annual Statutory Audit and the majority of non-PLC Limited Companies will require an Annual Audit, but there are exceptions. Lets be clear though, an Audit is not technically the same thing as a firm of Accountants keeping your financial books for you, including perhaps, preparation of annual accounts, 'Tax Return', and 'VAT' returns'. It is not brilliant advice to be told that a business needs an Audit, if that is true in your case. That is very basic. I suspect that the term Audit has been used very loosely, and what is really meant is, assistance with accounting records. Again, any properly qualified accountant, would have known about the Audit requirement without having to find out, as you put it. Remember, Accountants will only do what you engage them to do. Your headline question is an oxymoron and betrays a lack of knowledge on your part. This lack of knowledge could be exploited. A Chartered Accountant, IS an Accountant. Those who are in 'Public Practice' will have been approved by their Professional Body, in this case, the ICAEW to carry out Statutory Audits and other Accounting Services. Moreover, members of the Association of Chartered Certified Accountants, whose professional body is the ACCA, may also, if aproved by their professional body, act in the same way as the ICAEW. There are two other approved accountancy bodies, but you don't need to concern yourself with them. As far as the Customs & Revenue (tax man) are concerned, they don't particularly care who actualy completes your tax return, because you remain responsible for the accuracy of the figures. It is possible, however, that if a firm of Accountants with a recognised qualification carries out the work, you may be subject to less hassle and enquiry. Because they may feel more confident with their work. As I said before, you sound very inexperienced and easily impressed. How do you know, therefore, that your (other man) knows what he is talking about? You tell us very little about your business, what its legal status is, or what accounting work you want carrying out. Nor do you say what, if any, are the qualifications of your 'other man'. We know he isn't a Chartered Accountant, but we don't know if he is a member of any recognised Accountancy body, and if he is, whether he has been authorised to carry out the work you require. Again, with your current accountant, who is properly qualified, you don't say what it is that you don't understand, do YOU need to understand it, what work is he doing for you? I have just noted that you have used the word -WE- when referring to your business, that means it could be a partnership. The partnership agreement might call for an annual audit. One thing is for sure, your Chartered Accountant will know what he is doing, and you would have recourse to his professional body if he doesn't. Your other man is an unknown, who may simply be exploiting your ignorence.
Answer 7 :
one will sort money and the other departs it
Answer 8 :
Accountant = Dumb Chartered Accountant = Dumber
Read more other entries :
Sunday, October 7, 2012
Can i get an accountant to back date my books?
Can i get an accountant to back date my books?
I've been running a small business for 5 years in the UK and have always done my own books. I've paid a reasonable amount of tax each year and havent hidden anything but i'd like to find out for sure that i'm paying the correct amount. Is it possble for an accountant to go back over 5 years of books with me and correct any mistakes or will they only do it from now onwards? How much would this kind of service cost?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
An accountant will do anything you ask them to. They will charge for their time. I don't know what the going rates are but I would guess it would be something like £75 - £300 per hour depending on the experience and skill of the accountant and where you are. If you have all your books, receipts, statements etc filed in good order that will make the job much easier and quicker - IE cheaper. If you have paid a lot of tax and you think you may have overpaid you might find that having an account do this will make you more money than he costs. You can only reclaim tax for the last 6 years, so you need to move quickly if you paid too much at the start.
Answer 2 :
you'd have to talk to a local accountant
Answer 3 :
Just to clarify what SimonC said. Accountants will NOT do anything you ask them to. For example, I will NOT undertake contract killings on a Sunday, and dog walking is absolutely verboten! You don't say what the business is or what records are held, but unless you've made a real cock up, it's unlikely to be a worthwhile exercise as it's going to cost you at least £2000.
Read more other entries :
I've been running a small business for 5 years in the UK and have always done my own books. I've paid a reasonable amount of tax each year and havent hidden anything but i'd like to find out for sure that i'm paying the correct amount. Is it possble for an accountant to go back over 5 years of books with me and correct any mistakes or will they only do it from now onwards? How much would this kind of service cost?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
An accountant will do anything you ask them to. They will charge for their time. I don't know what the going rates are but I would guess it would be something like £75 - £300 per hour depending on the experience and skill of the accountant and where you are. If you have all your books, receipts, statements etc filed in good order that will make the job much easier and quicker - IE cheaper. If you have paid a lot of tax and you think you may have overpaid you might find that having an account do this will make you more money than he costs. You can only reclaim tax for the last 6 years, so you need to move quickly if you paid too much at the start.
Answer 2 :
you'd have to talk to a local accountant
Answer 3 :
Just to clarify what SimonC said. Accountants will NOT do anything you ask them to. For example, I will NOT undertake contract killings on a Sunday, and dog walking is absolutely verboten! You don't say what the business is or what records are held, but unless you've made a real cock up, it's unlikely to be a worthwhile exercise as it's going to cost you at least £2000.
Read more other entries :
Monday, October 1, 2012
do i have to be a qualified accountant inorder to start an accountancy business office?
do i have to be a qualified accountant inorder to start an accountancy business office?
do i have to be a qualified accountant in order to start an accountancy business office? or can i just open an office and employ accountants?
Small Business - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It would help i guess.
Answer 2 :
no you don't have to be an accountant as long as you are employing qualified people. You do have to be careful with the way you present the businesses to potential customers. If you are the owner/figurehead some might ASSUME you are a Certified Public Accountant. You don't want anyone to accuse you of fraud, or your clients to feel cheated.
Answer 3 :
No, but a better command of the English language might help. It's just an idea,
Answer 4 :
Currently, you do not have to be a certified CPA to offer accounting services. BUT.....you should know right now that all of your clients are going to be morons....and if you've ever worked with morons you know all the dum dum things they will do. Your work will really be cut out for you...especially since you are not fully qualified. ...and how do I know they will all be morons? .....because only a moron thinks its a good idea to trust their whole financial well being to somebody who isnt a certiied CPA. My wife is a CPA who runs her own business....I know she would encourage you to follow your ambition with this thing, as it will be greatly fullfilling...but she would also encourage you to get your certification. You will make alot more money too !. Good Luck.
Answer 5 :
It's a good question. I don't think you do. There are two types of qualified accountants, certified and chartered. Normally a "proper" firm of accountants will be registered with the accountancy professional body and the main man will be a chartered accountant. Otherwise anyone can "do someones books" and lodge the self assessment forms with the Inland Revenue. I think the problem may arise when you do audited accounts for a Limited company and make returns to Companies House. I think you would then have to be a qualified accountant (chartered). There are lots of people who do the accounting for small business with no qualifications at all. A good step might be the Accountacy Technicians course (AAT). The other problem might be liability. What happens if you do someones books for a few years, the they have an IR investigation and you are found to have, maybe accidently, given wrong figures?
Answer 6 :
If you are the employer, the buck stops with you. What happens if yoiur qualified accountants mess up, and you get sued? Who is going to insure an unqualified person against professional litigation? As the employer, how would you monitor work of employees if they were qualified, and you weren't? I don't think this is a good idea.
Read more other entries :
do i have to be a qualified accountant in order to start an accountancy business office? or can i just open an office and employ accountants?
Small Business - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It would help i guess.
Answer 2 :
no you don't have to be an accountant as long as you are employing qualified people. You do have to be careful with the way you present the businesses to potential customers. If you are the owner/figurehead some might ASSUME you are a Certified Public Accountant. You don't want anyone to accuse you of fraud, or your clients to feel cheated.
Answer 3 :
No, but a better command of the English language might help. It's just an idea,
Answer 4 :
Currently, you do not have to be a certified CPA to offer accounting services. BUT.....you should know right now that all of your clients are going to be morons....and if you've ever worked with morons you know all the dum dum things they will do. Your work will really be cut out for you...especially since you are not fully qualified. ...and how do I know they will all be morons? .....because only a moron thinks its a good idea to trust their whole financial well being to somebody who isnt a certiied CPA. My wife is a CPA who runs her own business....I know she would encourage you to follow your ambition with this thing, as it will be greatly fullfilling...but she would also encourage you to get your certification. You will make alot more money too !. Good Luck.
Answer 5 :
It's a good question. I don't think you do. There are two types of qualified accountants, certified and chartered. Normally a "proper" firm of accountants will be registered with the accountancy professional body and the main man will be a chartered accountant. Otherwise anyone can "do someones books" and lodge the self assessment forms with the Inland Revenue. I think the problem may arise when you do audited accounts for a Limited company and make returns to Companies House. I think you would then have to be a qualified accountant (chartered). There are lots of people who do the accounting for small business with no qualifications at all. A good step might be the Accountacy Technicians course (AAT). The other problem might be liability. What happens if you do someones books for a few years, the they have an IR investigation and you are found to have, maybe accidently, given wrong figures?
Answer 6 :
If you are the employer, the buck stops with you. What happens if yoiur qualified accountants mess up, and you get sued? Who is going to insure an unqualified person against professional litigation? As the employer, how would you monitor work of employees if they were qualified, and you weren't? I don't think this is a good idea.
Read more other entries :
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