Accountant fees

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Kye1

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Hello.

I am trying to start my own internet cafe. After a few weeks planning this out, i have the location and the amount of money to make it a profitable business. The only problem is that i am starting from nothing, and i am currently trying to work up a business plan for the bank.

I found an accountant in the town i live in, and have a new business starting program to help deal with everything. I am curious to know what the average fees accountants ask for in my situation, or just in general to do the tax's etc.

Any help will be deeply appreiciated.

Kye.
 
i am self employed,, work abroad mostly,,

first year doin books, i prob went to see accounyant 2-3 times,, not a lot to do,, fee of 600 euro

second year i was charged 1200,, and to be honest i gave him a memory stick with all my bills , and purchases on it,, i am organised and keep all my visa, phone bills etc together, so its easy run thru it,,

anyhow these are ball park figures i guess , hope it helps
 
Kye1 said:
i have the location and the amount of money to make it a profitable business.
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No problem there then,

Kye1 said:
The only problem is that i am starting from nothing, and i am currently trying to work up a business plan for the bank.
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Why, if you already have the money to start up and deliver profits? OK - maybe it's not that simple. You've sorted the profits, what do you need from the bank - line of credit, overdraft, other facilities to assist with cashflow? Just curious...

Kye1 said:
I found an accountant in the town i live in, and have a new business starting program to help deal with everything. I am curious to know what the average fees accountants ask for in my situation, or just in general to do the taxes etc.
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It's good to get this stuff sorted out right away. I recommend you consult with a number of accountants, you'll get a good idea that way. Be aware that some of them may not find an internet cafe to be a good long term proposition and may not quote from a long-term prospective, especially if you have money up front.

Best of luck with it.
 
1) Yes there have been multiple threads here on accountants' fees, on various different business types which may or may not be helpful to the OP.

2) Accountants' fees are largely based on time therefore it will largely depend on what you expect them to be doing. e.g. will you do all the routine bookkeeping/VAT/employer PAYE/PRSI etc. yourself and them only do year end work on accounts preparation and tax or will you be engaging them to do all that also?

3) It also hugely depends on whether you propose to trade sole-trader or limited company as the compliance work for companies is much more onerous ( even for audit exempt companies).

4) As you have sourced at least one accountant, why not ask them to quote and you will have at least one starting point.
 
The place to rent is 500 euro a month. It is a 15k deposit, with 3 months free rent. The place is already furbished with desks and the cables. All i need to do is buy the PC's, Which will cost around 3000 euro. I would want to borrow 20k, since another 2k for miscellaneous things.

Since i do not plan on employing anyone at the start, i will be a sole trader registering with a business name.

I asked about this accountant, because of the start up business package he has here;


http://www.absireland.ie/business_services/business_start-ups.html

I also could get a referance from the previous owner, since it was a profitable business, and had to close for family reasons. I spoke with AIB, and i have to have a business registration number before i can apply for a loan. I just need a bit of help getting there, and then with the business plan.

Kye.
 
clonboy said:
,

first year doin books, i prob went to see accounyant 2-3 times,, not a lot to do,, fee of 600 euro

second year i was charged 1200,, and to be honest i gave him a memory stick with all my bills , and purchases on it,, i am organised and keep all my visa, phone bills etc together, so its easy run thru it,,
Click to expand...

True...in my experience, the longer you stick with them and the more money you have the more they charge. Generally they offer the first year at a lower rate to get you "hooked". It sometimes depends on the humour they are in on a particular day too.
 
Ta ubiquitous. They have made tens of thousands out of me over the past several years alone - I am only giving the experience of me and some business friends / relatives.
Best of luck Kye1...shop around is my advice, just as your customers would shop around before spending hundreds or thousands with you.
 
I know its not related to the question but the 15 k deposit seems a bit steep, seeing as you are supplying the hardware, have you tried to negotiate this
 
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