Accountant fee for initial set up?

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scruff

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My question is in relation to book keeping. I am hoping to do my own book keeping when i open up my new retail venture, apart from end of year tax etc.. But i do think i will need the help of an accountant with setting up my book keeping software and generally putting me on the right track.

Is that a reasonable assumption or can i do it all myself? I'm going to be using sage instant accounts and I've bought a sage for dummies book also. I know i will learn it as i go but I'm just afraid of setting up the wrong vat code or something.

Has anybody any idea of what an accountant would charge to sit down with me and my software and help set me up? I have to try account for it in the business plan so any help would be greatly appreciated.
 
You would get easier packages to use, have a look at big red book online, dear enough but simple to use
 
I'm trying to strike a balance between cost and ease of use. I was considering quickbooks. Not sure if its as suitable for a busy enough retail business, or if you can upgrade it as the business grows.

Im just wondering if most people who start small businesses would go and get the help of an accountant to set them up.
 
Quickbooks is one of the simplest accounting packages you can use, especially as a non-accountant. It should be absolutely suitable for a busy retail business. Most ledger accounts are already set up and you can add to these as required.

Another I saw recently might also be interesting to you - www.sortmybooks.ie it's online accounting software and it can take information direction from your EPOS to the system. It also has the added benefit of accessing it anywhere. I haven't actually used it myself so can't comment on ease of use or price.
 
Your local Enterprise Board (most of them anyway) do very good Start up business courses at very reasonable rates and you also get the benefit of other peoples experiences, the best packages to suit your specific needs, the best local accountants to use etc.
 
Thanks for the responses folks.

Yea i think i will contact local enterprise board, see what they have to offer. I'm studying at the moment as well so time is limited. I heard the enterprise boards set up business advice meetings for start ups, but to be honest i don't really need advice on my business model, its the day to day book keeping and cash flow id like to have a chat with somebody about.

Trying so hard to keep costs down, i don't want to be using accountants unless i really have to. Sure at a later stage when cash flow is ok and i'm turning a profit, but not in the early stages when i'm trying to be as tight as i can cash wise.

Have no idea what an accountant would charge for an initial set up/chat. Is that a service they even offer?
 
@scruff

what volume of business might you be doing?
How many customers etc

This could be done on excell if you wanted to. There is no prescribed rules on your 'books' so long as they are sufficient.
 
Hi

Best of Luck with your new business. To be honest you cant go far wrong with sage line 50 instant and its 156+vat I think is the cost.

You then have to options,
one. do an evening course with local enterprise board over a couple of weeks and that would make sure your that you have enough knowledge to get started right and maintain your books properly. I have seen these courses offered from enterprise boards form €30

two. Hire some one for two days work. On day one they come to your office and set you up on sage and show you how to post Customer & supplier Invoices and payments to the system. In two months time they come back for another days training and review the posting you have made, answer any questions you have and also show you how to do bank recs and Vat returns. if you are comfortable using sage they dont need to come back, if you need abit more training they can come back again.

This option is slightly more expensive but it is money well spent and should cost no more than 200 - 250 a day.

Sage Line 50 is very easy to learn and you should have no problem picking it up.

HTH.
 
scruff said:
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Have no idea what an accountant would charge for an initial set up/chat. Is that a service they even offer?
Click to expand...

Most accountants will give a free initial consultation - some with restrictions; some without.

Speak to your friends/family to see if they can recommend any then take it from there.

Have a look at waveaccounting.com - it's free and might be sufficient for your needs initially.
 
Thanks for all the replies folks. I've gone with sage instant and i'm going to look into getting professional help to get set up and maybe another days work to see if i'm doing it correct (as said above). Money well spent im sure. I have already read a book keeping for dummies book,and i have a sage for dummies book on the way so i ain't going to be totally clueless at least. And now to organise all the other stuff before i open up........headache but so exciting :)

Oh by the way, its a retail business. Am i better off going to my local enterprise board for advice on insurance and my obligations as self employed? Or is what's online enough info to get me going?

Thanks in advance.
 
There's another cloud based accounting software called Xero that's quite good. It one of the fastest growing international ones
 
Yes you can do it your own. QuickBooks Online is very easy to use and easy to set up for small businesses, non-accountants and others.
 
Local enterprise start your own business, 8 weeks, €100 but I previously had a phone meeting with them as couldnt get into office...they excellent....
 
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