Small Ltd Company - Accountant Costs?

I can tell you here and now that there is no way any human being could possibly, in the space of 2 hours:

1. Prepare a file which would pass an inspection by any of the 3 main accountancy bodies
2. Prepare a CT return (either manual or computerised)
3. Produce a set of financial statements PLUS a set of abridged accounts, all proofread so that they are compliant with all references to Companies Acts etc correct

The smallest of sole traders takes about 4-5 hours from start to finish by the time you have dotted all the "t's" and crossed the "i's" so it is next to nigh on impossible for a limited company to take less than that - non-accountants may not like it or believe it but that is the reality
 
DB74 said:
I can tell you here and now that there is no way any human being could possibly, in the space of 2 hours:

1. Prepare a file which would pass an inspection by any of the 3 main accountancy bodies
2. Prepare a CT return (either manual or computerised)
3. Produce a set of financial statements PLUS a set of abridged accounts, all proofread so that they are compliant with all references to Companies Acts etc correct

The smallest of sole traders takes about 4-5 hours from start to finish by the time you have dotted all the "t's" and crossed the "i's" so it is next to nigh on impossible for a limited company to take less than that - non-accountants may not like it or believe it but that is the reality
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+1 to all of that, but just to add...

it's Palerider who asserted that it could be done in 2 hours - I'm pretty sure the accountant is not charging €100 an hour!

But even at a billing rate of €30-€40 per hour which a small sole practitioner working from home may be willing to take on work for, I struggle to see how all of the t's could be crossed or i's dotted, inside of one working day's hours, for all of the work you are supposed to do for a Ltd Co. assignment.
 
Apologies to those responders that seem unsatisfied and continue to question the facts here, you will have to trust me.

The work was done to the standards expected, it is a small company that appears to mirror the O.P's company in terms of tranactions etc. my accounts were submitted to the CRO after I signed off and checked them, the work undertaken meets all of my requirements and keeps me compliant, I could not be more satisfied.

All commentary on my experience detracts from what the O.P asked all of us on the forum, I will leave it to others to comment further, I have nothing more of value to add to the O.P on this particular thread.
 
I suppose the point that I (and others) are trying to make is that cheapest doesn't necessarily mean best. It doesn't necessarily mean that the job is done right or is fully up to the standards required by statute or the standards as laid out by the various accounting bodies.

As an example, if you want to build an extension and 3 builders quote you approx €20K and 1 guy quotes you €5K, in reality who gets the €5K guy to do the work? The answer is pretty much no-one because the €5K guy is more than likely cutting corners and who wants to have problems with their extension down the line when the builder is long gone.

I have seen accounts filed in the CRO with Balance Sheets that don't balance, accounts filed with no notes whatsoever, stuff you wouldn't believe.

I actually did a set of accounts for a company where the previous year's accounts had been filed by an accountant who made up a fictitious auditing firm and filed audited accounts under this made-up name. This was discovered when we wrote to them requesting professional clearance and the letter came back as undeliverable. When I looked up the auditing firm on the internet there was no record of them anywhere ever! I even looked up a firm of accountants in the small country town where they were "based" and they had never heard of them at all, even though they were supposed to be on the same street as the legitimate accountants.
 
{sorry to resurrect an old post} I resonate and support where you are coming from here Palerider. Behind the effective costs you have attained with your accountant, is a capability to keep it simple. So far any accountants I have worked with make things more complicated. I will PM you as I would appreciate your recommendation.
 
It seems there is no functionality for PMs for new users. I have been a longtime lurker here here but this is the first time I needed to comment. If you see this Palerider I would be delighted if you are open to making contact.
 
Joe_90 said:
Preparation of annual accounts,
Preparation and submission of CT1,
Preparation of Form 11, for one or two directors.
Preparation and submission of B1 together with abridged accounts to CRO.
Preparation and submission of Form 46G
Misc CSO returns.

€700 + VAT is a very reasonable quote for this work.
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I've been quoted €1,200 + VAT for that
 
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