Accountancy Fees

Golden Ireland

Hi

I have a small business and want to get my year end done. I dealt with an accountancy firm at the start up stage when getting a grant from the Enterprise Board and found their fees to be very reasonable.
However, I got a quote yesterday for €3k for audit exempt accounts and €5k for audited accounts - I nearly had a heart attack as my turnover is quite small and this is way out of my budget. After a discussion today they offered a reduced fee of €1750 & VAt for audit exempt accounts. Just want to know if this might be a reasonable fee and what other people are paying?

Thanks for any advice...

honeymonster

It depends on the number of transactions and how well organised your records are.

My accounting fee was roughly €1,000 including an audit for a small company. No harm is calling a few accountants to see if you can get a better price.

Accountancy

Golden ireland, It depends on your books and records. Do you do your vat returns, are they computerised, are there wages, who does them. The main factor in determining fees is time. You could speak with them and see what you can do to reduce your bill.
honeymonster, i am amazed that you got an audit for €1,000. I would nearly hire them to do audits for me!

Japer

Shop around and do not be afraid to compare prices/ quotes. Accountants do that themselves when buying stuff. I know one accountant who charges xxx an hour when he thinks he can get it, but goes down to a fraction of that if he has to, just to get the work. A lot of small businesses in the UK get their annual accounts done for 600 to 800 quid, and they are amazed to hear of people / small businesses here paying thousands per year for the same thing. Irish accountants were part of rip off Ireland for long enough, and many of them got caught up in the whole property bubble / greed thing.

honeymonster

Accountancy wrote: »

Golden ireland, It depends on your books and records. Do you do your vat returns, are they computerised, are there wages, who does them. The main factor in determining fees is time. You could speak with them and see what you can do to reduce your bill.
honeymonster, i am amazed that you got an audit for €1,000. I would nearly hire them to do audits for me!

I work as a trainee auditor so my records were in good nick. But also the accountant is very honest not greedy at all. Would highly recommend him.

stcstc

my accountancy fees must be cheap i guess

i reckon its going to be around 800 this year, thats doing vat returns for me every month, year end etc

but not audited accounts, i am a sole trader

seco

If you wish, give me a quick call and I will offer a quote. Details sent by pm.