Setting up in Practice

KCTK

Hi

I'm an ACA and AITI and currently working in industry, thinking of setting up myself in practice, would be based down the counrty so probabilty that clients (if any..) would be mainly farmers and small businesses. Anybody got suggestions for best software package for producing sets of accounts in this instance?

Thanks

ants09

We use relate accounts production and they have a template for farmers and sole traders that may suit your requirements

KCTK

ants09 wrote: »

We use relate accounts production and they have a template for farmers and sole traders that may suit your requirements

What is the rough cost with relate do you know, is it a fixed fee or by amount of clients you use it for?

DUBACC

Relate is a good system if used correctly as it is fully integrated. However, it is very expensive, approx 7-8k for the basic package and a further 2k per year (approx) for support.
Great for a larger practice but a small practice couldnt justify the expense imo. We had a demo from them recently and these were the prices quoted.

ants09

KCTK wrote: »

What is the rough cost with relate do you know, is it a fixed fee or by amount of clients you use it for?

DUBACC wrote: »

Relate is a good system if used correctly as it is fully integrated. However, it is very expensive, approx 7-8k for the basic package and a further 2k per year (approx) for support.
Great for a larger practice but a small practice couldnt justify the expense imo. We had a demo from them recently and these were the prices quoted.

Its 7 - 8k for Drive which is there main package. We use Relate Accounts Production and Relate Company Secretary and support is usually around 380net for each and think its around €1500 to buy the package

There is no restrictions on the amount of clients you can have on the packages that we use

DUBACC

ants09 wrote: »

Its 7 - 8k for Drive which is there main package. We use Relate Accounts Production and Relate Company Secretary and support is usually around 380net for each and think its around €1500 to buy the package

There is no restrictions on the amount of clients you can have on the packages that we use

Yes, sorry i meant to clarify that - it includes Drive also. To use the system without Drive is actually not too bad.

kennyb3

I think if you have to ask, you ve a lot of groundwork to do. You dont just decide to set up a practice, you build it from the ground up. What will you do for cashflow for the 1st 6-18 months?

The ACA do a very good 'going into practice' course which should help you out. Lots of hoops to jump through with CARB

KCTK

kennyb3 wrote: »

I think if you have to ask, you ve a lot of groundwork to do. You dont just decide to set up a practice, you build it from the ground up. What will you do for cashflow for the 1st 6-18 months?

The ACA do a very good 'going into practice' course which should help you out. Lots of hoops to jump through with CARB

Thanks Kenny, at the moment I am just trying to investigate everything and I am not planning on jumping into this in the next month or so, it a longer plan I'm working on. I know the next ACA course is on in early December, would you recommend this for figuring out more about what will be involved for me or is this more geared for when you actually have set up? (I know it must be done within 12 months of starting up)

kennyb3

KCTK wrote: »

Thanks Kenny, at the moment I am just trying to investigate everything and I am not planning on jumping into this in the next month or so, it a longer plan I'm working on. I know the next ACA course is on in early December, would you recommend this for figuring out more about what will be involved for me or is this more geared for when you actually have set up? (I know it must be done within 12 months of starting up)

Hugely geared towards considering setting up rather than being set up so i'd say it's ideal. I found it excellent.

You ll find 'lock up' - WIP and debtors to be your biggest issue esp given the current climate.

You ll have a good few costs before you get going too - PII being one for example.

KCTK

kennyb3 wrote: »

Hugely geared towards considering setting up rather than being set up so i'd say it's ideal. I found it excellent.

You ll find 'lock up' - WIP and debtors to be your biggest issue esp given the current climate.

You ll have a good few costs before you get going too - PII being one for example.

Cheers, i've signed up for it, god yes I am trying to quantify the costs here and the list keeps getting longer. Agree with earlier comment about cashflow for first 12 to 18 months but i think I have a plan in place to get over that (once there actually is some cash coming in after that initial period!!)

Are you set up on your own? Are you long set up?