IFAC accountants

Sam Kade

Anyone dealing with them? I have been with them over 20 years and think it's time for a change.

jomoloney

I left them over 20 years ago and never looked back, like all offices could be good or bad.

blue5000

Sam Kade wrote: »

Anyone dealing with them? I have been with them over 20 years and think it's time for a change.

+1
Way over priced imo, will be shopping around soon. Either they get seriously cheaper or we quit the VHI.

Sam Kade

blue5000 wrote: »

+1
Way over priced imo, will be shopping around soon. Either they get seriously cheaper or we quit the VHI.

I got a quote today for doing my accounts 400 including vat. IFAC are costing me multiples of that :mad:

delaval

IFAC is a sub office for the Revenue IMO. Way over priced and not good advice, trying to get a meeting was almost impossible as they were afraid of the hard questions. An expensive book keeping service.

Many years ago we had a tax bill of 24k needless to say I didn't have it...........I didn't have money for pension either (their first suggestion).....it was then suggested that I buy a tractor, I have not dealt there since. Went to a firm in KK tax was slashed to 6k. They spotted straight away that my structure was all wrong. Moving was one of the best moves I have ever made business wise. My accountants would not be ag accountants and have a purely business outlook.

I have heard that some offices are better than others. They are also pushing people down the company route too quickly at the moment and for the wrong reasons.

Sam Kade

delaval wrote: »

IFAC is a sub office for the Revenue IMO. Way over priced and not good advice, trying to get a meeting was almost impossible as they were afraid of the hard questions. An expensive book keeping service.

Many years ago we had a tax bill of 24k needless to say I didn't have it...........I didn't have money for pension either (their first suggestion).....it was then suggested that I buy a tractor, I have not dealt there since. Went to a firm in KK tax was slashed to 6k. They spotted straight away that my structure was all wrong. Moving was one of the best moves I have ever made business wise. My accountants would not be ag accountants and have a purely business outlook.

I have heard that some offices are better than others. They are also pushing people down the company route too quickly at the moment and for the wrong reasons.

My thoughts exactly. The only time I have success in meeting the accountant instead of his secretary trying to deal with my affairs is when they make the appointment for payment :mad: Even then you can't get an honest straight answer. I have questioned his fees over the last few years and always get the same "if you had an audit" as if any other accountant couldn't deal with an audit. I am sure if I did have an audit they would charge well for the service.

newholland mad

Not with ifac but think quality of service and advice and how available your accountant (not your recorder) is on a day to day basis is far more important than price. Get on the wrong side of revenue and it will cost far more than an expensive accountant.

Sam Kade

newholland mad wrote: »

Not with ifac but think quality of service and advice and how available your accountant (not your recorder) is on a day to day basis is far more important than price. Get on the wrong side of revenue and it will cost far more than an expensive accountant.

How does getting a cheaper accountant mean that you will get on the wrong side of the revenue? Even more so when you have nothing to hide. The reason they are cheaper in the first place is because they don't have fancy offices flash cars and lots of staff, heating, rates etc. which you are paying extra for. As I said I am paying them well and the secretary tries to look after my business as my accountant can never see me unless it's payday.

newholland mad

Sam Kade wrote: »

How does getting a cheaper accountant mean that you will get on the wrong side of the revenue? Even more so when you have nothing to hide. The reason they are cheaper in the first place is because they don't have fancy offices flash cars and lots of staff, heating, rates etc. which you are paying extra for. As I said I am paying them well and the secretary tries to look after my business as my accountant can never see me unless it's payday.

Didn't say that at all. If service is like you said id be gone long ago, but when moveing price alone shouldn't de the deciding factor. We moved a few years ago for the same reasons you said, didn't save a penny but have a great service and available at all times for advice etc. with new crowd. but everyones affairs are different

hugo29

IFAC made several fcuk ups on my returns last year. I am going to look around and see whats out there

delaval

I didn't leave IFAC because of cost it was accountancy advice. My new accountant is more expensive, we have had a revenue and a vat audit and not a shilling of a penalty.

lakill Farm

Cheaper accountant does not equal inferior service, and often the service can be better. Smaller outfit equals more personal service and less overheads for the smaller firm to pay.

Have a few ex-IFAC clients. One from €1650 down to € 465 and one from €1200 to €350 and €1950 and quoted €650.

I get calls from clients anytime, not Mon-Fri 9-530pm. ie got a call last night at 8.45pm while i was actually pouring concrete. He was only home from work and it suited him to call me.

for anyone info. every hour you pay for your accountant say €45 plus vat. €15 goes to cover wages, study fees etc , €15 goes to cover the fancy offices and admin , and €15 goes to the partner for just been a partner :rolleyes:.

So €20 -v- €45 an hour ?

Ya dont give your baling contactor €18 a bale when you get away with €8.50 do you?

Username John

lakill Farm wrote: »

Cheaper accountant does equal inferior service, and often the service can be better. Smaller outfit equals more personal service and less overheads for the smaller firm to pay.

Have a few ex-IFAC clients. One from €1650 down to € 465 and one from €1200 to €350 and €1950 and quoted €650.

I get calls from clients anytime, not Mon-Fri 9-530pm. ie got a call last night at 8.45pm while i was actually pouring concrete. He was only home from work and it suited him to call me.

for anyone info. every hour you pay for your accountant say €45 plus vat. €15 goes to cover wages, study fees etc , €15 goes to cover the fancy offices and admin , and €15 goes to the partner for just been a partner :rolleyes:.

So €20 -v- €45 an hour ?

Ya dont give your baling contactor €18 a bale when you get away with €8.50 do you?

Typo there Lakill?

Simplyjoe

There are loads of alternatives to IFAC. I have rarely quoted a farmer where my fees were higher than IFAC. I have also seen where my fees are beaten by other 'accountants'. To be honest unless the farm is very large it is easy to do a set of farm accounts, form 11 and VAT returns (registered or un registered). If you have any inkling of a farm background you generally know the level of expenses and income a farm generates. To be honest if the fee for a small farm is more than €400 I would be very surprised.

barneystinson

lakill Farm wrote: »

Cheaper accountant does not equal inferior service, and often the service can be better. Smaller outfit equals more personal service and less overheads for the smaller firm to pay.

Have a few ex-IFAC clients. One from €1650 down to € 465 and one from €1200 to €350 and €1950 and quoted €650.

I get calls from clients anytime, not Mon-Fri 9-530pm. ie got a call last night at 8.45pm while i was actually pouring concrete. He was only home from work and it suited him to call me.

for anyone info. every hour you pay for your accountant say €45 plus vat. €15 goes to cover wages, study fees etc , €15 goes to cover the fancy offices and admin , and €15 goes to the partner for just been a partner :rolleyes:.

So €20 -v- €45 an hour ?

Ya dont give your baling contactor €18 a bale when you get away with €8.50 do you?

Professional accountants in practice charging €20 an hour? And having to cover PII, professional subs, CPD, motor expenses, stationery, phone etc.. out of that €20 an hour?! They'd be better off as a salaried employee earning 35-45k than slaving 50+ hours a week all year round (including time spent trying to get paid) to maybe net the same.

I'd be wary of any professional in practice willing to work THAT cheaply.

blue5000

barneystinson wrote: »

Professional accountants in practice charging €20 an hour? And having to cover PII, professional subs, CPD, motor expenses, stationery, phone etc.. out of that €20 an hour?! They'd be better off as a salaried employee earning 35-45k than slaving 50+ hours a week all year round (including time spent trying to get paid) to maybe net the same.

I'd be wary of any professional in practice willing to work THAT cheaply.

Sometimes I think the same about farming at 10E an hour

lakill Farm

barneystinson wrote: »

Professional accountants in practice charging €20 an hour? And having to cover PII, professional subs, CPD, motor expenses, stationery, phone etc.. out of that €20 an hour?! They'd be better off as a salaried employee earning 35-45k than slaving 50+ hours a week all year round (including time spent trying to get paid) to maybe net the same.

I'd be wary of any professional in practice willing to work THAT cheaply.

Why? if you have 2 or 3 employees and you can offer other services at the higher end of the profession what is wrong?

Sometimes it just suits lifestyle

trg

Anyone try taxassist? Seems to be something that would suit a lot of farmers, particularly part-time. Not affiliated to them but seems a good system

lakill Farm

trg wrote: »

Anyone try taxassist? Seems to be something that would suit a lot of farmers, particularly part-time. Not affiliated to them but seems a good system

there shocking expensive:eek:

Sam Kade

I paid my yearly visit to my IFAC accountant because payment was due (only time he will see me). I have been asking him the last few years why do I need a recorder, his answer oh you have this many transactions so you need a recorder :rolleyes: This time I threatened to change accountant as he is too expensive no problem says he we can drop the recorder and reduce you fees by 1/3. Amazing how a threat like that gets results bit late though as his 1/3 drop is still double the fee I was quoted. I heard of someone else that changed from them and they said that they had trouble getting all their documents off them to give to their new accountant can anyone shed light on this?

lakill Farm

They are not allowed to hold your accounts materials. The new accountant sends them a letter about "any professional reason we should not act on the clients behalf" and also asks for the materials needed.

1/3 just like that?

Amazing there slowly coming back to my price indication now

Sam Kade wrote: »

I paid my yearly visit to my IFAC accountant because payment was due (only time he will see me). I have been asking him the last few years why do I need a recorder, his answer oh you have this many transactions so you need a recorder :rolleyes: This time I threatened to change accountant as he is too expensive no problem says he we can drop the recorder and reduce you fees by 1/3. Amazing how a threat like that gets results bit late though as his 1/3 drop is still double the fee I was quoted. I heard of someone else that changed from them and they said that they had trouble getting all their documents off them to give to their new accountant can anyone shed light on this?

Sam Kade

lakill Farm wrote: »

They are not allowed to hold your accounts materials. The new accountant sends them a letter about "any professional reason we should not act on the clients behalf" and also asks for the materials needed.

1/3 just like that?

Amazing there slowly coming back to my price indication now

Yeah they would drop the recorder from 4 visits s year to 1 visit but the recorder will come for 2 visits to make it easier for themselves. They charge me over 500 a year for the recorder. The recorder doesn't get all that though, they get paid a wage and the fat cats in Dublin get the balance.

lakill Farm

Haha, I often do accounts with the bookeeping for the €500. I have a few clients i took on a few years ago for €350 incl of vat.

Time to trim off the fat cats and there cream.

Sam Kade wrote: »

Yeah they would drop the recorder from 4 visits s year to 1 visit but the recorder will come for 2 visits to make it easier for themselves. They charge me over 500 a year for the recorder. The recorder doesn't get all that though, they get paid a wage and the fat cats in Dublin get the balance.