IFAC Accountants

Gael23 · 30-03-2015 8:27pm #1

Looking for some opinions on these Accountants.
Looks to me they do a lot on the tax side of things in addition to the usual accounting? I know tax planning is often important to a farmer.

sh1tstirrer · 30-03-2015 9:39pm

I've left them after many years because they were only doing the bare tax return and charging well for it.

Gael23 · 30-03-2015 10:10pm

sh1tstirrer wrote: »

I've left them after many years because they were only doing the bare tax return and charging well for it.

Would you expect more? I assume you have a better service form your current accountant

tanko · 30-03-2015 10:29pm

I left them a few years ago, am sorry I didn't do it far sooner. They know how to charge plenty for anything they do.

sh1tstirrer · 30-03-2015 10:30pm

Gael23 wrote: »

Would you expect more? I assume you have a better service form your current accountant

They used to do tax planning end of year review but that faded out while their fee remained the same. Why wouldn't I expect more your paying for a service not just once a year meeting for them to get their fee.

orm0nd · 30-03-2015 11:13pm

ex client here also, found the office I was dealing with a joke,

blue5000 · 31-03-2015 8:45am

I think they read boards, after beating them down to €650 from €1500, and only 1 info collecting visit per yr instead of 4. Shop around and get a few quotes.

sh1tstirrer · 31-03-2015 8:53am

blue5000 wrote: »

I think they read boards, after beating them down to €650 from €1500, and only 1 info collecting visit per yr instead of 4. Shop around and get a few quotes.

I did the exact same as you dropped the recorder to one visit and fee dropped from 1500 to 850 the last 2 years they upped the fee again to 1500 even though the recorder still only called once a year. They took extra out of the direct debit thinking I wouldn't notice. When I questioned them about it I got some lame excuse. Keep an eye on your dd.

Count Mondego · 31-03-2015 8:58am

What way do you guys present info to the accountants. My first year with farm so I don't know.

I have all purchases on an excel sheet and corresponding invoices numbered. Is this what ye all do or is it more like handing them a bag of receipts?

thetangler · 31-03-2015 9:02am

Hi
I have been using hem for the last 8 years.
Moved because they were €4,500 cheaper than my previous accountant.
I find them brilliant they understand everything, take calls when suits me and meetings when suits me.
Advice wise I also find them great.
Just my opinion.

sh1tstirrer · 31-03-2015 9:04am

Count Mondego wrote: »

What way do you guys present info to the accountants. My first year with farm so I don't know.

I have all purchases on an excel sheet and corresponding invoices numbered. Is this what ye all do or is it more like handing them a bag of receipts?

A recorder calls to the house and puts all info purchase, sales, bank statements ect on her laptop. She also takes away all the documents and returns them at the end of year.

sh1tstirrer · 31-03-2015 9:06am

thetangler wrote: »

Hi
I have been using hem for the last 8 years.
Moved because they were €4,500 cheaper than my previous accountant.
I find them brilliant they understand everything, take calls when suits me and meetings when suits me.
Advice wise I also find them great.
Just my opinion.

iI suppose a lot depends on the office you deal with but most aren't great.

ihatewinter · 31-03-2015 9:18am

If you have a small farming operation, you could nearly do it yourself. I do my own and save myself 500 euro. I find it simple enough to do.

Geniass · 31-03-2015 9:22am

thetangler wrote: »

Hi
I have been using hem for the last 8 years.
Moved because they were €4,500 cheaper than my previous accountant.
I find them brilliant they understand everything, take calls when suits me and meetings when suits me.
Advice wise I also find them great.
Just my opinion.

Just because they were cheaper than your previous accountant doesn't guarantee you're still not being overcharged.

With IFAC the consensus is that they have good tax knowledge relating to farming. However, that benefit usually lessens after a couple of years, once you've gained 95% of said benefit.

Why not take advantage of IFAC's industry knowledge, go with them for a couple of years and then consider moving to another accountant if less costly, but competent.

Farmer Pudsey · 31-03-2015 9:51am

sh1tstirrer wrote: »

I've left them after many years because they were only doing the bare tax return and charging well for it.

tanko wrote: »

I left them a few years ago, am sorry I didn't do it far sooner. They know how to charge plenty for anything they do.

sh1tstirrer wrote: »

They used to do tax planning end of year review but that faded out while their fee remained the same. Why wouldn't I expect more your paying for a service not just once a year meeting for them to get their fee.

Did you move to an independent Accountant or did you go to FDC or similar type operation

Username John · 31-03-2015 9:59am

Count Mondego wrote: »

What way do you guys present info to the accountants. My first year with farm so I don't know.

I have all purchases on an excel sheet and corresponding invoices numbered. Is this what ye all do or is it more like handing them a bag of receipts?

Put it all onto excel like you - few sheets in the excel (income, expenses, stock, anything sent in for VAT return)
Scan in all income (SFP, Mart, etc) dockets
Scan in the big expenses (monthly co-op statements, contractors, fencing, etc)
P60
All into one big zip file, email to accountant...

Job done...

Count Mondego · 31-03-2015 11:41am

Username John wrote: »

Put it all onto excel like you - few sheets in the excel (income, expenses, stock, anything sent in for VAT return)
Scan in all income (SFP, Mart, etc) dockets
Scan in the big expenses (monthly co-op statements, contractors, fencing, etc)
P60
All into one big zip file, email to accountant...

Job done...

I'm assuming this greatly reduces the bill? No point doing the work for them otherwise. Parents were being charged nearly 2K, which was a reduction on the last crowds they were with. I'd be expecting a lot less due to the computerised filing.

sh1tstirrer · 31-03-2015 11:44am

Farmer Pudsey wrote: »

Did you move to an independent Accountant or did you go to FDC or similar type operation

I haven't officially moved yet but I've stopped their dd and informed them that I'm changing with no response from them. I'll go with an independent.

sh1tstirrer · 31-03-2015 11:45am

Did anyone cash in their ifac shares after moving?

Gael23 · 31-03-2015 12:03pm

sh1tstirrer wrote: »

Did anyone cash in their ifac shares after moving?

Do you get shares as a client?

sh1tstirrer · 31-03-2015 3:30pm

Gael23 wrote: »

Do you get shares as a client?

Yes they are worth a € each.

st1979 · 31-03-2015 8:22pm

Surely most accountants are well up on tax planning. If there not they might as well be bookkeepers. I moved from one independent accountant to another. Easy to move and saved a few thousand per year in fees. And get a better service. You don't always get what you pay for

trg · 31-03-2015 10:49pm

sh1tstirrer wrote: »

iI suppose a lot depends on the office you deal with but most aren't great.

Have you experience of most of their offices?

sh1tstirrer · 01-04-2015 9:13am

trg wrote: »

Have you experience of most of their offices?

Of course not, from what I've heard from other farmers around the country a lot of them aren't happy with ifac. You can see that on here also. I've dealt with the head office a few times and never got a response from them to any query I've had, if the head office ignore their clients it doesn't say much for them.

Nekarsulm · 02-04-2015 9:01am

850 per year here. Recorder doesn't call, I just keep stuff in order and present at end of year. Local office always accessible. I moved to them from an independent years ago, as he was as arrogant a bollix as you would ever meet.

Green farmer · 02-04-2015 10:23am

Accountants are the same as anyone else. You'll find really expensive arrogant ones, but look around and you'll also find decent reasonably priced ones also. You'll know a decent one when you find them.

Nekarsulm · 02-04-2015 10:28am

Green farmer wrote: »

Accountants are the same as anyone else. You'll find really expensive arrogant ones, but look around and you'll also find decent reasonably priced ones also. You'll know a decent one when you find them.

I accept that. The lad I was with, I rang him one day and his daughter answered. He was on the sofa and couldn't be arsed getting up. Wanted me to ask the question off the daughter, who then shouted it to the dad, and he shouted back the answer to her. She then repeated it to me. That was the end of that.

IFAC Accountants

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