Changing Accountant - Without Losing Your Mind

Jasonsc

So I want to switch accountants this year. The reason isn't important, but it's because my current one is not tech-savvy enough.

I want to change ASAP - But my annual return date is this June (for accounting year nov 17 to nov 18), and so I will likely have to stick with them to get this return done.

My concern is this - My annual fee is broken down into a monthly payment, and so technically I've already paid for these annual returns through monthly payments (from nov 17 to nov 18).

Every monthly payment since then (and from now until next Nov) has been towards my next annual return (in June 2020).

I sort of feel I need to keep paying their monthly fee between now and my annual return (June 2019). If I stopped payments now I fear it would discourage them from being accurate and timely with my returns, a few months from now.

But what is the alternative - to keep paying monthly fees towards an annual return that I'll also be paying my new accountant for?

I'd appreciate any thoughts on this: How would you approach a situation like this?

Stratvs

Is it clear from correspondence with your accountant that the DD for work aligns with the actual year end? What I mean is did the dd for work on the 17/18 year clearly start Nov 17. Unless you started this arrangement immediately when the company was formed ( if you have the same accountant from day 1 ) it is possible there is an overlap of some months. You'd need to clarify that.

The annual return can be filed early ( provided the financial statements have been signed off ). You don't have to wait until June.

Jasonsc

Hey thanks for your response. I did start with the accountant basically from day one of company formation, so it's always been going year to year in Nov since then.

Great point about filing early, this might be the way to go. Tell them I'm leaving but want to get it all buttoned up and filed first, that could indeed be the play.

davindub

Jasonsc wrote: »

So I want to switch accountants this year. The reason isn't important, but it's because my current one is not tech-savvy enough.

I want to change ASAP - But my annual return date is this June (for accounting year nov 17 to nov 18), and so I will likely have to stick with them to get this return done.

My concern is this - My annual fee is broken down into a monthly payment, and so technically I've already paid for these annual returns through monthly payments (from nov 17 to nov 18).

Every monthly payment since then (and from now until next Nov) has been towards my next annual return (in June 2020).

I sort of feel I need to keep paying their monthly fee between now and my annual return (June 2019). If I stopped payments now I fear it would discourage them from being accurate and timely with my returns, a few months from now.

But what is the alternative - to keep paying monthly fees towards an annual return that I'll also be paying my new accountant for?

I'd appreciate any thoughts on this: How would you approach a situation like this?

I don't think they would be unprofessional about it. Maybe talk to them and explain what you are looking for, they may even recommend someone to you if they can't fulfill what you are looking for.

Out of interest and if you don't mind me asking, what are the tech issues? I assume they relate to bookkeeping and possibly integrations with other softwares?

Jasonsc

Yea, I'm gonna have a chat with them next week. Got a few other meetings booked too.

There's tech issues yea, I want to transition to Xero and need accountants who are comfortable and competent with that.

It's also my area of business. I run an online marketing company, and have "non-traditional" revenue streams such as from affiliate marketing. The accountant is more used to working with local brick and mortar businesses I think, and they don't really understand my business fully.

I ran into another issue this year when I opened a USD bank account so I could hold a USD balance - And they didn't weren't sure how to deal with that.

So, yea, I think I'm in need of an upgrade. I checked Xero's recommended accountants page, and there's some good options. So we'll see what happens.

davindub

Jasonsc wrote: »

Yea, I'm gonna have a chat with them next week. Got a few other meetings booked too.

There's tech issues yea, I want to transition to Xero and need accountants who are comfortable and competent with that.

It's also my area of business. I run an online marketing company, and have "non-traditional" revenue streams such as from affiliate marketing. The accountant is more used to working with local brick and mortar businesses I think, and they don't really understand my business fully.

I ran into another issue this year when I opened a USD bank account so I could hold a USD balance - And they didn't weren't sure how to deal with that.

So, yea, I think I'm in need of an upgrade. I checked Xero's recommended accountants page, and there's some good options. So we'll see what happens.

Xero would be more suited to bookkeeping rather than year end accounts. From a bookkeeping perspective there are issues with it, be very careful with integrations with other software (eg shopify), easy enough to end up with 100's of transactions you need to reverse (time consuming).

But the good news is that it has foreign currency and will translate into euro, euro to USD is likely to be volatile, so make sure you check the rate frequently.

But overall not a bad choice. If you are a LTD company, make sure you are dealing with a chartered accountant for year end accounts. Hopefully you find a solution.

Jim2007

Jasonsc wrote: »

It's also my area of business. I run an online marketing company, and have "non-traditional" revenue streams such as from affiliate marketing. The accountant is more used to working with local brick and mortar businesses I think, and they don't really understand my business fully.

Ah yes that old chestnut, it fits right up there with ‘my wife does not understand me’..... the rules for revenue recognition etc are not something your accountant makes up as he goes along, so don’t expect to find much of a change there.

duffysfarm

But overall not a bad choice. If you are a LTD company, make sure you are dealing with a chartered accountant for year end accounts. Hopefully you find a solution.[/quote]

Deal with a chartered accountant? What the hell? The majority of the biggest scandals in Irish business involve chartered accounts so yes insist on one. Who were the auditors of Anglo Irish - yes a firm of chartered accountants. What qualification did Sean Fitzpatrick have? Yes he was a chartered accountant. I could spend hours at this

Stratvs

davindub wrote: »

If you are a LTD company, make sure you are dealing with a chartered accountant for year end accounts.

FWIW, there are other recognised accountancy bodies in Ireland.

Extract from IAASA :-

(ii) Recognised Accountancy Body
A Recognised Accountancy Body is an accountancy body that has been granted recognition under section 930 of the Companies Act 2014. A recognised accountancy body is permitted to authorise its members and/or member firms to perform statutory audits and to register firms from other EU Member States to perform audits under the Companies Act, provided that they satisfy certain additional conditions. There are currently five recognised bodies:

ACCA - Association of Chartered Certified Accountants;
ICAEW - Institute of Chartered Accountants in England & Wales;
ICAI - Institute of Chartered Accountants in Ireland;
ICAS - Institute of Chartered Accountants of Scotland; and
ICPAI - Institute of Certified Public Accountants in Ireland.

davindub

All I said was "chartered", if you tend to believe that excludes the list above, that is your own intrepretation.

ebbsy

Get the returns done now and then leave.

Jim2007

duffysfarm wrote: »

Deal with a chartered accountant? What the hell? The majority of the biggest scandals in Irish business involve chartered accounts so yes insist on one. Who were the auditors of Anglo Irish - yes a firm of chartered accountants. What qualification did Sean Fitzpatrick have? Yes he was a chartered accountant. I could spend hours at this

Absolutely nonsense and in no way relevant to the discussion, take your soapbox somewhere else.

duffysfarm

Jim2007 wrote: »

Absolutely nonsense and in no way relevant to the discussion, take your soapbox somewhere else.

It's as relevant as the snobbery comment that says make sure to get a chartered accountant. Take your d4 snobbery and soapbox somewhere else yourself

Happy4all

davindub wrote: »

Xero would be more suited to bookkeeping rather than year end accounts. From a bookkeeping perspective there are issues with it, be very careful with integrations with other software (eg shopify), easy enough to end up with 100's of transactions you need to reverse (time consuming).

But the good news is that it has foreign currency and will translate into euro, euro to USD is likely to be volatile, so make sure you check the rate frequently.

But overall not a bad choice. If you are a LTD company, make sure you are dealing with a chartered accountant for year end accounts. Hopefully you find a solution.

I find Xero a bit sh1t, even for bookkeeping,

How would you rate it?

Jim2007

duffysfarm wrote: »

It's as relevant as the snobbery comment that says make sure to get a chartered accountant. Take your d4 snobbery and soapbox somewhere else yourself

Only relevant to you it seems.

davindub

duffysfarm wrote: »

Jim2007 wrote: »

Absolutely nonsense and in no way relevant to the discussion, take your soapbox somewhere else.

It's as relevant as the snobbery comment that says make sure to get a chartered accountant. Take your d4 snobbery and soapbox somewhere else yourself

Between the threat of talking sh*t for hours, the assh*le comment about the wife and not understanding the OP's issue and assigning the word "chartered" to a single body, yes don't settle for someone like you.

Could you not post a single helpful point for the OP's issue?

davindub

Happy4all wrote: »

davindub wrote: »

Xero would be more suited to bookkeeping rather than year end accounts. From a bookkeeping perspective there are issues with it, be very careful with integrations with other software (eg shopify), easy enough to end up with 100's of transactions you need to reverse (time consuming).

But the good news is that it has foreign currency and will translate into euro, euro to USD is likely to be volatile, so make sure you check the rate frequently.

But overall not a bad choice. If you are a LTD company, make sure you are dealing with a chartered accountant for year end accounts. Hopefully you find a solution.

I find Xero a bit sh1t, even for bookkeeping,

How would you rate it?

I like the import functions and fx, but it is slow to manually enter transactions, pity tasbooks is not being updated I find that the best in most instances.

Jasonsc

Thanks all for the inputs and advice, this has helped clear things up in my mind.

Then plan: Get the year end accounts done now, then leave. Get a new (chartered ) accountant, and double check Xero is right for my bookkeeping.