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Accountant - tired of all the compliance work

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  • 26-09-2023 2:17pm
    #1
    Mum77
    Registered Users Posts: 5 ✭


    Hi , any other accountants out there in practice tired of all the compliance work that goes with running a practice/ preparing accounts/audit, etc?? It just seems to be more and more each year and harder to make money from clients who want fixed fees and seem to know how you should be doing your job! Am 12 years in practice and just feel like packing it all in and looking for something else. Is it just me?????



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    #2
    hjr
    Registered Users Posts: 565 ✭✭✭hjr


    Not at all! I think most accountants are feeling somewhat burned out at this point. Always seems to be some deadline ahead of us. Running your own business makes it harder too as the pressure is greater to keep everything going. I'd suggest maybe trying to jetison clients that are causing you problems as it will definitely make your life much easier. Many clients are great to deal with but it's amazing the hassle one or two clients can cause you!



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    #3
    capefear
    Registered Users Posts: 772 ✭✭✭capefear


    Have to agree and its probably going to get worse company Jan 01 2024 with the new enhanced reporting requirments.



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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,993 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058315586/accountant-tired-of-all-the-compliance-work

    I don't believe there is any professional job that does not involve stress, deadlines, complicated individuals and so on... The question is do you enjoy the work you do or would you prefer to do something else with more or less the same kind of stresses and deadlines? And if so what do you want to do and do you have the means to achieve it?



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    #5
    relevanc
    Registered Users Posts: 55 ✭✭relevanc


    In my opinion the ever increasing burden of compliance is killing the SMP sector.

    From increased AML, enhanced reporting, VAT changes, RBO, CRO, pension changes and property tax changes etc etc

    And fees do not reflect this and most SMP clients are price sensitive/struggling themselves



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    #6
    CWMMC
    Registered Users Posts: 130 ✭✭CWMMC


    This year feels like it just never ended. It was one deadline after another and didn't stop its now November/December and schools are now due. You then have all the new requirements around AML and CRO had the PPSN requirement this year too. It's been a nightmare.



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    #7
    PaybackPayroll
    Registered Users Posts: 127 ✭✭PaybackPayroll


    From a payroll perspective, I believe PAYE modernisation has a huge part to play in this.

    It seems that every new bit of compliance is being tied into it (ERR, auto-enrolment and even all the covid EWSS/TWSS stuff)


    How I yearn for the pre-2019 days of once a year P35s.



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    #8
    Deeec
    Registered Users Posts: 4,719 ✭✭✭Deeec


    https://www.boards.ie/discussion/2058315586/accountant-tired-of-all-the-compliance-work

    I feel exactly like you about my job - I now hate it. The income tax deadline this year was a nightmare - begging people to give me their outstanding info, people leaving it until the last week to give over information ( expecting it done of course straight away), wanting changes etc. Its soul destroying work and then you have to beg and haggle for payment which often means the work isnt profitable at all. . I feel there is no gratitude anymore from clients for the work we do for them.

    As regards compliance clients dont see this side of things at all and all the time it consumes. I seem to have some clients that think I wave a magic wand and their work is done in 5 minutes. Then at billing time I have people tell me that I couldnt have spent that long on their work!

    Revenue I also find hard to deal with at the moment. Replies through My enquiries is very slow ( if they bother to reply at all), very hard to get through on phone aswell, revenue employees who dont understand taxes etc.. I also really wish they would stop ringing me (the agent) regarding payments instead of the client - its time consuming sometimes being the go between client and revenue. This is another area where where the client doesnt see the work involved and in their eyes doesnt justify paying extra for! If only they knew the time this took.

    I would love to leave and work at something else more interesting but Im stuck for family reasons - we need the money!

    I would not encourage any person to go into accountancy - its a thankless job and I think very few small practices are making good money nowadays.



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    #9
    Deeec
    Registered Users Posts: 4,719 ✭✭✭Deeec


    https://www.boards.ie/discussion/comment/121399882#Comment_121399882

    PAYE modernisation has its pluses when you have good clients - for most it works well. I have a few tradesmen though who I run payroll for that just pay their staff and dont bother to tell me. Chasing them for the info is an absolute nightmare. Same with RCT - they just pay subcontractor without entering payment or checking rate on ROS - Ive set them up on ROS, showed them how to do it but still they wont bother doing it. Its totally head wrecking stuff.

    I agree that EWSS/TWSS compliance was very time consuming and it was very hard to get paid from clients for this extra burden that was inflicted on us.



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