I need a good accountant.

[spector]

I run a small business and I am crap at accounting and need your guys help in recommending a good accountant to sort me out. I'm thinking preferably someone Chinese because those cats know all the angles to get around the Tax dept.

As an aside, I'm also a crap investor and all my share advice should be taken with a pince of salt. I've been trading shares for 6 years and i'm still 10 grand off breaking even!

I'm good at fixing things and cooking but that's about it.

DISC: Currently holding a box of reciepts I have no idea what to do with.

[ragwort]

Spector

What part of the country are you in?

[ragwort]

If you are in Auckland I suggest you go a small chartered accountant in the suburbs. They will generally take better care of you and the fee shouldn't be anywhere near as high as the big firms. Choose someone that you feel comfortable talking to.

[spector]

I live in Auckland. Home of the Sky tower, Charlotte Dawson and Meningitis.

[David Renwick]

Keep everything esp bank statements.

[ari]

quote:I'm good at fixing things and cooking but that's about it.


If that's the case, just extend your cooking to 'books'

[spector]

quote:Originally posted by ari


quote:I'm good at fixing things and cooking but that's about it.


If that's the case, just extend your cooking to 'books'


Genius!

[Major von Tempsky]

I fired my accountant saving large fees and do it myself using the KISS principle. I suppose I have an advantage in having 11/13 of the accounting qualification as well as my economics qualifications.
Accountants, lawyers, are tradesmen and should be directed to the back entrance like plumbers.
Another hint, never employ anyone, get it done on contract.

[Mr Murphy]

Hey Spectator

I would suggest you buy an accounting package that will get you into the system of recording expenses, assets etc. When you go to an accountant it should be with a set of accounts that he/ she ok's and suggests other expenses etc you could deduct. It starts getting very expensive if you turn up with a shoe box of receipts and your bank statements. Las time I talked to an accounting firm in Auckland, Gosling Chapman people turning up with just receipts is very rare now.

I guess it depends on your situation, that is do you run a company, is this just for your shares?

Cheers
Murph

[ragwort]

MVT - that's a bit harsh. I am one of the aforementioned and take considerable satisfaction out of usually being able to make some sort of saving whether it be tax acc or the like that often well exceeds the fee. My experience is there are some people out there that think they can do these things without the appropriate professional assistance and this is in most cases just plain over confidence in their own ability and ignorance. If I need a dentist, doctor, builder or plumber, I employ one. I'm not silly enough to think that I can do their jobs myself.;)As far as accounting packages are concerned, there are some very good ones available now and it is great way to to take some respnsibility of the accounting function as well as possible savings in accountancy fees.

[zyreon]

i concur, ragwort

basically what you pay an accountant for is to keep up with the legislation and to do all the training and experience so that you yourself don't have to.

if you consider all the time you yourself would have to spend training... and then times that by the amount of money you could have made from working (or whatever) during that time i think it would probably ...in most cases, come out cheaper.

[blockhead]

You have had a range of fairly good advice there, Ari is correct, books should be cooked..but only within the confines of the law, it gets really messy and expensive if the cooking is of the not kosher type.
My 20 blt"s worth says pay an accountant to do it for you and tell him/her everything he needs to know, do not be afraid to ask if there are things he is doing which you can't understand.

Our small town accountant keeps our books but more important (for us) we know all records are in order in case Aunty Helens IRD stooges come calling,

Blockhead

[Andrew]

Keep away from accountants who say they will cook your books, they will also cook your fees, cook your bank account and when you complain or get into trouble with the IRD, they will be on a Pacific Isle with your money.

Get a good accountant with principles and ethics.

[Major von Tempsky]

Hmmmm, what about differences of opinion with your accountant over what is taxable and what isn't.....when you've passed the same exams as he has and it's a matter of interpretation....and IRD subsequently accepts what you've done....
What about when you want the accounts faster than the accountant is prepared to give them to you.....
What about when you can do the accounts much faster yourself for zilch....and you have immediate access...
It's not that open and shut as the accountants would have you believe.
And as we have seen with Enron & &, accountants don't necessarily add value to your business....in the long run.
Also, I can trust myself not to defraud myself, can I of every accountant and law firm employee involved?
Do I really want to be scanning bank statements & all the time to check whether there is some sort of siphon going?
Do I want to get hit up for several hundred dollars every time I dropped in to say Hi! howzit going? (which is what used to happen).

THE KING says in AUS we have DYS or DO yourown Super so you should join with Aussies and DYO Do your Own,.. Trust Nobody. :D

[ragwort]

I think some of you paraniod doubters have been watching too many episodes of the X files:D

In all seriousness, yes of course there are some dodgy accountants just like there are dodgy solicitors, builders and politicians. That is why it is important that you ask friends etc if they know of an accountant that they have dealt with and is open and honest in their dealings. Another piece of advice is you should in most cases always employ a chartered accountant. Anyone could call themselves an accountant - even you MTV with your accounting papers. All members of ICANZ must adhere to the Institute's code of ethics but obviously doesn't mean there will never be any coruption. Like any person in a position where they could potentially take advantage of someone they serve, it comes down to the individual persons makeup. As for the fees, you said it yourself MTV - ask for a fixed price agreement (contract) and by the way if any of you have an accountant that "hits you up for several hundered dollars every time you drop in to say Hi" - I'll do it for half that price;)

[Capitalist]

quote << Another piece of advice is you should in most cases always employ a chartered accountant. Anyone could call themselves an accountant - even you MTV with your accounting papers. All members of ICANZ must adhere to the Institute's code of ethics but obviously doesn't mean there will never be any coruption.>>


*Snort* I remember several years ago Mr Capitalist was in a fine argument with this association.He told them they were nothing but a union of self-serving parasites and he didn't want anything to do with them. They came back and pompously said he had to hand his certificate back. It was rotting under the house anyway so he said they could stick it up their you-know-where. :D:D:D

[ragwort]

Yeah - fair comment Cap. Sometimes they don't look after their own as well as they could but the point I was trying to make is that that a CA (or ex CA in Mr Caps case)in most cases will be better qualified and more ethical than some backyard "accountants".

[Major von Tempsky]

Yeah, one of my uncles qualified as an chartered accountant but he never applied to join the Union, sorry become a member of the Accountants Society. Instead he went on to become Managing Director of a major NZ company. Never had any trouble with ethics either.
I remember getting low marks in an accounting essay for one accounting paper so I barely scraped through when I decided to be intellectually honest and take the economist's approach in discussing the Accountant's Society as a restraint of trade, a monopoly, a means of restricting entry and maximising returns to the members. I bet the marker nearly had apoplexy. But I did enjoy myself.
I agree there are some ratbags who aren't qualified who practice as "accountants" but then there are some ratbags who are/were chartered accountants such as dear old J.G. Russell. Moot point whether there are more qualified ratbag qualified accountants than ratbag unqualified accountants.
But I might take you up in a few years Ragwort, which part of the country are you in? I don't see myself as doing my own accounting forever :-)

[ragwort]

I'm in the good old King Country MVT - home of Pinetree, David Fagan and sh_tloads of sheep. I see this job as an opportunity to earn a decent living for a while but I don't want to do it forever. I'd much rather be investing on a larger scale than I currently am and the aim is to squirrel away a reasaonable amount of dosh to allow me to do this.

[spector]

Thanks heaps for all your advice fellas. I've been around long enough to know the value of paying someone well for their time. I'm not looking for a cheap accountant or a dodgy one, just one that will give me all the breaks i'm entitled too.

My books are in pretty good order, it's just that I have so many fingers in so many pies it gets confusing come tax time.

I've taken all your advice on board and will get hooked up next week. Once again thanks for your help.

[spector]

quote:Originally posted by ragwort

I'm in the good old King Country MVT - home of Pinetree, David Fagan and sh_tloads of sheep. I see this job as an opportunity to earn a decent living for a while but I don't want to do it forever. I'd much rather be investing on a larger scale than I currently am and the aim is to squirrel away a reasaonable amount of dosh to allow me to do this.


Nice one Ragwort... I was born and bred in Te Kuiti myself.:)