How to save money on accounting fees

@Paul@PFI

You are right, there are some good apps out there but it all come downs to user input and data quality.

I found banklinks provided by accountants works best for me.

Have business account linked to banklink and it is lot less paperwork.

 

I love keeping track of everything in a spreadsheet. Once you have set it up it's easy to roll it over for the next year. Plus it makes calculating the ITWV for the following year very easy, just adjust a few things that are likely to change like depreciation and you're done.

 

Maybe we need a new "Spreadsheet" thread with attachments as per Somersoft

 

@Paul@PFI Have a look at Gnucash Paul, it is open source software, has been around for donkeys ages, is pretty advanced really, you set the accounts you want.

I have not used it for years, so cannot remember how the exports are, but they actively develop the software.

 

I hate numbers, never spent much time in excel bar the very basics, but there could be some very handy sheets made for things like each IP cost/s for purchase.

Just a template to fill in all the things in the settlement sheet and conveyancing invoice.

 

Saving money on accounting fees can mean more tax paid.

But dont waste money on accountants adding up reciepts. Let the account/tax agent do the tax work. You should be just giving your account numbers.

 

I like that thread, @Redwing . Downloaded all the spreadsheets there more than a year ago, even before I bought an IP

Question to all PChatters/Somersofters:
Which spreadsheet do you use to keep track of your IP outgoings?

@Westminster Is your super duper spreadsheet one of those from Somersoft?

 

Ouch, my accountant gives me the spreadsheet and all instructions and it still costs a bomb.

 

Exactly..
I charge $270 per hour. I don't want to charge clients for that type of work. Nor do I want to be ruffling through receipts etc.. Hence client education is integral..