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James Millar
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seyis, post: 262065, member: 110389 wrote:
Hi all, we purchased a small business in Oct last year so coming up to our first tax return due.. (We = husband and wife). I have been doing our personal tax returns for about 20 years and currently do all of our bookkeeping and BAS returns. I am aware we need to go to an accountant to submit our annual business return but I can’t seem to find clear information on why, what the return entails cost etc…
During the past year I did hire 3 different bookkeeping to help us over a few hurdles we were having (with QBO, reconciliation issues etc) and just for general training/advise.. (and each experience ranged from poor to disastrous – one chatted for the full two hours so I paid nearly 200 for a friendly visit, the next absolutely destroyed our data integrity in QBO to the point we had to resort to using excel for the rest of the year.. another loss of over 500). We then hired a third to help us move over to Xero.. we are super happy with xero, although we paid around 800 for the data transfer which was incomplete, and bookkeeper was mostly ‘uncontactable’ whenever we needed assistance etc so I ended up having to do most of it myself anyway.)
That might all sound like a bit of a whinge but I just ran through these experiences to explain why we are feeling cautious about trusting (and paying) someone to work with our financial data (and I would hazard a guess that experiences like this a probably not rare either..)
We have asked around for recommendations and spoken to several accountants and discussed pricing, but we received such dramatically differing info from each one this has made us even more anxious about proceeding. Would love any advice or info at all!! ….and more than happy to do reading on the subject if anyone can direct me to any good online resources or books.. thanks a bunch!!

Could you provide some more information on the proposals you have received and associated proposed fees? Then we can identify where the problem lies. I’m guessing you may have been a little shocked at the costs as compared to simple individual tax returns. Business accounting and tax is considerably different.

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