Small business owners: Who does your accounting/taxes? (monthly fee, fees, financial)

[mark85]

I'd like to get a feel for how you small business owners handle your bookkeeping/accounting/taxes and how much of a priority it is for you. Is it an afterthought that you'd rather not have to deal with, or do you see it as a crucial part of managing your business and planning for success?

Are you happy with your current arrangement? It would also be great if you could also mention the fees you pay.

Is an online bookkeeping/accounting/controllership service something that you think might interest you? If so, what do you think a reasonable monthly fee would be? I'm not trying to promote any business...but a friend and I are thinking of starting such a business. Your input would be appreciated. Thanks.

[chris_ut]

I do my own. I wrote a database to track my expenses and I use Turbotax for my filing.

[Driller1]

I do my own. I was audited in 05/06. It turned out fine. They didn't like they way I got to my bottom but, did not make any changes.

[bale002]

I run a relatively simple one-man show. I do my own daily accounting and I have studied the tax code as pertains to my situation.

I prepare all the numbers for tax filing, but I have it looked over by a CPA to make sure and have his signature.

If managing expenses, including taxes, is important, then I think it is essential for managers/owners to understand their own accounting, also with a view to business planning.

However, not everyone has the time and/or skills to do that, so I think a bookkeeping/accounting/controllership service and, I would add, tax preparation service, is a good idea.

However, I am not so sure about the "online" part of it. When going into a new business, I think personal contacts are important, first of all. Second, it may be the case that the managers and employees of the small businesses you target are not so internet savvy. Maybe you can provide detail of the demographic you target.

[Dave1215]

Currently do all my own... comfortable with that based on what I have going right now.

Have previously done my own with a bookkeeper and also used a bookkeeper with a CPA...

All were right for what was going on at the time.

[mark85]

Originally Posted by bale002

I run a relatively simple one-man show. I do my own daily accounting and I have studied the tax code as pertains to my situation.

I prepare all the numbers for tax filing, but I have it looked over by a CPA to make sure and have his signature.

If managing expenses, including taxes, is important, then I think it is essential for managers/owners to understand their own accounting, also with a view to business planning.

However, not everyone has the time and/or skills to do that, so I think a bookkeeping/accounting/controllership service and, I would add, tax preparation service, is a good idea.

However, I am not so sure about the "online" part of it. When going into a new business, I think personal contacts are important, first of all. Second, it may be the case that the managers and employees of the small businesses you target are not so internet savvy. Maybe you can provide detail of the demographic you target.

Yes, we would also offer tax return prep and tax planning. There would be a couple of experienced CPA's who would handle the "virtual controllership" function and be available to respond to questions.

The online aspect would let us offer fees that are quite a bit lower than those of the typical office with local clients. Files and documents (e.g. Quickbooks files, receipts, etc.) would be e-mailed or faxed back and forth. There would also be a user-friendly, web-based interface that clients can log into to upload or modify data, review their GL, financials, etc.