How Many Have An Accountant?

Discussion in 'Business Operations' started by GravelyGuy, Dec 4, 2008.

  1. GravelyGuy

    GravelyGuy LawnSite Silver Member
    from Indiana
    Posts: 2,517

    How many of you smaller operations have an accountant that takes care of you? Over the years I've had my tax lady who runs a small business kind of help me out, but I need someone that knows the ins and the outs.

    To those of you that have one, are they extremely helpful? Basically I need to know if it's worth spending money on equipment to use as right off or to just hold onto a chunk of cash and just pay the taxes on it.

    I have always set money aside so that I am totally ready for taxes and I just pay them I really know very little about the way write off's etc. work for or against you.

    Thanks...
     
  2. Green Pastures

    Green Pastures LawnSite Silver Member
    Posts: 2,457

    My awesome wife is my accountant.

    Shes the office manager/network engineer/human resources manager/accountant/payroll manager/chief counselor at a local attorney's 3 offices, so I thought she was capable....she's cheap too.

    :usflag:
     
  3. mattfromNY

    mattfromNY LawnSite Bronze Member
    Posts: 1,581

    The right accountant is invaluable, IMO. I had a professional bookkeeper that did my taxes, and helped me with sales tax, employment taxes, etc. She did ok, but was very hesitant when it came to write offs, and unsure of many of the 'small details'.
    Since I have been working with a CPA (this is my second year), I have saved much more money through loopholes, write-offs, etc. Dont get me wrong, I dont want to sound like I am out to screw anyone, get myself audited or write off illegitimate things, etc., I am stating that an accountant will know the ins and outs of what is correct or incorrect to write off (the percentages of your home, shop, utility bills, which equipment to write off over time or all at once, etc., etc.)
     
  4. GravelyGuy

    GravelyGuy LawnSite Silver Member
    from Indiana
    Posts: 2,517

    Your lucky Scott.

    I'm scared to even ask how much some of these guys charge.
     
  5. mattfromNY

    mattfromNY LawnSite Bronze Member
    Posts: 1,581

    I get my whole year taken care of (Quarterly sales tax, monthly employment taxes, EOY taxes, plus he takes care of all my insurances, etc) for $1000.00/ yr.

    Sounds like a lot, but figuring I was spending $50.00/ hr. for a book keeper, 12 monthly employment taxes @ 1 hr each + 4 quarterlies @1 hr each + EOY taxes @ 4-5 hrs., its not all that much. He saves me at least that much in a year, and I know for a fact that I harrass him for much more than 20 hrs in a year:laugh:.
     
  6. GravelyGuy

    GravelyGuy LawnSite Silver Member
    from Indiana
    Posts: 2,517

    $1000 doesn't seem too bad. Are you able to call and ask as many questions as you want?:laugh:
     
  7. mattfromNY

    mattfromNY LawnSite Bronze Member
    Posts: 1,581

    Trust me, he knows my voice when I call :laugh: He likes me to call if it is important, b/c he doesnt check his e-mail as often as he should.

    I actually have a meeting w/ him in the morning. Side note: I get some of my money back from him, b/c I plow snow at one of his apt. houses.
     
  8. nnj18

    nnj18 LawnSite Silver Member
    Posts: 2,860

    I have one. She is great, I hate running all the #s and just send her my quic books. Also she advises me on the best time to buy equipment.

    Between a great lawyer, banker and accountant I'm pretty well set. :D
     
  9. PerfectEarth

    PerfectEarth LawnSite Bronze Member
    Posts: 1,734

    My father (retired, worked in finance and accounting his whole life) and I get together every month and do my accounting. We do my personal budget and spending figures also. We've got it down very well. We go through everything! Each job, materials, expenses, everything. We just fill in everything- then, he puts everything together in a nice packet- cash activity, P/L sheets, taxes, the WORKS. I know where I am every month to the penny. Preps my quarterlys and advises me on what to draw. We obviously discuss any major purchases. He saves me a bundle, in time and money.
     
  10. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,209

    I pay just under $ 1000.00 per year now, solo.... Well worth the expense. Get a good one, ask around to some of your friends that have a business.
     

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