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altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
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 Posted: Sat Jan 27, 2007 1:55 pm Post subject: To hire an accountant - or not |
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At what point do you think it becomes necessary to hire an accountant for your business?
When you employ a certain number of people?
When your profits reach a certain level?
When your turnover reaches a certain level?
Or something else?
Aaron
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iFinancialAdviser
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Joined: 28 Dec 2004
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| Posted: Sat Jan 27, 2007 3:02 pm Post subject: |
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I can say that there is definitely one instance that you have to hire an account. Depending on how and where you work, it becomes necessary for you to communicate with public officials. Here's an example. You have to bribe public officials at all levels to get anything done in India. Therefore, if you do anything to do with accounting in India, you have to hire an account; he can bribe public officials for you. Unless you can do this on your own, ... you need a competent CA, Chartered Account.
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altyfc
Joined: 29 Dec 2004
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Location: Aardvarkland
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iFinancialAdviser
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| Posted: Mon Feb 05, 2007 3:18 am Post subject: |
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| altyfc wrote: |
What kinds of things might he make bribes for, and how much would the bribe be?
Aaron |
I hate to say this but pretty much everything has this extra cost "bribe". For example, you need a certain code to do any business with those outside of India. If you want to trade goods and services, you need this code. If you want to make investment in India as a foreign company, you need this code. All you need to do is to fill out a couple of forms, sign and submit, but you need to pass bribe/underhand fee upon submission; otherwise, you might not get the code at all. Does this make sense? There are obviously much worse and almost criminal kinds of bribes also.
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fansmack
Joined: 06 Feb 2007
Posts: 11
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| Posted: Wed Feb 07, 2007 1:49 am Post subject: |
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Well what about here in the USA? When would you suggest an accountant would be a good idea? And how can you tell if the reward of one outweighs the cost?
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iFinancialAdviser
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| Posted: Wed Feb 07, 2007 2:31 am Post subject: |
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| fansmack wrote: |
| Well what about here in the USA? When would you suggest an accountant would be a good idea? And how can you tell if the reward of one outweighs the cost? |
If you're running a business, then you should really hire one. Even if you're running a small business, you should consult an accountant to make sure that you're complying with all rules and regulations. That's important. I personally don't think that it's necessary to hire an account for yourself as an individual unless you have a lot of assets like stocks and properties. Probably spending money on taking personal finance courses is more helpful.
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dmoore
Joined: 28 Feb 2007
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| Posted: Wed Feb 28, 2007 6:15 pm Post subject: |
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I always find that an accountant tends to save you more money than you spend on them for completing business taxes. I am always amazed at how low he can make my tax bill (legally). Not sure about this, but I think it may also help you from getting audited too.
Derek
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altyfc
Joined: 29 Dec 2004
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Location: Aardvarkland
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| Posted: Sun Mar 04, 2007 12:37 pm Post subject: |
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I would agree with Derek. I think if you're running an established business, it's probably worth having an accountant. They might not be the cheapest supplier you have, but they will give good value for money. Mine does, at least.
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Money-Helper
Joined: 02 Aug 2007
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| Posted: Thu Aug 02, 2007 1:09 pm Post subject: |
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| Accountants for a business that is just getting off the ground can be a heavy expense - as can legal representation - but if you are going to employ anybody then consider it vitally important. |
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