Quickbooks vs. Real Accountant vs. Real Accountant & Quickbooks

[Owen]

Hello! :D

Ok, so I was wondering what is cheaper and better:

1. Me doing accounting with Quickbooks
2. A real accountant
3. A real accountant using Quickbooks

Also, how much do accountants usually charge?


THANKS!

[Freelancier]

Most cost-effective: A real accountant, while you do your bookkeeping with QB. Certainly not the short-term cheapest solution, but it will pay huge dividends over the long haul.

What accountants charge varies, but you should be able to find a small business accountant at the $200/hr or slightly less price point.

[Harold Mansfield]

Ok, so I was wondering what is cheaper and better:

1. Me doing accounting with Quickbooks
2. A real accountant
3. A real accountant using Quickbooks

Also, how much do accountants usually charge?


THANKS!

There is no one answer that is applicable for every type of person and every type of business. But know this, you can get it cheap, or you can get "better". Most times you can't get both. Is your accounting where you want to be looking for cheap? If so, do it yourself.

[chrismarklee]

I real accountant would charge you at least forty dollars per hour. Quickbooks is very detailed and takes time to use it. Quickbooks is great because it is the standard software for a small business.

[HowToForBusiness]

Accounting is going to take somebody's time. You can hire a bookkeeper for $25-60/hour to input data. You can pay more to hire an accountant at $60+ to input data and provide feedback on the financial reports. You can hire a CPA for $150+ who will have someone in their office input the data, but will provide business advice while you grow. So what is your time worth? Is it more profitable turning it over to someone else so that you can build the business?

[bjay99]

I started doing bookkeeping myself and getting an accountant to check one during the year and do the taxes end of year.

[JR Strack]

I would have to say go with a CPA. Then you can cover down on yourself, have insight outside from your business, and also build a lasting relationship with someone that you don't have to pay a salary to when you are not utilizing thier services.

[TAAccounting]

I would have to disagree with a majority of the responses on here -- not because they're wrong, but because nobody has made the distinction between the type of accountants to hire.

A CPA is great -- but depending on the type of CPA. It would be useless if you were to hired a CPA at $160 per hour just to have one that specializes in taxes. Many businesses that I work with have made that disastrous mistake of assuming their tax accountant can help them manage their financials, cash flow, and minimize risk. It's also the same reason why 60% of small businesses are unprofitable, despite working with a tax accountant.

I recommend getting an Outsourced CFO. They double both as a bookkeeper, accountant, and tax experts. Not to mention, they possess the know-hows to avoid financial pitfalls and roadblocks that you might not be away of -- and other accountants might not be aware of since they don't operate in that field.

Being an outsourced CFO myself, I can tell you that the rates aren't too bad at all. I have clients ranging from $500 a month for bookkeeping, financial statements, and cash flow to clients ranging in the $2,000 to $5,000 a month for consulting, contract negotiations, bank relations, and so on.

The last thing to keep in mind is the fact that, if an accountant doesn't save you more money than they're charging -- then, something isn't right with that picture.

I hope this helps!

[kuikui]

I would say it depends on your earnings and business size.

For small business owners, paying those rates means you would only work to pay your accountant every month so you have no choice but to make numbers yourself.

[SamSaba]

Would this be a good idea for a one-person business? Or one that's just starting up, like within the first year or two? Or would I just be "over-doing" it?

[Freelancier]

Would this be a good idea for a one-person business?I started using QB when I incorporated 18 years ago and I was a one-person business until just recently. Basically, when you're a real business earning real money, you need real tools to help you manage it. I formed a relationship with a CPA about 10 years before that (when I outgrew going to H&R Block) and she's been keeping me out of trouble ever since. If it's just a hobby, it's not important, because the numbers aren't going to be big enough to justify the expense. But if it's your business and you're serious about it, then you need to be especially serious about the accounting and legal parts of it.

[Keepbooking]

Hi SamSaba,

I am going to assume that you may not know where to start, hence the post in this forum, which I think could be a good place. Honestly, I have worked with several small businesses and startups. When it comes to finances, they tend to worry that they might not be doing something correctly. And most of the time they are not, unless they themselves are starting a bookkeeping or accounting type business. Financial services are not that expensive, and I agree with TAAccounting above. Pricing and services provided are very much based on the businesses needs.

I work with several one-person businesses, an example would be a general contractor for construction. I am not certain what business you are in, but I have to quote HowToForBusiness, what is your time worth? I'd be happy to answer any questions that you may have. I always enjoy a good conversation with a passionate business owner.