Quickbooks Vs Accountant - Business - Contractor Talk

Quickbooks Vs Accountant

 
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Old 08-14-2019, 04:00 PM   #1
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Quickbooks Vs Accountant


Hello All, my first post here. I have been reading for months now. I have just opened my own remodel business through an accountant. However I am wondering whether I will continue to need him more then once a year for taxes and if I’m better off just using quickbooks. I am a very small company so revenue and overhead is minimal. What do you guys think?
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Old 08-14-2019, 04:14 PM   #2
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Re: Quickbooks Vs Accountant


I am a small company as well. I use quickbooks pro for my bookkeeping and an accountant for my year end taxes. It cost me a fortune if i used him for bookkeeping.

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Old 08-14-2019, 04:20 PM   #3
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Re: Quickbooks Vs Accountant


Thanks! I was thinking the same thing. I’m not really sure how owning a small company like mine will affect my year end personal taxes. We all like those year end checks. That’s the only reason I was thinking of using him. Was quickbooks hard to learn?
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Old 08-14-2019, 07:04 PM   #4
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Re: Quickbooks Vs Accountant


Get Quickbooks. If you like learning new computer and software stuff, you can figure it out on your own. If you are like me, from my experience, find someone (to pay) to help you set up your accounts, how it works, writing checks etc. It will take much less time to learn it, and you will be amazed at how simple it can be. You will also find valuable information about your business, how well you are doing, and your Accountant CPA, will be able to better help you.
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Old 08-15-2019, 04:59 PM   #5
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Re: Quickbooks Vs Accountant


Quickbooks is pretty simple. Having an understanding of accounting principles helps. I sat down with my accountant, who is familiar with quickbooks, and he guided me thru how to use it. I would recommend doing something like that. I am pretty sure their are classes available.

It really helps to get everything set up correctly from the get go. Can be a pain to go back and fix errors.
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Old 09-03-2019, 11:32 AM   #6
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Re: Quickbooks Vs Accountant


Quickbooks integrates with literally everything. And most major credit card providers like American Express / Visa / MC allow you to automatically import transactions. The time savings is well worth the cost.
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Old 09-05-2019, 06:19 AM   #7
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Re: Quickbooks Vs Accountant


Something to keep in mind is, not everyone who uses Quickbooks is completely aware of the nuisances of accounting itself.

I have seen many say "I use Quickbooks" or "I am learning Quickbooks" but they still do not keep themselves properly organized to know how they are making money, or being prepared for tax season.

I am aware of two companies who target the industry

https://www.infoplusaccounting.com/

https://www.fasteasyaccounting.com/

I personally do not have experience with the companies and do not know enough to discuss differences or prices. But their names have been around for awhile in the consulting industry so perhaps check them out if you are stuck and need professional support, with industry knowledge on top of the generic accounting principles.
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Old 09-05-2019, 06:19 PM   #8
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Re: Quickbooks Vs Accountant


Quickbooks + Accountant, not Quickbooks vs Accountant.
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Old 10-08-2019, 10:24 AM   #9
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Re: Quickbooks Vs Accountant


I would recommend learning how to use Quickbooks as it is very useful, specially for small businesses. I bought the book which also comes with a CD containing the software. The book is a great guide to do what is required in the CD. There are also tons of youtube videos you can learn from. This will save you tons of money instead of using an accountant.
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Old 10-08-2019, 08:43 PM   #10
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Re: Quickbooks Vs Accountant


Quote:
Originally Posted by EricBrancard View Post
Quickbooks + Accountant, not Quickbooks vs Accountant.


Your accountant can help you set up your QB accounts to make him/her less necessary on a daily basis and easier at quarterlies and annuals...
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Old 10-09-2019, 11:36 PM   #11
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Re: Quickbooks Vs Accountant


Here is a free software program we use for several of our businesses. It takes less than a few minutes to set up, is free, accurate to the penny and you can teach it to your secretary (wife) in less than a few minutes. You can get a MS Access book for dummies and modify the software in minutes and you can learn a lot of shortcuts. I purchased Quickbooks three times and literally threw it in the trash because it was too difficult to set up, too difficult to teach, had too many flaws that caused inaccuracy and was too slow and cumbersome to use.

I have more than 50 free software programs we use to run out businesses and I always question myself about giving them away. At the same time, I feel guilty having the software and not sharing it with people who can benefit from it. I will see how this goes on this forum, again, but I ask that my name nor my company name IS NOT mentioned on this or any other forum. If it is, then I will remove the software. I have no problem with respectful arguments.

Youtube video:
or search BLPREI for other videos.

How to download the software:

http://bestlineplumbing.com/0001Down...AccessForm.htm

Read the installation instructions. If you have a problem you can call me or download Teamviewer and I will assist you. The effort is well worth the money and time you will save and your life and business can be more-simplified and more stress-free when your business is more-simple to run and more-accurate.
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Old 10-10-2019, 02:10 AM   #12
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Re: Quickbooks Vs Accountant


Its useful to get Quickbooks. Takes a bit to learn but it can be very useful. However, you may need to have an accountant still. I dont think Quickbooks is a complete replacement for an accountant.

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Old 10-10-2019, 09:04 AM   #13
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Re: Quickbooks Vs Accountant


Sorry! I had to remove segments of the video because they showed social security numbers. I will be constantly changing the video. In the future, go to youtube and search BLPREI. Eventually, I will post about 15 free software programs I use for the construction business.


Go to youtube and search BLPREI to see all the software videos.
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Old 10-11-2019, 05:39 AM   #14
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Re: Quickbooks Vs Accountant


I had used an accountant for 28 years. For myself, it was easier. I ran payroll and they did everything for me. They would just tell me how much to write the checks. The last few years I have moved away from running a payroll. I was still having them do all of my accounting. The price was still the same, as when I had employees. One day I decided I didn't really need them, every month. All they were doing it balancing my checkbook.

I bought Quickbooks Desktop Premier. Then I took an online class. I got everything set up and went over is with the accountant. They had me make some changes and that was it.

I can do end of month, in about 30 minutes. I like it. I also feel more connected to my business.

End of the year, I email it to them, through Quickbooks. They do my taxes and prepare my quarterly vouchers.

I don't regret it at all.
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Old 10-11-2019, 11:08 AM   #15
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Re: Quickbooks Vs Accountant


Getting an accountant makes your life easier but will also cost you. Learning quickbooks isn't hard but takes time to learn its software. I would recommend getting an accountant at first and try to learn the most that you can from him that way you won't need an accountant in the future.
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Old 10-12-2019, 08:36 AM   #16
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Re: Quickbooks Vs Accountant


Sorry, but accountants and CPA's will not help you set up your bookkeeping system because it is not in their best interest. Like attorneys, accountants and CPA's charge by the hour. The more disorganized you are the better for them. During my early years, my accountant did not tell me how to do my books and I ended up with tax penalties and interest for $30,000. That is when I decided I needed to be in full control.

But, CPA's are mandatory since when they do your final books you send all the auditors for the state, IRS, worker's comp and general liability directly to your accountants office. That way, you don't make any mistakes and give the wrong answers to any questions. I had a major IRS audit a few years ago and I sent the auditor directly to my CPA. I did not even meet with the auditor.

You need to keep your books so simple and accurate a child can do your books and that is what my software does. You cannot do your books as accurately nor fast with Quickbooks and I've had several businesses challenge me and I always win. My books are accurate-to-the-penny.
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Old 10-12-2019, 04:06 PM   #17
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Re: Quickbooks Vs Accountant


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Originally Posted by daffysplumbing View Post
Sorry, but accountants and CPA's will not help you set up your bookkeeping system because it is not in their best interest.


Maybe for a one-time annual for someone you don't know/interact with, but not a professional who has earned your trust and has both your interests at heart...

Keep in mind who defends the audit...
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Old 10-12-2019, 09:47 PM   #18
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Re: Quickbooks Vs Accountant


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Maybe for a one-time annual for someone you don't know/interact with, but not a professional who has earned your trust and has both your interests at heart...

Keep in mind who defends the audit...
The problem is not about trust. It is that an accountants job is not to organize your business for you. It is there job to take the information you send them and decipher, compile, translate and transfer your data onto tax forms.

The better job the contractor does, the more organized the data and the simpler the form of the date the less mistakes everyone will make and the less money the contractor will pay.

There is nothing better for accounting than cheap, simple, fast and accurate and you cannot do that with Quickbooks. As stated a million times, I run several businesses that do several million dollars every year. I have only one part-time secretary and I do all my record keeping in-house. Hate to rub it in, but the average business owner can't run one small business with simple and accurate records.

It is senseless to use pay for Quickbooks when the software is so complicated, cumbersome and expensive. One reason I make a lot of money is because I stretch out every investment and everything I pay for over a 10-year period. If you run a business and you pay $5,000 per year that you don't have to pay for an in-house book keeper and you don't have to pay extra money to an accountant then you are saving $50,000 every 10 years.

If you save $5,000 on 5 things every 5 years you are saving $150,000 and you can pay cash for 2 homes every 5 years, still have cash to buy a new work vehicle and you will be earning another $50,000 per year because you paid cash for the properties. That is the difference and reason why people like myself own make $millions.

There are certainly a lot of people who don't care about saving money so they can make even more money and then then complain about how they worked their entire lives and have nothing, or not much to show for their 40+ years of work.

The other problem I encounter is people are just plain stubborn and too lazy to do research to find better ways to run their business.
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Old 10-12-2019, 11:13 PM   #19
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Re: Quickbooks Vs Accountant


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Originally Posted by daffysplumbing View Post
The problem is not about trust. It is that an accountants job is not to organize your business for you. It is there job to take the information you send them and decipher, compile, translate and transfer your data onto tax forms.
Yes... and when they set up the accounts for you in QB, that task is made demonstrably easier... for both of you...

IOW, you're both reading off the same page...

From what you just posted, it doesn't sound like you come into contact with them very often... the way you described it earlier was the way it was done years ago before records were digitized...

Are you still working off paper receipts with record keeping?
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Old 10-12-2019, 11:14 PM   #20
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Re: Quickbooks Vs Accountant


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Originally Posted by Jojo4359 View Post
Was quickbooks hard to learn?
I took an eight-week class and still couldn't reconcile. Other than proposal writing, I have to hire out my math.

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