Help with accountant

[koalla]

Hi everyone,

I need some advice on an accountant, please.

This will be my first year in photography business, so I have no idea how to keep records in order to be able to use tax deductions in the end of next financial year. So does it make any sense for me to book a visit to an accountant right now? So that he tells me what I need to do, how to keep my records, etc? This would be question #1.

Question #2 - can anybody recommend a good accountant? :) No, seriously, if anybody knows a good accountant which has some knowledge about photography business, in Melbourne south-eastern suburbs - I would really appreciate it!

Any other advice about choosing an accountant would also be appreciated.

Thanks!

[Old Skool]

You need to keep everything. All receipts for expenses and all invoices / receipts for payment. Best get an accounting software ie Quickbooks or MYOB or similar and use that to create your Invoices and to record expenses, ie. pay your bills or wages. That will save a lot of time at the Accountant.

[Lani]

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[mynxt]

It is never the wrong time to see/find an accountant. They can help you set things up in the very beginning so you are not taking a big mess for them to clean up later...and charge more of course. Keep everything. All receipts that relate to the business side of things. I can't recommend someone in the suburbs, but use the yellow pages and phone them up and have a chat to them. Ask them if they know anything about photography and so forth.

As a bookkeeper myself.... keep everything neat and in order and well filed so you know where it all is. A computer accounting software is a good thing to have.

Good luck :)

[SnowA]

This would be a good start, even before you see an accountant.

http://www.ato.gov.au/businesses/content.asp?doc=/content/76494.htm&pc=001/003/039/001/005&mnu=43567&mfp=001/003&st=&cy=1

[Longshots]

Yes, yes , yes - seek proper financial advice.

But there is also the same element of sensible advice on how to keep a record of what you spend and what you earn.

Personally I would suggest seeing an accountant now, and not later. Its like constructing a building. Get the foundations right, then it will stay solid.

My personal advice is that buy a basic level of MYOB. Its a reasonably easy programme to learn, and if you make sure you record everything and keep a proper accountant of all financial spending and earning, then you will save yourself a lot of worries in the future. The thing I liked about MYOB is that it has some basic setups already available - ie it specifically has a photographer/studio style business set up in the choices to use as a starting point.

[RaoulIsidro]

With the way the ATO changes rules and regulations every six months, every person in business needs to have an accountant who watches with anticipation every newfangled ATO revision, alteration and regurgitated guidelines from their monitor screen.

[BLWNHR]

My personal advice is that buy a basic level of MYOB. Its a reasonably easy programme to learn

I beg to differ. I have a very high computer aptitude and really struggled to pick up MYOB without doing a course. I had to get my girlfriend to help me with it.

In the end I gave up and went back to using a combination of MS Excel spreadsheets and MS Office Accounting. I've been using this for 5 years and haven't had a problem. I do my own BAS statements, and see an accountant for EOFY stuff.

The software was free, but it's discontinued now. I'm on my phone at present so don't know if there is a download link here, but anyhow:
http://download.cnet.com/Microsoft-Office-Accounting-Express/3000-2066_4-10599757.html

[Longshots]

I beg to differ. I have a very high computer aptitude and really struggled to pick up MYOB without doing a course. I had to get my girlfriend to help me with it.

In the end I gave up and went back to using a combination of MS Excel spreadsheets and MS Office Accounting. I've been using this for 5 years and haven't had a problem. I do my own BAS statements, and see an accountant for EOFY stuff.

The software was free, but it's discontinued now. I'm on my phone at present so don't know if there is a download link here, but anyhow:
http://download.cnet.com/Microsoft-Office-Accounting-Express/3000-2066_4-10599757.html

Well Sorry Adam, clearly everyone is different. I'll beg to differ back.

I think its really important to add that I had no idea how to use Excel (and still dont), and I have no experience with any other accounting package. At the time of starting to use MYOB my computer skills were limited to using Photoshop, and playing games - pretty dam low:) The only experience I had was to write all my expenses down, as well as listing all income, and I would produce my invoices as word documents. My accounts were all done "old school". I use to fill it in in and old fashioned accounts book. Couldnt have been simpler, but took a long time.

If you want to keep things simple, then ignore all computers and simply write down your expenses (seperated into relevant columns/categories), and your income. And do that for each month.

However, if you want to really get up to speed, then an Accounting Package is really the best way forward.



MYOB - I had almost NO assistance. My exwife was having more interest in spending my income faster than I could earn at the time. So I had no one other than a couple of other photographer friends show me how they were currently doing it. Both showed me that MYOB had, and still have some sample set ups ( and still do ), and I selected the Photography Studio shell. In the end it really was very very easy.

Quite a while after I had started with MYOB, I realised that I could have easily employed a MYOB bookkeeper to have got me up and running (without the small problems). It would take less than an hour of a bookkeepers time to get it all worked out. Plus there are countless MYOB for beginner courses at your local Tafe or Online.

My BAS is fairly simple selecting a few things and pressing a couple of buttons. And then because I'm registered for online reporting with the ATO, its all done for me, without a great deal of worrying or time.

I'm surprised that your accountant doesnt want to encourage you to use something like MYOB. As more and more accountants are quite happy to help you set it up for yourself, as its easier for them in the long term.

My accountants, and bookkeeper costs have plummeted since I began to use MYOB



Saying all of that, yes definitely see a qualified accountant.

[Wayne]

My wife, master of finance, registered tax agent, cpa and plenty of other letters after her name says for 1 man band setups, with simple business models you should use MYOB, easy to learn for most, and does all that you will need.

[Kym]

On software:

MYoB is excellent (and an Aussie company unlike Quick books).

Cash Flow Manager is even simpler. http://www.cashflow-manager.com.au/ Also Aussie and has a free trial

[Redgum]

I was about to say MYOB was US owned but remembered it returned to private Oz ownership in 2008. Great company.

[flashpixx]

My wife, master of finance, registered tax agent, cpa and plenty of other letters after her name says for 1 man band setups, with simple business models you should use MYOB, easy to learn for most, and does all that you will need.

have to agree. as CPA myself I fund MYOB does a very good job and is ideal for small businesses. I use it myself for my (small) photog business.