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Thread: Average costs for simple accounting

  1. #1
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    Default Average costs for simple accounting

    Looking for info on what should be a reasonable fee for an accountant to do the monthly tax filings required for a small startup company. Its currently owner operated with no employees and minimal transactions of any kind.

    Normally in Canada I was paying 300usd for one time year end submission. Here it seems you need to retain the service of someone on a year round basis even though they may only have a day a month of actual work.
    I am getting quotes anywhere from 5000-15000 monthly plus the 10000 year end. These prices are high overhead for a small company.
    I would imagine there must be some fellow posters here who are, or were in a similar situation, and would appreciate feedback.
    Is it easy or posible to do the monthly filing on your own without the services of an accountant, or have they made that too complex as well?

    Thx in advance!

  2. #2
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    There is a Dominican system called the "iguala" which should be a lot cheaper for a very small business. Try and talk to you possible accountant about this system.

    HB

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    Quote Originally Posted by Hillbilly View Post
    There is a Dominican system called the "iguala" which should be a lot cheaper for a very small business. Try and talk to you possible accountant about this system.

    HB
    Is there a condensed description of this Iguala system???

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    Talk to other small businesses and see what they are paying on their "igualas"....it is pretty much go with the flow...depending on the area. There is wiggle room, but you need to make some sort of a personal relationship for things to work best..

    HB

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    Quote Originally Posted by JDJones View Post
    A word to the wise.. Don't fall into the "simple accounting" mindset. There's lots of reporting requirements for the gov't, and the last thing I'd call it is "simple"
    Wow this amazes me...

    So when your company has no employees and the largest of the 3 monthly expenses will be the bill for the accountant to write down a bunch of zeros other than her fee of anywhere from 6000-15000 /month. This is considered complex accounting that justifies such a huge expense.

    I read somewhere that accountants here are poorly paid. I beg to differ as based on these fees for the amount of time it takes would be on pace for a 2000-5000 per hour take...thats huge!!!
    JD, I totally understand if you are running a business with multiple employees and daily transactions,,,but is there no middle ground????

  6. #6
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    Quote Originally Posted by Norteman View Post
    Looking for info on what should be a reasonable fee for an accountant to do the monthly tax filings required for a small startup company. Its currently owner operated with no employees and minimal transactions of any kind.

    Normally in Canada I was paying 300usd for one time year end submission. Here it seems you need to retain the service of someone on a year round basis even though they may only have a day a month of actual work.
    I am getting quotes anywhere from 5000-15000 monthly plus the 10000 year end. These prices are high overhead for a small company.
    I would imagine there must be some fellow posters here who are, or were in a similar situation, and would appreciate feedback.
    Is it easy or posible to do the monthly filing on your own without the services of an accountant, or have they made that too complex as well?

    Thx in advance!
    For a small company with no employees, and almost nothing to declare, you can do it by yourself. its very easy.
    pay an accounting 2 or 3mil pesos to show you how to do it.
    are you in santo domingo?

  7. #7
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    Quote Originally Posted by johnny View Post
    For a small company with no employees, and almost nothing to declare, you can do it by yourself. its very easy.
    pay an accounting 2 or 3mil pesos to show you how to do it.
    are you in santo domingo?
    This makes a little more sense at least until the company progresses into a more active business.
    Yes in SD...Ideas???
    THX.

  8. #8
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    what's the nature of the business? you're in DR now, CRA isn't looking over your shoulder, if the business is 'virtual' ie. software etc, why even file taxes here?

  9. #9
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    I've met at least one or two Americans here who have small businesses who do it themselves. Apparently it's not too complicated.

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