| Pages in topic: < [1 2] | Poll: Do you do your own accounting? Thread poster: ProZ.com Staff
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Wouldn't make sense for individual freelancers in Russia. Things can be easily handled on your own. If you start a company with employees, this could be useful.
| | | | Liena Vijupe 
Latvia
Local time: 23:20
Member (2014)
French to Latvian
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I'd have no problem if it was just math, but accounting is so much more than that. You have to know which rules to apply and how (and they change all the time), which status works best for you, prepare and file reports, communicate with authorities etc.
It takes me by far less time and effort to earn what I pay my accountant than trying to do it myself and taking the risk of not doing it properly, so it's a simple business decision.
My accountant has also scheduled a Zoom cal... See more I'd have no problem if it was just math, but accounting is so much more than that. You have to know which rules to apply and how (and they change all the time), which status works best for you, prepare and file reports, communicate with authorities etc.
It takes me by far less time and effort to earn what I pay my accountant than trying to do it myself and taking the risk of not doing it properly, so it's a simple business decision.
My accountant has also scheduled a Zoom call today to inform all her clients what's new regarding taxes in 2023 and I am very much looking forward to it. ▲ Collapse
| | | | Ventnai
Spain
Local time: 22:20
German to English
+ ...
I used to but once I made two mistakes in filing forms and got fined, even though it was me who informed the tax office of my mistakes. I now just do the invoices, collect receipts and bills and send them all off to my accountant. They also handle my annual tax declaration.
| | | | Nikolay Novitskiy
Russian Federation
Local time: 01:20
Member (2018)
English to Russian
In most countries you have an accountant when you run a business. But in Russia accountants have you...
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I do my own accounts. My husband showed me how as he does the accounts for his brother's firm and he's in contact with an accountant to submit the firm's tax forms. Entrepreneurs have a lot of help when starting out and one can make an appointment to learn the ropes and the system. I hate administrative work but hiring an accountant in my case is not worth it as he would be too costly for me since I do not earn so much that he can save me tax or claim VAT.
| | | | | I hate spending time on (digital) paperwork | Jan 12, 2023 |
At the end of every month I send my daughter an Excel file with the information about all the work I've done that month, and she prepares my invoices for me. I know she would do it free of charge, but I pay her a certain amount for every €1,000 I invoice.
Once my daughter has sent me the invoices (in both PDF and Excel formats) I send them to my clients. I also have an email in the drafts tray for my accountant, to whom I send copies of the invoices, along with anything else I nee... See more At the end of every month I send my daughter an Excel file with the information about all the work I've done that month, and she prepares my invoices for me. I know she would do it free of charge, but I pay her a certain amount for every €1,000 I invoice.
Once my daughter has sent me the invoices (in both PDF and Excel formats) I send them to my clients. I also have an email in the drafts tray for my accountant, to whom I send copies of the invoices, along with anything else I need to include for my three-monthly tax/VAT payments. I send an email to my accountant at least once every quarter.
I've been self-employed since 1985 but I still hate anything related to accounting. ▲ Collapse
| | | | | Bookkeeping and accounting aren't the same thing | Jan 12, 2023 |
I do my own bookkeeping then hand everything off to my accountant every year. Makes life easier!
| | | | Michael Harris
Germany
Local time: 22:20
Member (2006)
German to English
Samuel Murray wrote: Ana Vozone wrote:
I have an accountant... But does your accountant actually DO your accounting, or does he simply check your accounting (or does he simply convert your accounting into a format that makes it easier to submit tax returns)?
I dump all of my invoices, etc. on my accountants desk and they sort everything out, including dealing with the tax office. Costs me about €3k / year, but seeing as there are many loopholes, etc. that can be legally used, he is worth every penny.
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Michael Harris
Germany
Local time: 22:20
Member (2006)
German to English
Ice Scream wrote:
A freelance translator's accounts will never be complex enough to justify a bookkeeper.
Money in. Money out. Simples.
Tax returns can be another story, of course.
I ran my business as a limited company for 27 years and had to have an accountant sign off the company accounts by law. He also did payroll and filed tax returns. But I always did the lion's share of the work myself, and he never saved more tax than I paid him in fees. Maybe because I refused to go along with some of his more creative ideas, like paying me only dividends or paying my wife for work she didn't do.
I have no problem paying my fair share of tax. I hate it when people try to avoid tax.
Now I no longer have any employees I have gone self-employed and plan to do everything myself. Yes, there is a theoretical opportunity cost, but never in 30 years have I not had any gaps between translation jobs. I also enjoy working with numbers.
I have never had the happy-go-lucky (amateurish?) mentality of people who just put all the bills in an envelope and send it off to an accountant at the end of the year. I like to have a clear record of what my little business is doing.
Money in / out okay, but if you have an office, company car, all other things that go along with business, then I was more than happy to have everything sorted out by my accountant.
| | | | | Company car?! | Jan 16, 2023 |
Michael Harris wrote:
Money in / out okay, but if you have an office, company car, all other things that go along with business, then I was more than happy to have everything sorted out by my accountant.
Was it a Rolls, Michael?😂
Think you’d need a very creative accountant to justify having a company car for a translator…
| | | | Michael Harris
Germany
Local time: 22:20
Member (2006)
German to English
Ice Scream wrote: Michael Harris wrote:
Money in / out okay, but if you have an office, company car, all other things that go along with business, then I was more than happy to have everything sorted out by my accountant. Was it a Rolls, Michael?😂 Think you’d need a very creative accountant to justify having a company car for a translator…
A BMW X3, but I do not know what you have to do tax-wise, and there is the 1% rule. I messed around with doing my own tax things when I started out and it went a bit wrong which is why I resorted to this. You do not have to be creative, just justify it and having customers all over the place within driving distance.
Married as well, which means here in D my wifes wages are put on top of mine causing more tax that I have to pay, etc.
It was too much hassle for me.
[Edited at 2023-01-16 16:57 GMT]
| | | | | It's often a matter of time | Jan 16, 2023 |
Ice Scream wrote:
I have never had the happy-go-lucky (amateurish?) mentality of people who just put all the bills in an envelope and send it off to an accountant at the end of the year. I like to have a clear record of what my little business is doing.
I have never had the 'happy-go-lucky' mentality of people who just put the bills in an envelope. When I had my first business, I used to do my paper-based bookkeeping, I used to take the books along to my accountant's office and she used to fill in the forms.
I don't know what it's like in other countries, but if you make a mistake with your accounting in Spain or forget to submit a form, the fines can be terribly expensive.
When I started my first business, my daughters were 11 months and 3 years old and I was very busy. I'm now a grandmother and my husband is retired, who's decided that he doesn't want to go anywhere alone. What with one thing and another, I'm busier now than 35 years ago!
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