This is why I'm going to take it over from him. When he used to have his restaurant he said he used to cry at the thought of doing the accounts. As long as he provides me with the paperwork I can file and record it no problem. Just a matter of getting used to it really. Its going to be a learning curve that's for sure!! The hardest part is going to be when I come back from a month away and playing catch up
That's the problem isn't it. I'm hoping that if my mate can atleast keep things in date order for my returns from work hopefully a day at it will have us up to date. If we go cloud based accounting all he really has to do is tell me daily whats in and out and by whom and then I should just need to see the paperwork when I get home.
It is not just receipts, Stu. It is advice when required. I pay my accountant £800/yr and he is full value for that.
I see a problem, you have your doubts, don't let your mate become a liability, and don't become a liability yourself. You need to get procedures into place that ensure that the information is provided by your mate on a regular basis, and You need to ensure that the accounts and paperwork are Always up to date. Otherwise You will cry at the thought of doing the accounts.
Doubts / concerns I think are natural as its a completely new venture for me, but you are correct in what you say
