Are paystream any good ?

[bemrose]

Today Paystream set up a ltd company for me. I poke to two different people today and they gave me different fees to do my accounting. I later recieved a print out charging £180 per month to do my account,which i think is very expensive. I telephoned and was yet given another price.

They explained issues around accounting and explained that i needed a business account. Within ten minutes of putting the phone down a nat west advisor calledto open an account, she expained that if natwest were involved paystream would have acess to my account. WHY?

I have become a little nervous about using them now especially with the negative vibes on this site about them.
I want to know if i have to pay anything for setting up the business account with company house as my gut feeling tells me not to go ahead with them as i feel as if i am being rushed.

Can anyone help me ?

thanks

[MaryPoppins]

They are bloody awful. Atrocious. Avoid.

Don't feel beholden to them just because they've set the Ltd Co up. Have a scout round on here as to which accountants people recommend. SJD and Nixon Williams come up most of the time. Once you've spoken to someone from somewhere professional, you will probably feel even more strongly about not using PS.

£180 is an extraordinary price, and it's no coincidence you're being charged that as someone who's clearly fairly new to it all.

Feel free to PM me if you're still unsure.

Ta,
MP.

[MarillionFan]

WMPS

Have a scout around. Even speak to a local accountant. Fees should be no more than £1000 per year(and that's top end) even for a local firm.

You will need a business account. Actually the Natwest one is OK, and is free banking for two years, but there are probably better accounts. Have a look through the site for recommendations on bank accounts.

[MaryPoppins]

WMPS

Have a scout around. Even speak to a local accountant. Fees should be no more than £1000 per year(and that's top end) even for a local firm.

You will need a business account. Actually the Natwest one is OK, and is free banking for two years, but there are probably better accounts. Have a look through the site for recommendations on bank accounts.

I'm surprised Paystream are still operating. I suspect they are basically an MSC trying to pretend not to be. The access to the bank account rings alarm bells for starters.

[Qdos Contractor]

I'm surprised Paystream are still operating. I suspect they are basically an MSC trying to pretend not to be. The access to the bank account rings alarm bells for starters.

Really depends on the level of 'access'. If an accountant is just able to view the company accounts then that should be ok. If they can actually change things it's a different matter.

[MaryPoppins]

Really depends on the level of 'access'. If an accountant is just able to view the company accounts then that should be ok. If they can actually change things it's a different matter.

It may have changed now, but at one time they were able to manage the account 'on behalf of' the contractor.

[Papavar]

I know a few people who have used Parasol (including myself). In the 2 years or so I was with them, the service unfortunately went gradually downhill. It started off very comprehensive (completed tax returns would arrive with little tabs on each page indicating where to sign!) and ended up a bit of a shambles (documents requiring my signature arriving 2 days before the deadline, completed tax return sent to wrong address etc). Although they did help me find my way around when I was very new to contracting, I would be reluctant to use them again.

[Waldorf]

I used to work with someone who used them and effectively he was paying about £4000 for their service

It transpired that they were holding onto the VAT flat rate saving! sounds one to avoid, generally it sounds like you should avoid any of the old MSC operators who suddenly transformed into accountants.

[rd409]

I was with Paystream. Their service is non-existance. Go away from them while you can. I was a newbie and had a lot of queries. I sent lots of emails and no replies. When I call the accountant who was responsible for my account, he was always on the other phone, and never returned the call. I was suppose to get my first invoice cashed into company account after 1 months, so told them to start the direct debit after that date. Guess what, they didn’t care about the request. I got a call from HSBC regarding my account gone into overdraft and I had incurred penalty. The first entry in my company account was an overdraft thanks to those tulip people.
when I asked them about this, they said it might have just gone through and they will make sure the direct debit is not suspended till I receive enough funds in the account. All bull tulip.

Just after a couple of months and being fed up, I switched to NW. Needless to say, the service is extraordinary and all my emails are replied back on the same day. I have also heard the same about SJD. So you have something to pick.
Regarding the bank account access. Paystream used to have a readonly access to company account, so I did not need to send a copy of bank statement like I have to do to NW. But again that is only one single post every month to include your invoices, receipts, and a copy of bank statement. So no harm in that I guess.

[Fred Bloggs]

I used to work with someone who used them and effectively he was paying about £4000 for their service

It transpired that they were holding onto the VAT flat rate saving! sounds one to avoid, generally it sounds like you should avoid any of the old MSC operators who suddenly transformed into accountants.

I agree.