Why do you use your current account?

[Belu]

Hi all,

With recent changes in the investment accountant scene (yes, you all know what im talking about) and as a result the talk on here, I am curious as to know what you like about your current accountant? I am an auditor so curious about the investment accountant as well, but i am also about to embark on my first property investment so would like to see how people choose their accountants.

No need to name names, infact its best if you dont. Also if there is something you would like to see more from accountants in general chime up - some may be reading and act on it!

Cheers

[BayView]

"With recent changes in the investment accountant scene (yes, you all know what im talking about)".

No, I don't know what you are talking about.
What are you talking about?


I voted the last one.

My accountant is a good bloke, we get on well and has saved me lots of money over the 20 or so years we have been together.
But he has become a fairly big firm, and my account has been hand-balled to a junior associate or partner, who knows probably the same as I know about property investing.
Now I am a small fry, so the service I get with getting tax returns done is very slow. Last year I had all my figures to them by August 3 (had to wait until end of July for wife's Aussie Group Certificate).
The tax return cheque arrived in Feb this year. Not happy, and there was no explanation that it would take a while.
I sent a few emails asking if they had had a chance to get onto the tax returns, and was told each time that they were busy and would get onto it soon. And so on.
Not only that, but now our portfolio has increased since the early days, and the input from them is non-existent in relation to future plans and strategies. I continually have to ask, while no advice is offered or suggested freely.

Also, I approached another accountant recommended to me who is supposedly good at property investment back in May. I sent the last 2 years tax returns across to him to "get the ball rolling".
I haven't bothered to rush with the figures to him for this financial year as we have no Aus income to offset the deductions against, and now it is Dec and I haven't heard a peep to say "Hey; are you still there? Where are those figures?" etc.

Pretty pathetic, and he will be fired before he even starts. Not bad; firing 2 accountants in one year.

So, advice for any budding property investment accountants out there; don't just be a passive number-cruncher; anyone can do that.

Get pro-active and get involved with your clients; don't wait for them to ring you, and you will blitz the accounting world, such that it is.

Would anyone know of a good, pro-active accountant, savvy in property investing, in the Eastern Suburbs/Mornington Peninsula areas of Melbourne?

[burty85]

So, advice for any budding property investment accountants out there; don't just be a passive number-cruncher; anyone can do that.

Get pro-active and get involved with your clients; don't wait for them to ring you, and you will blitz the accounting world, such that it is.

Would anyone know of a good, pro-active accountant, savvy in property investing, in the Eastern Suburbs/Mornington Peninsula areas of Melbourne?


Agreed, im am looking for my first accountant this yr, I have not yet contacted anyone but will be soon as i will be back in Australia with in the next week....

I would perfer an accountant that deals a lot with IP's.
My question to you SS investors is it important for you to have your accountant in the same location you live or do you find that you get good results from using interstate accountants?

[LynnH]

burty


We have used accountants in our city and accountants interstate. The best service was from our first interstate accountant, but when he sold, the new owners were hopeless and we sacked them. These days, with email, fax machines etc, there is little practical difference whether you and your accountant are located in the same town or not.

I think it really does boil down to the individuals concerned - just find someone you are happy to work with and who understands what you are doing and what you want to achieve ..... then pay him/her whatever 'extortionate' rate s/he wants to charge you, because it will be worth it! :D

Cheers
LynnH

[Twitch]

My accountant is experienced, CPA qualified, extremely personable, extremely knowledgable, smart, isn't afraid to give me advice I don't always want to hear, reasonably priced, always comes up with good ideas I hadn't considered to solve problems, is an investor himself. I could go on :).