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How deep is your pocket, or how much a greedy accountant can get away with. I found there is such big variation, not easy to find a fantastic accountant charges reasonable fees (by my standard) though. Those greedy ones will say you get what you pay.What is a reasonable hourly rate to pay for an accountant in Sydney to deal with business accounting, personal tax matters and super fund accounting/auditing?
What rates are others paying?
Those greedy ones will say you get what you pay for.
I assume that's a joke about H&R block!
How deep is your pocket, or how much a greedy accountant can get away with. I found there is such big variation, not easy to find a fantastic accountant charges reasonable fees (by my standard) though. Those greedy ones will say you get what you pay.
Interesting question and unfortunately not a simple answer. I've just sold out of a large practice as many are aware and now working for myself. The biggest issue for accountants (and a lot of professionals) are recoupment of costs and then making a profit.
For the smaller person, like myself now, I can charge a lower rate per hour because my overheads are lower. I've got more qualifications in tax than most accountants and as far as value for money goes I think my clients are getting a good deal. However on the converse side it means I am limited as to who I can take on and do work for. Sure I could hire new staff, etc but then we get to the real issue for those that do. Recoupment of costs and making a profit. For a larger firm employing an accountant with 3 years + experience will cost at least $90k plus super (well in Sydney anyway). Then you have the rent, training, etc etc all on top. That is why you end up getting charged $300 per hour plus. Because otherwise the firm doesn't make a profit.
Now the challenge then is finding a smaller practice with a well qualified accountant in charge. If you do the service will be just as good (sometimes better), advice competent and fees cheaper. On the converse side if you get too big then that person may have to let you go because of time constraints. Similarly those sort of people can be in high demand because you get the best of both worlds but then the doors close quickly.
Anyway that's my thoughts from having been involved in a larger practice and now a small one (very small one haha). The supply vs demand is very real and I have seen some very bad advice from firms charging at the cheaper end. On the converse I have also seen some bad advice from firms charging over $300 per hour and very poor customer service.
Do your research. Find an accountant that isn't too big with high overheads, be fair to them in their time (not fair to be charged a cheaper fee and then bombard them with emails every week and expect that advice to be for free) and stick with them if you have a good relationship.
Looking forward to other people's thoughts.
Don't call me buddy cause I am not.Why is an accountant who charges (what you consider high) greedy? What you think is high is probably cheap for someone else. It really annoys me when people like yourself expect to get good or excellent advice for relatively little.
Legislation is continuously changing and accountants and lawyers need to keep up. It's not like they walk out of University at 22 and never have to study anything ever again. It costs money to do all of this.
You point fingers and call people 'greedy' but it is people like yourself who expect something for nothing (or very little) that are greedy. Here's a newsflash for you buddy - accountants and other professionals are not charities. Someone has to pay for that education. Considering that YOU are the one that benefits from it, why shouldn't it be you that pays for it.
You don't like that? Fine. Go and see some rinky dink bloke in the suburbs who doesn't know squat and see what happens if the ATO coming knocking on your door one day.
Why is an accountant who charges (what you consider high) greedy? What you think is high is probably cheap for someone else. It really annoys me when people like yourself expect to get good or excellent advice for relatively little.
Legislation is continuously changing and accountants and lawyers need to keep up. It's not like they walk out of University at 22 and never have to study anything ever again. It costs money to do all of this.
You point fingers and call people 'greedy' but it is people like yourself who expect something for nothing (or very little) that are greedy. Here's a newsflash for you buddy - accountants and other professionals are not charities. Someone has to pay for that education. Considering that YOU are the one that benefits from it, why shouldn't it be you that pays for it.
You don't like that? Fine. Go and see some rinky dink bloke in the suburbs who doesn't know squat and see what happens if the ATO coming knocking on your door one day.