Why don't you use house of wealth or Nick Moustacas' strategic wealth management. Just do a search on the forums and these names always pop up.
Accounting Fees
- Thread starter MTR
- Start date
I only heard about this group about 1 week ago, been on SS for some time now, I guess just did not focus on this at the time, things have changed now.
Am planning to spend the next couple of days researching this and will post back.
Ive recently heard of more accountants doing all in prices in return for a monthly retainer
a friend of mine recently got quoted $2k/month for his business, personal for both directors, both their SMSFs, unlimited phone calls etc and meetings which he is pretty bloody happy with.
granted this is way beyond what most people need (his business is growing extremely rapidly) but i can see why it suits the accountant too. a lot easier to manage cashflow, easier to budget etc)
a friend of mine recently got quoted $2k/month for his business, personal for both directors, both their SMSFs, unlimited phone calls etc and meetings which he is pretty bloody happy with.
granted this is way beyond what most people need (his business is growing extremely rapidly) but i can see why it suits the accountant too. a lot easier to manage cashflow, easier to budget etc)
$2000 EXTRA. OMG.
I would scream if my TOTAL bill was $2000.
I can ring my accountant anytime to ask if I should buy a particular property etc. Or ask his advice on anything else. I don't over do it of course and it hasn't changed my costs. If I was ringing him constantly it would be a different matter I guess.
MOVE NOW!!!!!
I would scream if my TOTAL bill was $2000.I can ring my accountant anytime to ask if I should buy a particular property etc. Or ask his advice on anything else. I don't over do it of course and it hasn't changed my costs. If I was ringing him constantly it would be a different matter I guess.
MOVE NOW!!!!!
$2000 EXTRA. OMG.
I can ring my accountant anytime to ask if I should buy a particular property etc. Or ask his advice on anything else. I don't over do it of course and it hasn't changed my costs. If I was ringing him constantly it would be a different matter I guess.
MOVE NOW!!!!!
I certainly don't phone constantly.
Yep moving on, I knew he was expensive but after reading some of these posts now I think he is a thief. As I said, got no one to blame but myself for not taking action earlier.
We used him when we needed strategic/accounting advice on our business and he really saved the day, but we have not used him for this type of service for at least 4 years now.
Pretty much basic property stuff, 1 trust, we do have overseas property but I have another accountant for this who puts it together, so no major work on his part.
As I said I am shopping this week, am in Perth and prefer to see someone face to face, I know we all use email etc. but it would be the preferred option.
of course happy to pass on
I do......
Out of curiosity, do you charge yourself by the hour or a fixed fee?
I bet he charges extra to do the properties purchased under a trust
My last ones were $200 per return. They are pretty basic with a couple of IPs. Top chick actually. Wouldn't go anywhere else.
Off topic a bit. Terry_W will know the industry much better than me, but I remember hearing on the radio of a big inquiry/investigation that a legal firm was billing for more than 24 hours a day for some staff. From memory the firm provided support for the Chinese community.
Definitely bad eggs. As usual, a few cowboys ruin it for the good ones.
Off topic a bit. Terry_W will know the industry much better than me, but I remember hearing on the radio of a big inquiry/investigation that a legal firm was billing for more than 24 hours a day for some staff. From memory the firm provided support for the Chinese community.
Definitely bad eggs. As usual, a few cowboys ruin it for the good ones.
That was possibly a law firm. I think the principal of that firm was struck off for overcharging and later bankrupted.
With charging at 6 min intervals it is possible to charge for more hours than there are in the day. e.g you get a phone call which lasts for 1 miin. You charge 1 charging increment which is 6 min. So if you get 6 phone calls all within the same 6 min you could bill 6 x 6 increments or 36min even though it took you 6 min all up.
In my first job I was criticized for not recording and billing a phone call where I said "hello, no he is not here now, okay thanks, bye". I should have billed 6 min for that.
I also get spoken to at my job if I don't charge one unit for picking up a telephone call for someone else.
I sign an engagement letter prior to my tax being done each year. The engagement letter states the total cost of my accountants services regardless of the time it takes him. No surprises then.
I sign an engagement letter prior to my tax being done each year. The engagement letter states the total cost of my accountants services regardless of the time it takes him. No surprises then.
Thanks everyone for posting.
I am meeting with an accountant which has come highly recommended by a friend who has used him for a number of years, he is in Perth which is what I wanted.
I am meeting him next week, however, just after a discussion today I believe his fees are at least 50% cheaper than my current accountant, he is also a developer and as I am going down this road this may be very helpful.
Will post his details once I have met him etc.
Cheers MTR
I am meeting with an accountant which has come highly recommended by a friend who has used him for a number of years, he is in Perth which is what I wanted.
I am meeting him next week, however, just after a discussion today I believe his fees are at least 50% cheaper than my current accountant, he is also a developer and as I am going down this road this may be very helpful.
Will post his details once I have met him etc.
Cheers MTR
Yeah was listening to it on the radio one afternoon. I can't remember much about it. I have zero probs with 6min sessions overlapping. But 26hrs or so per day for some staff is definitely fingering someone.
When I hear of IP tax returns with accountants who don't discuss depreciation schedules, I tell my mates to find another one.
By the way Depreciator, I just received some top service from your crew. Thanks again.
Hey MTR,
If you do come across a good accountant specialising in Perth do you sharing. I'm a bit unsure what to look for and don't think I could differentiate the good between the bad as I havnt had an accountant before. Like you I've been recommended house of wealth in Melbourne and they look like they are on to it but I'd still prefer to deal with someone face to face.
So what makes a good accountant? Is it all about the lowest annual fees, getting the largest tax cheque possible, or more so about being proactive in relation to your needs and anticipating where they can help you? This would obviously come at a price, so how do you work out what is reasonable?
...as in "expect cost recovery in the next rent increase if you over charge me"
The Y-man
