Choosing/changing an accountant

[octobere]

What sort of accountant do you recommend for people with IPs, managed funds and a small business?

I've been using H&R Block for a few years now but with it being a large firm, my tax return is done by different accountant every year. I feel it will be beneficial to find a smaller accounting firm with a dedicated accountant to look after my account sooner than later, but I'd like to hear what you guys think.

Another question is, when choosing an accountant, do you go for a local one in your area? How easy is it to change an accountant? One of the reasons why I kept going back to the same firm was because they have got all my files and it was easier.

 

[allblack]

Why would you use H&R block. They have a high turnover off staff every year and the person doing your return each year is usually new in the job after doing a short course on tax returns. They don't have the in depth knowledge and experience you should be seeking in an accountant. It is easy to change accountants. Get a referral from a friend or relative of an accountant they are using. My first question to the accountant would be "do you own investment properties".

 

[Mark Xpnsit]

H&R block might be okay if you are doing a basic tax return when you work for an employer and have no investments but if you have a property or any other kind of investment I would be going to see an accountant not a tax agent.

To find one in your local area speak to other people with investment properties and see who they recommend and don't just rely on your accountant before you go in you need to know what deductions you should be getting and the kinds of things you can claim for

 

[PHF]

I can almost guarantee that the person doing your work at HR Block is NOT an Accountant. Yes they are a large firm, just like Mc Donalds is a big restaurant.

Do you think the kid that makes your cheesburgers is a Chef?


Find an Accountant that has rental properties.
Expect to pay for a good service. Nobody that is good at their job works for peanuts, it doesn't matter what their trade is, Accounting, Electrician, Builder etc.
If you're particularly good at your job, wouldn't you expect to earn more than an amatuer?

Good luck

 

[BV]

Its very easy to change accountant.
Mine is not far these days but 5 years ago I used to travel across Sydney to go and see him.

If you use a smaller firm you get a personal service and you only need to do 1 or 2 trips in the beginning while you are building up a business relationship. After that you can do it all by email or fax.

If I were you I'd try to get a package deal with a smaller firm that way you save heaps and you also get looked after.

 

[octobere]

Thanks for your advice guys. Good to know your feedback.

So what happens to those assets that get depreciated every year when you change an accountant? How does the new accountant get a record of those? Sorry I am a bit clueless.

 

[JohnJC]

Thanks for your advice guys. Good to know your feedback.

So what happens to those assets that get depreciated every year when you change an accountant? How does the new accountant get a record of those? Sorry I am a bit clueless.

You should get a copy of the depreciation schedule every year with your return. If not your new accountant will request it from the old accountant in his ethical letter.

It's getting pretty common these days for clients to email/fax all work so don't limit yourself to local accountants.

Cheers.

 

[octobere]

Thanks guys. Got in touch with an accountant who himself has a few investment properties and small business clients. I'm going to see him next week.