I have been where you’re from, QL.
Just seen my accountant for advices on setting up a hybrid trust and negative gearing. He ended up in and out of the office and reception juggling three clients at one time. Finally, came back 10 minutes later and said it could not be done. Then, I pulled out an article by Dale, he clarified that it was possible but he had little time to help setting it up – I read it as “I’m not interested in your complicated structures, I have more easy clients to see.” My loyalty is misplaced… time for a change.
That’s not all, the bill came at $132 for an hour of “nothing” outcome.
Sighhh… thanks for the advice I’m already inclined.
CT
As an accountant who is presently establishing my own sole practice I must say that the posts are encouraging for me, in that I can’t believe how shallow some firms are, so I find it really easy to provide outstanding service at reasonable prices. This is one of the main reasons that I decided to go out on my own, clients are getting charged at partner rates, for junior work, accountants are not providing value, just compliance work, how boring! Much of accounting is boring but the area that is exciting is being able to add value to a client, make a clients tax life easier, getting that extra tax refund, making sure that they understand what they are doing, and how to do it better.
In aggreeance with other postst that you need to shop araound to find someone that suits what you are looking for. Not every accountant will suit every client, accountants and clients have different points of view, risk levels, etc. So it is a task, but shop around and once you’ve got the one you want stick with them.
One last thing, communicate communicate communicate. This will reduce/eleiminate any future disagreements.
Originally posted by Misty1:So,one needs to be aware of “quality”, not “quantity”.
couldn’t agree with you more misty… if you pay peanuts you get monkeys!!!!
if your concerned with your bill i suggest you do the dirty work yourself (and by that i mean adding all your numbers up on excel yourself etc) that way your paying your accountant $150+/per hour to do work that’ll make/save you money, not doing spreadsheets that highschoolers can do.
i’ve a great relationship with my accountants. I send em emails asking lil q’s all the time and they happily reply to all my ramblings.
They’re great.. and fun too.
Cabo Wabo
I really don’t care what my accountants, solicitors or finance advisors charge. I’m willing to pay well for good service and then some. As far as I’m concerned, if they help me grow my business and portfolio from year to year, they deserve a cut of those profits that could not have been made without them.
When looking for an accountant, price is the absolute last thing I think about. To be honest when I interviewed my last accountant and solicitor, I didn’t even bother to ask what they charge, the fact that they were on the same wavelength as me was enough to sell me. [biggrin]
Investment Property Management
http://www.adprop.com.auOriginally posted by Dr.X:To be honest when I interviewed my last accountant and solicitor, I didn’t even bother to ask what they charge, the fact that they were on the same wavelength as me was enough to sell me. [biggrin]
Well said – totally agree with that – price is not a major factor. Better to pay more for someone on the same wavelength….if however you’re paying a fortune for someone on a totally different wavelength – then ‘houston – we have a problem’. [suave]
Hi All,
On accountants;
Unfortunately, these days timed and charged phone calls is becoming the norm. I have a great accountant, but I have made it my business to get educated on the tax laws for property investing (as boring as it is) so I can converse with him on his level. It helps that he is a property owner as well. This makes our conversations short, productive and the results are good. He is worth every expensive cent (and he is tax deductible).
If your accountant is not savvy on property then dump him/her and find one that is right now. You simply must have a good accountant if you are in the business of property investing. Your first question should be is “How many properties do you own?” If they say they prefer the shocks and scares and property never outperforms them, you know you are in the wrong building.
Cheers,
Marc.My, I thought we are here to learn through forum; I didn’t think this was the place to stir up emotions or be condemned by personal opinions.
No problem on fee for service at all. Far from it, the concern here is that accountants have to earn their dues. I was deliberate in giving him the benefit of the doubt as he has served us well in the past by setting up business structures and created wealth.
The accountant knew I was there to discuss setting up a Hybrid DT but failed to deliver any followup (other than saying it was very complicated and time consuming for him to understake my desire) and charged a fee without reference to outcome of the meeting.
Is it right to pay for time and not get any answers to my questions? NO – To be honest, how do you know anyone has your best interests at heart by going on wavelengths or vibes? But, like Terry said, when it comes to property investing, most accountants lack the knowledge to even start advising. They are so wound up in compliance issues to keep their heads above waters.
Good knowledge on accounting issues, wealth of experience and a great customer support (referral generated if the topic is complicated) are core issues when it comes to accountant shopping.
CT
In 2004 my accountants fees were $5,400. from a big city guy, so in 2005 I went to another in the suburbs who works from home and my fees were $1,400. for the same amount of work.
Like everything else, it pays to shop around.yesfella
That’s alright if you got the same quality service, but what if it is actually costing you more in paying extra tax or potentially extra tax in years to come.
Terryw
Discover Home Loans
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It’s all relative to the advise received went to a new accountant to get a new trust structure and he was on $550.00 a hr thought it was over the top but the first bit of advice he gave me allowed me to use personal borrowings againist a ppor in a different manner as a tax deduction saving over $35k a year. Its all about everyone’s knowledge Grey [smiling]
Just remember though, that the accountant's fees are tax deductible for next year's tax return. So it is not a total loss……..
P
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