How to keep your accounting fees in check

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It’s helpful if you understand the process we use to complete your bookkeeping, accounting and taxation work. The process’s used is similar among all accountants and is based on time spent on your affairs. The longer it takes to complete your bookkeeping, accounting and taxation the higher the fees. Accountants sell time, the more accurate and complete your accounting records are the less time we have to spend and the less the fees. We only have 7.5 hours in a day to sell and we would not be in business if we gave away our services. Quotations Before we start any work on your affairs we can provide you with a quote if you request it. We will need to site your accounting records and discuss your requirements with you before we can quote. Things that influence the cost include: • The general organization of your accounting records and receipts • The amount of bookkeeping, record keeping etc. that you, as the owner, are prepared to do • The volume of transaction you process through your bank account and credit card • The complexity of your transactions • The level of service that you require, for example basic bookkeeping, financial statements, tax return services etc. It is best to consider our small business accounting package, which includes a bundle of the most requested services at reasonable monthly rates, before making a final decision. Our charge out rates Our charge out rates vary according to the complexity of the work we do for you and range from $40 an hour to $120 an hour. Increasing fees We manage our time as efficiently as we can. We make use of the latest technology and software - all of which reduce the time we have to spend on your affairs. If your fees are increasing its likely due to factors outside of our control and can include: • An increase in your business activity, that means more work and more time spent • Work that was to be done by you but was not done • Information is missing, we have to stop working on your file and pick it up again later. Frequent stop starts causes fees to rise. • Our costs are increasing. Labor, insurance, rental are all subject to fluctuations, sometimes large It is in our interest to complete your engagement as quickly as possible so we can move on and start the next engagement, we earn the same amount of money and have really happy clients. Nickel and diming The occasional 5 minuted telephone call or face to face meeting is not usually charged. We don’t nickel and dime our clients - it runs contrary to our ethical standards. Understandably, anything that requires a higher degree of sophistication and understanding may be charged for. We ask our clients respect this attitude. Computerized accounting records Occasionally we come across computerized accounting records that are incomplete, messy or sometimes worse. Remember that garbage in equals garbage out - If it takes us time to sort it out we have no choice but to charge the time and that causes fees to increase. Comparing our fees At the end of the engagement we total our time and determine how much we need to bill based on the rates applicable to the type of engagement. We are competitive with most other small firm accountants. Their are less expensive alternatives but typically all you will get is a home based bookkeeping and/or basic tax services with little or no accounting services.  It costs money and resources to run an office, we carry professional liability insurance and must maintain our continuing professional development hours.