Generally speaking, businesses either sell their product, or they sell their time. In our professional services industry, it is our job to sell our time to you to complete your taxation and business requirements. As a result, most of our work is charged based upon the length of time it takes out team to complete it. The "charge-out rate" used to calculate this depends on the staff members' level of skill and experience. The exception to our time-based billing is business structure and SMSF set up fees, which are charged as a set rate.
While we can provide a rough estimate of the cost, the final cost will depend on hundreds of factors. These include the quality and efficiency of your recording system, whether or not your accounts are reconciled (and reconciled correctly), as well as the complexity of your business structure and extent of your business activity. Different structures also have different statutory requirements, which can vary the cost even more.
All advice is invoiced, including phone calls, emails and meetings. We spend at least 20% of our time providing email and phone advice, so it is an important part of our services. This advice can save our clients thousands of dollars so is generally a great investment.
Generally, the main reasons are:
- There is more work to do this year, or it is more complex than usual. For example, your sales increased, you require a capital gains tax calculation, you were in need of additional taxation advice or you have purchased additional equipment.
- We were missing information. Unfortunately, if information is missing, a job will be put on hold while we wait for your information. The more often a job is put down and picked up, the longer it will take, meaning it will cost you more.
- CPI increase
We have a number of payment options available to suit your needs. Our basic options include Visa, MasterCard, EFTPOS, cash (in person only), cheque or direct deposits. Please note that credit cards incur a 1.5% surcharge.
If your refund is sufficient and you do not have an existing debt with the tax office or Centrelink, you may also be eligible to use our Fee From Refund service. This service deducts your accounting fee from your refund before depositing the remainder into your bank account. You can also use Ezidebit to pre-pay your accounting fees via regular weekly, fortnightly or monthly instalments. This is discussed below.
Yes, through Ezidebit. As a part of our commitment to customer service, we understand that some clients find it easier to manage their cashflow when they are able to pay off their accounting fee through the year by regular weekly, fortnightly or monthly instalments. Your instalment will be an agreed upon amount that is automatically deducted from your bank account, thereby improving cashflow and minimising administration time. Please get in touch with us to found out how this could benefit you.
You can find out ways to reduce your accounting fees by reading our blog. We also encourage you to get in contact with us so we can help you organise your information in the most cost effective way.
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