Financial Services Sunshine Coast

Accounting Fees

PWA Financial Group recognises that our clients are looking for value in the services we provide.  As such, the following factors are taken into account when determining our fees:

We are open about fees and can provide an estimate prior to the commencement of any assignment, if required.   This will be an estimate only as it is quite difficult to ascertain exactly how long a job will take – as it is dependent on many factors such as technical issues, the quality of the records provided etc.  Once we commence the work, if we believe that the job will take longer than estimated, we will contact you to discuss what the revised estimate will be and why it has changed.

For all other work fees will be issued on completion of each assignment, or quarterly for general matters.

Some common questions about fees:

1. How are fees calculated?

Like most professionals, accountants charge in time units.  The fee is generally calculated based on the time it takes to complete the work. 

As a guide to our costs, below are our current professional staff hourly charge rates (ex GST):

Partners up to $330
Senior Accountants up to $250
Accountants up to $215
Assistant Accountants up to $110
Bookkeeping up to $60

2. What is included in the fee?

The fee comprises of time taken to complete your work and also includes the following:
  • Meetings with you (or others eg. Bank or bookkeeper)
  • Telephone conversations with you
  • Responding to emails from you
  • Sending queries to you
  • Assisting you with software issues
  • Travelling to your home or business
  • Any disbursements for your job eg. ordering trust deeds, title searches, technical support
  • Ensuing compliance with appropriate regulators such as ASIC, ATO etc
  • Technical research and advice

3. I use MYOB/Cashflow Manager/Quickbooks – shouldn’t that reduce my fee?

This depends on how well it is used.  If information hasn’t been entered correctly or reconciled it will mean that your accountant will have to spend time sorting and correcting the information you have provided.  If you use one of these programs ensure that your operator uses these correctly – this should save you time and money in the long-run.

4. Why is my bill more expensive than last year?

There are several factors that may affect the cost of your work each year:
  • As mentioned above, the fee charged relates to the time it has taken to complete the job.  If there is more work (eg. unreconciled records, sale or purchase of a business, sale or purchase of an asset, GST or BAS advice) then it will take longer to complete.
  • If information is missing or queries are not answered in a timely manner it means that your accountant will have to spend time becoming reacquainted with your work each time they pick up the job.  This adds time to your bill – and the more this occurs the more time will have to be charged.
  • Like any business, we face increasing costs each year.  This means that chargeout rates for our team increase in line with CPI and other associated costs. 

5. Why has the job taken so long to complete?

We aim to have a 2 week turnaround for straightforward individual income tax returns.  However, more complex work will take longer – and we plan for a 6 to 8 week turnaround for larger jobs. 

Please be aware that we complete work in the order that it is received, so your accountant may have other work that has come in before yours. 

Other factors that may affect how long your work takes to be finalised are:

  • Not having all of the relevant information on commencement of the job
  • Having to spend time reconciling accounts
  • Not receiving a timely response to queries sent to you
  • Waiting on statements from investment managers

Please speak with your accountant if you need your work completed by a certain date – we will endeavour to meet your requests wherever possible.

6. What can I do to reduce my fee next year?

Ensure that you:
  • Provide all relevant information when dropping off your work
  • Answer queries within 48 hours of receiving them
  • Have competent operators inputting the data into your accounting software
  • Reconcile your accounts
  • Provide summaries of all of your expenses

 

Tax & Accounting
Financial Services
Business Advice
phone 07 5436 0300   fax 07 5436 0399  email info@pwafinancial.com.au
postal address: PO Box 237 Caloundra Qld Australia 4551   ABN 43 659 242 106
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