I am a small insurance broker company. Been solo for 3 years now.
My accountant continually increases their fees annually, Its like they see that my business is growing then say its time to increase your fees and there is no additional value added. I am also not talking CPI, this year it was a 33% increase.
My questions is to accountants how much work is involved in completing tax returns for small businesses, I understand that each individual has different needs which create more or less time but if you run a simple business with no stock using Xero, how much time is spent doing the annual tax return?
I am not here to beat up the accounting profession just better understand how much work is involved.
I might chime in because this is pretty relevant to our business accounting and tax reporting solutions. For a small / micro business a conventional quality CPA or CA firm will charge anywhere up to as much as $4000 for annual company financial statements and income tax return lodgement. Whilst its true that the various professional organisations keep loading us up with rules and QA requirements those issues are really no worse than the red tape in many other industries.
At Mr Tax we offer professional reporting and tax solutions at a relative fraction of the price. We use efficient systems, processes and very well trained qualified in house staff. We don’t load in items that you don’t or won’t need. For example many micro businesses don’t need regular meetings priced in.
For $800 Exc GST we prepare professional financial statements (not audited of course) and prepare and lodge your company or trust tax return. No catches. No hidden costs and no first year special. Full phone and email support with an office based in Melbourne.
Feel free to contact us for a discussion as I’m sure we can assist.