Home – New Forums Money matters Am I expecting to much from an accountant??

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  • #991325
    Mav
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    Hi,
    My wife and i operate a small mobile Coffee business in the Newcastle/ Hunter Valley area of NSW.
    We started the business at the beginning of 2013 on weekends only and took it full time in the past 3 months.
    We have been on the lookout for an accountant that will not only look after the basic accounting but can lead us in the right direction of what we should and shouldn’t be doing.
    We found a firm last year that offered everything we wanted including training, cloud based accounting, tax returns etc. and more but for this they wanted $500.00 per month. A lot more than we can afford.
    After this we saw another accountant, who is our current accountant that seems competant but doesn’t advise, just answers the questions I might happen to ask. He charges $495.00 for a Tax return.
    Do I expect to much for to little?
    We just want an accounting firm in or around the Newcastle / Hunter Valley area that can advise us on running our business at a reasonable cost.
    Any help will be greatly appreciated.

    #1180950
    arrowwise
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    You are not asking for too much, however accountants that go well and beyond the call of duty of just doing the returns are not easy to find.

    If a face to face local accountant isn’t essential, then finding what you are looking for Australia wide should be explored. You’ll then be amazed on what options you now have.

    IMO a good B2B accountant should have direct business running experience themselves, and be able to be more of a business coach. This can extend to being a sound board on just about any relevant matter you present to the them.
    This is whats sets apart an average and brilliant accountant.

    #1180951
    Mav
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    arrowwise, post: 211107 wrote:
    You are not asking for too much, however accountants that go well and beyond the call of duty of just doing the returns are not easy to find.

    If a face to face local accountant isn’t essential, then finding what you are looking for Australia wide should be explored. You’ll then be amazed on what options you now have.

    IMO a good B2B accountant should have direct business running experience themselves, and be able to be more of a business coach. This can extend to being a sound board on just about any relevant matter you present to the them.
    This is whats sets apart an average and brilliant accountant.

    Thanks Arrowwise,That sounds like the typeof accountant I need.

    #1180952
    ThexArm
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    I guess you get what you pay for. I would say $500 a month would be too much for a mobile coffee shop. But again it depends on each business.

    Initial set up is where you would need a lot of input but once you get used to your business then you would become self-reliant. Until that time you would be better off paying to keep yourself informed to make good decisions.

    FS is a great source for a lot of micro and small businesses. Get second opinions here for your questions.

    #1180953
    NM Books
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    I would suggest not just looking at accountants but bookkeepers as well. I provide exactly what you’re looking including tax services through a registered tax agent, but I don’t call myself an accountant even though I have those qualifications.

    I much prefer to assist businesses with their bookkeeping needs and because I’m there looking at all their day to day transactions, can then provide that advisory service on a timely basis.

    It can take time to find the right person that is going to fit with your personality and your business.

    #1180954
    arrowwise
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    Well done Natasha if you also provide an advisory service as a book keeper. I’ve never met a book keeper stepping outside the traditional realms of their world, however if you can this is a real value add – one that should help engrave your unique position in the market place.

    #1180955
    Brad Turville
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    Hey Mav,

    I must say, your subject line reeled me in! :)
    Firstly, congratulations on taking the plunge into full time small business. It is a big and bold move and should be applauded.

    I guess for you and your wife, it comes down to the value you are getting out of the relationship. Think of accounting fees like marketing, its more of an investment and from that investment you should be getting a return. You know in your gut if its right or not.

    Now this is sometimes tangible (like more revenue and more time) but also intangible, like knowing someone has your back or being able to sleep easy at night.

    It sounds like your current relationship with your accountant is one directional which is common, unfortunately, and not aligned as a strategic partner with you.

    My advice is that you are only as good as the team around you, so make sure you’ve got the right people on the bus.

    #1180957
    Mav
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    Hello and Thank You to all that answered my question, we are now on the hunt for a local bookkeeper to assist us.
    Would also like to say how good the Flying Solo forum is, I have gained quite a bit of help by just searching past Threads.

    Dave.

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