Home – New Forums Money matters Need to change accountant: suggestions?

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  • #998872
    BobCat
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    Dear all,

    I have been running a small business since Sept 2015 as my side-hustle under which I organise few tech conferences (mainly Melbourne and Sydney) every year. I work full-time as a tech consultant. The business has been profitable and can pay between $25,000 – 35,000 after tax & expenses per year. Personally I don’t take any salary from business. Organising conferences is hard work and has its own challenges but I enjoy it because it gives me a lot of visibility in the international tech industry. I have legal support and business insurance which costs me about $4600 every year.

    Cutting to the chase now…

    I have been using an accountant’s practice who does BAS, tax returns, GST filing and bookkeeping etc. I pay him about $2500 for everything. Events can have hundreds of transactions but bank statements can provide almost all information. I also use this accountant for my and my partner’s personal income tax returns for which we pay him separately.
    My concern is that ever since I refused taking mortgage through him (he is also a mortgage broker), his team has stopped responding to my queries. Every small thing takes many follow ups. It seems as if they want us to take our business elsewhere.
    I live in South East of Melbourne (Camberwell) and I am looking for an accountant that is not overly expensive and can help with all accounting services and can also provide good business advice (additional payment for advisory service is okay).
    I cannot manage any aspects of accounting personally as I am often traveling for work and do not have time. I like to speak with my accountants and lawyers face to face once in a while and therefore a local practice would suit me well.
    A bigger concern is that switching accountants might be a pain and has to be timely.

    I would highly appreciate any suggestions.

    Thank you!
    Bob

    #1216456
    James Millar
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    Hey Bob small world – we are based in Camberwell. I’d be happy to chat and determine if we could assist. Feel free to drop me a line this week.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1216457
    BobCat
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    Hey James, sure thing. I will be in touch soon. Although I think your fee might be way too high for us. :)

    #1216458
    James Millar
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    BobCat, post: 261033, member: 111780 wrote:
    Hey James, sure thing. I will be in touch soon. Although I think your fee might be way too high for us. :)

    No problem. $2500 with bookkeeping, all BAS and annual reporting is relatively cheap and I’m not surprised to hear that the service you are receiving is poor as well. My guess is they need to subsidise the low fees with mortgage commissions in order to make it work for their business.

    Perhaps this is an opportunity for you to reconsider your selection criteria for advisers. If price is the driving factor and you are chasing the lowest cost solution then you will find something – however it will likely come with compromises.

    It all depends on where you want to take your business and the quality of help you need.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1216459
    akagrp
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    Hello Bob

    Can I ask, what is the business operating under, eg Company, Trust and are you using any form of an accounting system or simply handing over Bank Statements each Quarter?

    Happy to chat as we have a dedicated division for startups and micro business which we have created as our way of “Giving Back” and supporting the next wave of entrepreneurs and innovators.

    Though based in Sydney , find technology is a great connector

    Given we services clients in NZ, USA & UK ,Hong Kong, Melbourne should not be a major hurdle

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