Professional Accountants can be critical to the ongoing success of your business. They can provide advice on company structure, financial management and legal tax avoidance. But fees can be exorbitant!
In some cases, too, their expenses are puzzling; a local business owner recently received an invoice that stated “charge for sending you this invoice $135”, NEVER at NestEggg and in most cases time spent under 3 minutes is FREE
There are three key areas the business owner can focus on to minimize the cost of their accounting fees; the selection process, the engagement, and the ongoing relationship.
Selecting your accountant (in the notes section reference “Remote Services” for our even lower rates)
- Find an accountant who specializes in small businesses. They are going to be in a better position to understand your requirements.
- Accountants with decades of experience are a great resource, but selecting one too close to retirement may mean you need to go through the process of bringing someone else up to speed with your records and knowledge.
- Look for an accountant who uses a limited number of accounting software packages.
“Find an accountant who specializes in small businesses. They are going to be in a better position to understand your requirements.”
- Ask the accountant about any complimentary services they offer; newsletters, seminars, initial consultation free or client business.
Communicate with your accountant
- At the beginning, be very clear on what services you are getting and what you are obligated to pay for. This should be in the engagement letter or information pack/agreement that they provide you with. Many small business owners are unaware that the accountant is reliant on you providing them with complete, true and accurate records, and not all accountants review GST processing.
- Ask the accountant how the accounting fees can be minimized; what responsibilities can you take on yourself?
The ongoing relationship
- Use the accounting software package your accountant recommends, which would typically be QuickBooks Online.
- Ask for a cap on accounting fees.
- For more information and to take advantage of this offer “Get the Eggg Rolling Today“
Cannabis Clients requiring the complexity of 280e requirements aren’t subject to this offer but discounts are available when applicable.