Tax accountants continually overcharge you. As a former accountant I know the tricks and as an adviser I see it all the time.
Here is a guide to how they do it and what you can do about it
1 Overcharging for BAS returns - there is not much in them and they can be done by BAS agents at low charge out rates
2 As your work becomes more automated the fee is not adjusted. Feel free to query and push back on your accountants fee like any other expense item
3 Continually reworking your information instead of training you how to present in an accurate state. They make a margin on every hour charged. Challenge your accountants about adjustments made and how you can change the information you provide to avoid this
4 Charging big fees for ASIC lodgement - it takes an untrained secretary 5 minutes. Refuse to pay and lodge yourself
5 Charging based on ability to pay. Check the correlation between tax refunds , profit increases and accounting fees. Pushback hard if this is happening to you.
Use our fee checker on our website to see a benchmark of what you should be charged. We do not provide these services so this is not a quote.
4/30/2021 08:08:38 am
Thanks for the information on BAS agents. I will make sure to find a quality accountant. To do that, I will look at reviews and compare prices.
10/8/2022 11:42:19 am
Because sometimes we wrongly believe that our accountant hasn't broken our confidence and won't take advantage of us, I requested all the bill information in case anything was included in them unintentionally or intentionally using unfair means compared to the genuine estimate. You may always approach the professional body your CPA is affiliated with to file a complaint if you think anything is not right and your CPA insists that what he said is correct. This will allow them to look into the situation and resolve it. If we successfully support our case with some proof, we could at the very least receive some type of settlement. This may not result in everything going in our favor.
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