- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Seeking first accountant...How does this work?
Posted on 10/3/16 at 10:21 am
Posted on 10/3/16 at 10:21 am
Just like many of you, we need an accountant. We're now beyond just filing taxes every year, we need to actually be intentional with our planning. My question is...
How does this relationship work? Do they bill every time we call? Do they typically bill for initial meeting? Or do they just submit one invoice per year to get everything correctly filed? I certainly don't plan on calling them every week to ask a question, but maybe every few months...
How does this relationship work? Do they bill every time we call? Do they typically bill for initial meeting? Or do they just submit one invoice per year to get everything correctly filed? I certainly don't plan on calling them every week to ask a question, but maybe every few months...
3
Posted on 10/3/16 at 10:32 am to AUjim
Do you own a business?
Posted on 10/3/16 at 10:33 am to AUjim
The big ones will bill you for every call, mailing, visit, etc., you have with them.
A lot of smaller ones will bill you for the initial visit, agree upon a set fee/billing arrangement, and often will just bill you once when they do your taxes.
If you're big into personalized service, and prefer talking to the same person every time you call, go with a small firm.
A lot of smaller ones will bill you for the initial visit, agree upon a set fee/billing arrangement, and often will just bill you once when they do your taxes.
If you're big into personalized service, and prefer talking to the same person every time you call, go with a small firm.
Posted on 10/3/16 at 10:57 am to LSUFanHouston
quote:
Do you own a business
No...not really, we do have a rental property that we are getting ready to sell, and probably buy another...
Posted on 10/3/16 at 3:23 pm to AUjim
A referral by someone who is fairly successful in the rental property arena if you don't already know an accountant.
If you already don't have a relationship developed with an accountant, I would certainly attempt to do this. The same holds true for your commercial banker, attorney, insurance agent and other professionals that you do business with. A relationship of trust, so if things go wrong they feel obligated to try to make it right. Otherwise you may as well get the cheapest people you can get, and throw a dart at the telephone book.
In my opinion, the relationships should reach the point where you don't shop them out. In my case, there is no bank that could make me switch for a minor interest rate difference, no attorney who could make me switch for a lower hourly rate, and on and on.
There is too much do it online, and find someone for less money online. All great. Until things fall apart. And that has been the way business has always been, and in certain areas that require professional advice, the internet and cheap will never replace this. As assets grow, this is mandatory, not optional. When you reach the point of asset preservation weighed with growth, and get a little bit older, this way to building a solid foundation is priceless.
The amount of money I've made by word of mouth using this common sense method is staggering. As have the professionals I use by virtue of my referrals to them.
In my word there are few places I spend money with that don't spend money with me. My business allows for this, where some other businesses do not, but in either case, this doesn't lessen the need for a relationship based on trust and respct.
If you already don't have a relationship developed with an accountant, I would certainly attempt to do this. The same holds true for your commercial banker, attorney, insurance agent and other professionals that you do business with. A relationship of trust, so if things go wrong they feel obligated to try to make it right. Otherwise you may as well get the cheapest people you can get, and throw a dart at the telephone book.
In my opinion, the relationships should reach the point where you don't shop them out. In my case, there is no bank that could make me switch for a minor interest rate difference, no attorney who could make me switch for a lower hourly rate, and on and on.
There is too much do it online, and find someone for less money online. All great. Until things fall apart. And that has been the way business has always been, and in certain areas that require professional advice, the internet and cheap will never replace this. As assets grow, this is mandatory, not optional. When you reach the point of asset preservation weighed with growth, and get a little bit older, this way to building a solid foundation is priceless.
The amount of money I've made by word of mouth using this common sense method is staggering. As have the professionals I use by virtue of my referrals to them.
In my word there are few places I spend money with that don't spend money with me. My business allows for this, where some other businesses do not, but in either case, this doesn't lessen the need for a relationship based on trust and respct.
Posted on 10/3/16 at 3:51 pm to Iowa Golfer
quote:
A referral by someone who is fairly successful in the rental property arena if you don't already know an accountant.
Would you fall into that category?
...because I have a few properties and could use one too.
Posted on 10/3/16 at 4:42 pm to Menji
I live in Iowa, so my referrals likely would not do you much good.
Posted on 10/3/16 at 6:22 pm to AUjim
Call the CPAs in your area and ask them for an initial consultation. You'll know within 5 minutes of it is worth pursuing a professional relationship with them. They will let you know what they will charge you for their services, how those services will be provided and how frequently they will bill you. Initial consultation should be free.
Posted on 10/3/16 at 9:18 pm to AUjim
quote:
No...not really, we do have a rental property that we are getting ready to sell, and probably buy another...
I don't charge for an initial meeting, but I'm also not going to do a ton of tax planning and give away all my goods at that initial meeting either.
I try to find what you are doing right now - did you use a CPA in the past, what kind of condition your records are in, what particularly you need from me, how responsive you will be to requests for information, etc.
For all new clients when asked, I will provide a first year quote, and as long as you haven't misled me, I'll stick to it. As a first year client I will have you sign an engagement letter (really, we do this for most everyone now) that basically outlines what I will do and how I will bill you.
If you are behind on filing, I ALWAYS get a retainer - usually 50% of the expected cost.
I asked if you were a business, because I handle those differently. I will usually try to package services for a business, depending on what the client needs. For example, I might charge you $3,000 a year, billed monthly via EFT, and you get for that a package of service that can include a tax return, tax planning, reasonable research and addressing questions, an annual compilation, etc. For $5,000 a year I'll do quarterly comps. For $10,000 a year I'll do monthly comps and answer pretty much anything you want with no additional charge.
But it's spelled out in a contract. Exactly what is covered, and what will be extra.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News