How Accountants in Agriculture Charge
- Hourly – Usually charge between $90/hr-$150/hr, depending on the complexity of the job. The vast majority of accountants actually work on an hourly basis.
- Value Driven – When the job will be time intensive and the accountant may get a contingency (cased on sales or revenues)-this is rare. Also, if you bring the accountant a showbox, they may chare you a flat fee to get everything sorted out.
The cost to prepare a return can vary widely, depending on whether you bring a shoebox of receipts or very good records.
The typical corporate tax return will cost between $1000-$2000 to file.
Three Kinds Of Agricultural Accountants
- CA (Chartered Accountant)- Work in public practice (giving advice to clients) or in industry.
- CMA (Certified Management Accountant)- Work in industry (for a company) managing their books.
- CGA (Certified General Accountant)- Will generally work in public practice, may specialize in certain area. Similar to a CA, generally have clients that run a smaller business.
Does Size Matter?
Depending on your situation, this type of firm will fit you best:
Owner-managed-company: Small Firm
50+ Employees, $20 million annual sales: Medium Firm
Publicly traded and multinational companies: Large Firm
Questions To Ask Your Accountant Before Hiring:
- Should I incorporate?
- Do you specialize in any area?
- How big is your firm?
- What kind of clients do you deal with?
- Any Industry Knowledge?
*Most importantly trust your gut and choose someone you have chemistry with and can trust.
Questions Accountants May Ask You On The Phone:
- What type of business are you in?
- Is your business making money or losing money?
- What is your family situation? The accountant will be looking for income-splitting ideas.
- How capital intensive is your business?
- Are you going to register for GST?
Asking the accountant how they deliver their service and explain things to you is very important!
Copyright: Freedom Investment Club 2005