Is my business too small to need your services (i.e. ‘start ups’, businesses with less than $500K turnover)? It depends. One reason why we focus on businesses with more than $500K turnover is because (for the average business owner) this level of turnover usually means the business has gained enough market experience knowledge (through sales) required to ensure the business is commercially viable. However, there are situations where ‘start ups’ have enough prior experience or expertise in the industry (by the directors or investors), and this level of turnover may not be required. Also, generally (but not always) businesses with higher turnover have reached the size where the business becomes more complex in it’s operations and requires accounting services beyond the level of basic reporting. There are also exceptions e.g. businesses where there is a new product or market, or where the business has a business plan which shows expectations for high growth, quickly.
Prices: Accountants (usually) charge based on time (whether paid via an hourly rate, or fixed monthly installment fee arrangement). Just as it is impossible to quote a building job without looking at the plans, it’s almost impossible to know how long your accounting work might take, so to provide a realistic estimate we require access to view your accounting system. We also take the time to get to know you and your needs, by meeting with you in person. Your information is always kept confidential at all times, and we always provide a customised, no-obligation written proposal of the fees for our services, and offer fixed monthly installment plans.
Side note: Some business management advisers/ strategic business accountants charge fees based on a percentage of future ‘value’ created – however we have chosen not to take this approach as we believe that it is unethical to take a percentage of a theoretical future possible value when it is difficult to accurately determine.
Remember: The value of a CFO service is that with skilled forecasting and scenario advice, you will open up to gaining profit through exploring opportunities accurately (in co-ordination with the skilled use of a business plan and accurate knowledge of your customers needs). In the majority of cases the cost of our services will be heavily outweighed by the cost savings, or the maximised profits gained through our skills.
How do you charge for your services? There is no “one size fits all”, as businesses needs will be different. We take the time to get to know you and your business before we make a “Proposal”, in written form, outlining what we believe will suit your needs (based on our conversation/s). We charge by the hour, and currently our rates are (per hour) $300 + GST for a Partner/Director, $200 + GST for an accountant, and $150 + GST for an Administrator/Executive assistant.
Do you also prepare tax returns? Eastmond Paris Pty Ltd only provides CFO services to businesses. We are not Tax accountants/Registered Tax Agents and choose to concentrate only on providing CFO services. One advantage of this is that we are not ‘bogged down’ with the usual stresses of the peak period (typically between August and March each year) when many tax accountants struggle to provide quick turnaround, due to the pressure of completing tax returns.
Why are CFO services expensive?: CFO accountants are professionals with either CPA or CA qualifications who have spent a period of time gaining experience within businesses. In addition, as professionals we must continually invest in ourselves just to keep up to date with the latest business practices.