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1st year Accountant Fees - SHOCKED!

Discussion in 'Business Operations' started by JHLawns, Mar 29, 2007.

  1. JHLawns

    JHLawns LawnSite Member
    from NJ
    Posts: 27

    I just started my business officially in November 2006. Trying to do everything right, licenses, insurance, accountant, etc.

    Our initial meeting with the Accountant was Nov. 4th, couple Quickbooks questions after that then a meeting on Feb 3rd to give paperwork for taxes - already emailed Quickbook copy, picked up Taxed on Mar 3rd.

    Received the bill today. $1915.00 then it was reduced by $1000.00 for new customer discount. Final bill $915.00. Is this crazy or normal?
  2. LawnSharks

    LawnSharks LawnSite Senior Member
    Posts: 300

    Seems high to me. I do my accountant's lawn in exchange for his annual service. He prepares all IRS info and files everything as well as does updates on Quickbooks for us. I believe I would shop around. Maybe this fee is for an annual service?????
  3. JHLawns

    JHLawns LawnSite Member
    from NJ
    Posts: 27

    It isn't for a year - the invoice is itemized without individual prices but it is only for initial start-up business consultation, preparing & researching taxes, quickbooks support.....

    I am in Salem County, NJ not New York City!!!!!!!!
  4. DanaMac

    DanaMac LawnSite Fanatic
    Posts: 13,156

    Sounds extremely high to me. My accountant does my company (S-corp) and personal year end taxes for about $850. It does sound like they did some different things for you, but not $2000 worth.
  5. razor1

    razor1 LawnSite Bronze Member
    Posts: 1,985

    Time to find a new CPA. I dropped my last CPA for rates like that, after using them for many years.
    My new CPA is about 1/2 the cost.

    To avoid sticker shock. Always ask for a price quote up front. (Every year) :hammerhead:

    Good Luck
  6. JHLawns

    JHLawns LawnSite Member
    from NJ
    Posts: 27

    Actually, I did ask the fee on the very first meeting and was told depending on the complexity of the tax return could be $200 - $500. Never was there a mention of any other fees.

    I guess I take it as a very expensive lesson.
  7. mrusk

    mrusk LawnSite Gold Member
    Posts: 3,260

    You got hosed!!!

    My guy consulted me at start up for free. Charges me 275 a year before i had employees.
  8. Woody82986

    Woody82986 LawnSite Silver Member
    from DFW, TX
    Posts: 2,128

    Yup, seems like you got hosed. My accountant charged me $50 for an initial one hour consultation that stretched into more than 2 hours. My taxes are simple enough that I can do them myself, but sometimes I call him when i have a question. He always answers my questions. Every time I call and talk with him i expect a bill in the mail from him but I never do. I even called up there a couple times wondering why I had never received a bill for his services and he always just tells me that I know what I am doing and the questions I ask aren't tough enough to warrant billing. haha
  9. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    I pay two hundred per month. I don't send him a quickbook file. He gets copies of all of my CC / Bank statements, and copies of my checks.

    I have been told that I am getting a great old school service for a low price. The return is about $500 for the company.
  10. JHLawns

    JHLawns LawnSite Member
    from NJ
    Posts: 27

    I see there is a range of prices and I am getting the picture that I got had.

    To clarify my situation a little - I am a brand new start-up LLC with no employees just myself, I filed my own LLC papers and all state & county required registration paperwork.

    The company was just formed in November 2006 and I only had a couple jobs last year.

    I was thinking if that was the price of an accountant then for 2007 it will be astronomical.

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