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I S Y O U RA C C O U N T A N TO V E R C H A R G I N GY O U ?

by Kewho Min

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I N T R OFor those people who have a high net worth, an

accountant is a vital part of handling your finances.

Handling all of these responsibilities can take hundreds

of hours throughout the year, so accountant costs add

up quite quickly. The accounting firms often charge by

the hour, starting around $150, but costs can go up to

nearly $1,000 per hour, resulting in yearly costs of

hundreds of thousands of dollars.

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N U M B E R O FA C C O U N T SMy first tip to reduce accountant charges is to

consolidate your money into as few accounts as

possible!

Your income doesn’t often affect the amount of money

an accountant charges; it depends more on how many

accounts the money is spread amongst. If you have

several million dollars, and that money is spread across

up to 150 accounts, than that's more work for your

accountant.

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S T A T E T A XR E T U R N SA common issue amongst people who travel a lot for

work and earn large amounts of money is that you’re

taxed on the income you make in each state; this is

particularly problematic with professional athletes, who

play games in different states all the time. Because of

these various taxes, a tax return form must be filed in

each separate state, which takes dozens of hours.

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W H O ’ SW O R K I N G People working on the account may have various levels

of experience, so your rates could be different from

hour to hour.

Be aware that your costs could change and talk to your

firm about this issue; ask for a breakdown of who

worked on the account and when. You might even want

to ask for a flat rate instead of being charged hourly,

which is a service many accounting firms offer.

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R E M E M B E R :Y O U C A NA L W A Y SS H O PA R O U N D

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If you're unhappy with your current

accountant or firm, check out other people

and/or places to see if they can give you a

better price.

Just make sure that in an effort to find

another option, you aren’t sacrificing

accuracy and good work. Don't downgrade to

a lower quality of accountant who won’t

handle your finances as well!

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a presentation by Kewho Min