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[ Questions before we start ]
The things worth knowing
before you change accountants.
Changing accountants is a business decision. You should know how we work, what it costs, who you'll deal with and what happens if something falls outside the agreed scope before you decide.
We've answered the questions that usually come up before the first conversation.
[ Fit ]
Is Wakefield Pacific the right kind of firm for us?
01What kind of businesses do you work with?
Most of our work is with privately owned businesses where the owners are still involved in the important decisions and want more from their accountant than completed returns at the end of the year.
We work across construction and property, hospitality, professional services, trades, retail, logistics and other industries. The business does not need to fit a particular industry label for us to have a useful conversation.
02How do we know whether the relationship is right for us?
It usually works well when you want your accountant involved during the year, particularly when you are making decisions about cash, tax, people, borrowing, investment, ownership or the direction of the business.
If all you need is a tax return once a year with very little contact in between, the broader Wakefield Pacific relationship may not be necessary.
03Do we need to know which service we need before calling?
No.
Tell us what is happening in the business, what you need help with and what is coming up. We can work out which accounting, tax or advisory work needs to be included from there.
[ Fees ]
What will it cost?
01What is the minimum ongoing fee?
Ongoing business engagements start from $875 + GST per month.
That is our minimum ongoing fee, not a standard package for every business. The final fee depends on the entities involved, the accounting and tax work required, the condition of the records and any advisory or reporting work included.
02What might $875 + GST per month include?
For a relatively straightforward business around $1 million in annual turnover, an engagement at that level might include quarterly BAS, annual tax planning, end-of-year financial statements and tax work, ASIC management, two individual returns, general phone and email support, an annual structure review, ATO correspondence and compliance management, key-date reminders, an FBT review, two meetings a year with the senior manager responsible for the file, an annual Personal Wealth & Protection Review and a high-level lending readiness and review snapshot.
That is an example, not a universal package. We scope each engagement before confirming the fee.
03Will I get charged every time I call or email?
No. General phone and email support included in your engagement is covered by the agreed fee.
If a question turns into substantial work outside the agreed scope, we talk to you about that first and price the additional work separately where required.
04What happens if something falls outside the scope?
We talk to you first.
If additional work is required, we explain what is involved and agree on the additional fee before proceeding where practical. You should not receive an unexpected invoice for work you did not know was being done.
[ The relationship ]
What will working together actually look like?
01Who will I deal with?
You'll have a clear point of contact responsible for the relationship, with senior people involved and a wider team supporting the accounting and tax work behind it.
The people speaking with you should know the business and the history behind the question.
02How often will we meet?
That depends on the engagement.
Some clients need a couple of planned meetings during the year. Others need more regular reporting, tax-planning conversations or additional meetings when significant decisions are being made.
The timing and frequency are agreed as part of the scope, so you know what is included before we start.
03Can I call between meetings?
Yes.
The relationship should not stop because the next scheduled meeting is still a month away. If something comes up that affects the business, you can contact the team and talk it through.
Where the matter requires significant work outside the existing scope, we'll tell you before proceeding.
04How quickly do you respond?
We expect our team to respond promptly and keep clients informed rather than leave questions sitting unanswered.
Some matters can be answered quickly. Others need work before we can give you a useful response. If something is genuinely time-sensitive, call us and let us know.
[ Changing accountants ]
What happens if we decide to move?
01Is changing accountants difficult?
Usually, the administrative side is fairly straightforward.
Once you decide to proceed, we coordinate the professional handover, update the relevant ATO authorities and request the records and information needed to take over the work.
There may be things we need you to authorise or provide, but we handle as much of the coordination as we reasonably can.
02Can we change accountants during the financial year?
Yes. You do not generally need to wait until 30 June to change accountants.
The best timing depends on what work is already underway, upcoming lodgments and what is happening in the business. We can talk through that before anything changes.
03What if our accounting records need work?
That does not automatically stop us working together.
We need to understand the condition of the records because it affects what needs to be done, how long it may take and what the work will cost.
If cleanup or reconstruction is required, we identify that during scoping rather than pretending the records are in better shape than they are.
04Where does 90 Days to Clarity fit?
90 Days to Clarity is a defined Wakefield Pacific offering designed to take a closer look at the business, the financial position and the decisions that need attention.
Where it is appropriate, we'll explain how it fits into the work before you commit.
[ Scope ]
What doesn't sit inside the Wakefield Pacific engagement?
01Do you provide bookkeeping?
We do not provide ongoing day-to-day bookkeeping as a standalone service.
We work from the accounting information in the business and can work alongside your internal team or external bookkeeper where required.
If the records need work before we can rely on them, we'll explain what needs to happen as part of the scoping process.
02Do you run payroll?
We do not provide ongoing payroll processing as a standalone service.
We can advise on tax and accounting matters that arise from wages, superannuation, PAYG withholding, payroll tax and related obligations where they fall within the agreed engagement.
03Do you provide investment or insurance advice?
We do not provide financial-product advice on investments or insurance unless that advice is being provided through an appropriately licensed service specifically disclosed to you.
Our accounting work can cover the business, tax and structural implications of a decision, and we can work alongside financial advisers, lawyers, brokers and other specialists where required.
04Will you recommend a tax position simply because it produces the lowest tax bill?
No.
We consider the available tax options and explain the consequences, but the advice still needs to comply with the law and make sense in the broader circumstances of the business and its owners.
A decision should not make commercial sense only because of its tax treatment.
05What happens with large one-off projects?
A restructure, acquisition, sale, significant transaction, detailed financial model or other substantial project may sit outside the normal ongoing scope.
If it does, we'll explain the work and fee separately before proceeding.
[ The first conversation ]
What happens if we decide to talk?
01Do you charge for the introductory call?
No. The introductory call is there to understand what is happening in the business and whether it makes sense to keep talking.
The call is usually around 30 minutes.
02What do I need to prepare?
You do not need to prepare a presentation.
It helps if you can explain what the business does, how it is structured, what is prompting the conversation and any decisions or problems you want to discuss.
If we need financial information before taking the next step, we'll tell you what to send.
03What happens after the call?
If there appears to be a good fit, we'll work out what needs to be included, review the information required to scope the work and send you a proposal setting out the scope and fee.
You can review it and ask questions before deciding whether to proceed.
[ Still deciding? ]
If there's something you still want to know, ask us.
The first conversation is there to work out whether the relationship makes sense — for you and for us.
If it does, we'll explain what we think should happen next. If it doesn't, we'll tell you that too.