We provide cost effective services to our clients without reducing our commitment to quality. As members of the Institute of Chartered Accountants in Australia, the partners of Lambourne Partners conform to industry guidelines in determining fee levels.
~ ABOUT OUR FEES ~ The ‘Fee Memorandum’ is an information sheet outlining how this practice charges for the services that are to be provided.
Basics
As we sell no products, our time and expertise is our only source of revenue. However, when we provide a service, you are not only just buying an accountant’s time, but rather utilizing the significant wealth of accumulated knowledge and experience of the firm, its partners and staff. Each person in the firm maintains time records and clients are billed based on the actual time spent on their affairs by individual staff members and partners.
Hourly Rates
A standard hourly rate is set for each person based upon the criteria of experience and ability. This also incorporates the continuing education requirements of our professional bodies, particularly in the area of taxation law. If no extenuating circumstances exist, clients are billed using standard hourly rates multiplied by the actual hours worked. It is not uncommon to adjust the fees so determined to recognise:
Additional time spent on an unfamiliar area; Higher hourly rates due to the unavailability of appropriately skilled staff to perform some tasks; and The value to the client of the services provided.
Hourly rates vary substantially among staff – currently from a low of $80 to a high of $270. The partners as well as our financial planner, Andrew Price charge $270 for higher level work. These amounts exclude GST. It therefore follows that the effective use of appropriate staff to perform routine accounting functions results in the most cost effective solution for the client. Upon negotiation with the relevant partner, a fixed fee can be arranged incorporating all of the above factors.
Telephone Calls
Due to the extensive amount of consulting work done by our firm through the use of the phone, telephone calls are treated in the same way as any time spent on a client’s behalf. If matters of substance are discussed, the time is charged and billed to the client. Personal calls of a non-business nature are obviously not charged to clients.
Out of Pocket Expenses
Anything spent specifically on behalf of a client is charged to them. This category includes travel, courier and above normal postage costs, photocopying, facsimiles etc. Normal overhead costs are included in the hourly rates.
Rendering the Fee
Generally speaking the fee account calculated in accordance with the above principles will be rendered at the completion of the work, but where appropriate, fees will be billed progressively as work is undertaken or at specific times where mutually agreed. We can arrange for more regular, smaller fee accounts to assist your cash flow if required.
Payment Terms
Our invoices are payable within 30 days of issue. If an invoice remains unpaid, we reserve the right to charge interest at 14% in respect of the period that is outstanding beyond the above terms. Where clients are to receive refunds from the Taxation Office you may authorise the payment of our fees account from the refunds due. Any authorisation will be in writing and before any action is taken in this regard. It is considered that directors of companies are also personally responsible for unpaid fees.
In Conclusion
If you have any questions in relation to the above please contact us. We are happy to provide additional details in relation to any account that has been rendered, if in doubt please ask and settle your concerns as soon as possible. | 
