Knowing where to put the "X":
An elderly gentleman retired from his 40-year job as equipment maintenance engineer at a manufacturing plant. He was given a token parting gift by the company - no "golden handshake" or exotic pension plan. After he'd been retired for a few months, he received an urgent call from the plant manager. An expensive piece of machinery critical to operations had failed, and production had ceased as the equipment maintenance staff struggled to repair it. Hundreds of thousands of dollars were being lost each day the production line was down. The elderly engineer told the manager he would return to the plant to look
at the machine, but as an outside consultant. The plant manager agreed, saying, "Anything you want, just help us out."
The engineer arrived at the plant, tested the machine and looked it over for about five minutes. He then walked over to the drawings of the machine and drew an "X" over a small component in the interior of the machine. "Replace this part, and the machine will work perfectly again, " he said. Then he left. The part was quickly replaced, and he was right - the machine began operating and production was up again within the hour.
Two weeks later the plant manager received a bill from the elderly engineer: $50,000 for consulting services. Remembering the engineer had spent only five minutes looking at the machine and identifying the problem, the plant manager telephoned the elderly gentleman and angrily demanded a detailed invoice. The following day the detailed invoice arrived:
Time spent identifying the problem: $5.00
Knowing where to put the "X": $49,995.00
Professional accounting services are not interchangeable, and frequently "you get what you pay for." Just like other professionals (such as doctors and lawyers), some accountants are good and some are not so good. Some charge higher fees than others. I am not the cheapest service in the area, but I'm not the most expensive, either.
I have spent many years in college, passed a rigorous C.P.A. exam, obtained the required years of experience, and annually update my skills with at least forty hours of continuing professional education. I research tax issues using a wide array of materials, always searching for the best approach to minimize taxes for my clients while staying within the law. I've been a professional accountant for over 25 years. I know where to put the "X".
I hope this discussion helped you better understand my policy regarding professional fees. I have found over the years that full
disclosure and open communications regarding my fees almost always produce a respectful and productive business relationship. Thank you
for considering my firm for your accounting needs.
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