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One of the biggest differences that this monthly fee price structure had for clients, was that they are able to get all of the services that they need in order to be successful. Clients previously would not contact their accountant if they had questions or problems, even when they really needed it, because they were worried about getting a higher accounting bill at the end of the month. However on the new pricing structure, clients felt they can reach out and talk to their Edmonton tax accountant any time they had questions, or need help. By doing this, and opened up the communication, and clients were able to get help early on, instead of waiting until the problem had snowballed to a huge issue there was even harder to fix.
Another way that this flat monthly fee was beneficial to clients, is by allowing them to get business planning and tax planning at no additional charge. The Edmonton tax accountant saw that clients who needed tax planning and business planning the most were also the clients that were unable to pay for those services out of pocket at an hourly fee. Therefore, by moving to a monthly billing structure, clients were able to get the business plans that they needed to help give them a roadmap to success, so that they could stay in business when they might otherwise have not been able to.
The reason why it is important for this Edmonton tax accountant to be able to provide those services at no additional cost, is so that they can invest in their clients, ensure they are successful, and have repeat clients for a lot longer time. Since accountants do not typically make money off of their clients in the first year, they depend on repeat clients significantly. By helping the clients that they do have become successful, they reduce the turnover rate in their firm, and also help businesses succeed. They decided to start helping clients the most that they could, and not force them to choose between the services that they needed to succeed, or not. So they help their clients succeed, and continue having repeat clients for a lot longer. This creates a win-win relationship for their clients as well as the accounting firm.
When Edmonton tax accountant bills their clients at hourly rates, they are putting themselves in a situation where they are able to fill clients more, the slower they work on a file. This also makes clients not trust their accountants, because they are worried about their accountant working slowly on the file to create a larger bill. This would mean that the lines of communication between their clients and their accountants is less open, actually creating more problems because clients would hesitate to reach out to their accountant with problems and of the problems got very significant. Spurrell and Associates decided to start billing their clients on a flat monthly fee, to see if that pricing structure made a lot of sense. But they discovered was that it was extremely beneficial not just to the clients, but also to their firm, creating a lot of positive changes in the relationship between the two.
One of the most significant things that it did was open up the amount of time it was taking this Edmonton tax accountant firm to build their clients. They would have to create individual bills for each of their clients, reviewing that build insurance reasonable, sending them out and then having to answer questions from each of the clients about all of the bills. This was taking significant amounts of time, approximately two days every single month. That actually equaled five weeks every single year just on billing and answering questions from clients. They also discover that because the clients had no idea what they were going to be getting billed every single month they would argue the bill and have big problems. By moving to this flat monthly fee, all clients know exactly what their enemy billed every single month, which makes the billing process quick and easy, and also nobody has questions about their bill because it is the same every single month.
What this Edmonton tax accountant found that it did for them was able to give them those two days a month or up to five weeks every year to better serve their clients. There able to spend more time helping the clients and ring on more clients to help because they had so much for your time because they were not wasting that time on billing.
Another positive thing that this did for this Edmonton tax accountant firm, was help them plan how to allocate their resources. Since they were able to predict exactly how much revenue would be coming into the firm every month, and they knew how many clients they had, they could figure out how many staff they needed, and how many more clients they could bring on to service them at the high level of service that they give all of their clients. By changing the way they invoice, created a lot of positive things for their clients as well as for this Edmonton tax accountant firm as well.
