When Edmonton tax accountant Spurrell and Associates decided to switch their billing structure from an hourly fee to a flat monthly fee, they got tons of questions about why they did it and how it was beneficial. By answering these questions, can help people understand what the benefit is to not only the accounting firm, but to the clients as well and why entrepreneurs should consider moving their accounting to the company that offers a flat monthly fee.
The first question is what are the three different types of clients that is Burrell Associates takes on? The three typical clients are unincorporated businesses, that they help organize their business and plan for, they have annual corporate clients who they do corporate year ends and filing for as well as tax and business planning, and they also have outsourced clients who they act as their outsourced accounting firm, doing payroll, payables, and monthly strategy meetings these are very typical of the three different types of clients that they work with on a regular basis.
The second question is how are all of these clients build? Edmonton tax accountant Spurrell and Associates says that they charge every single one of their clients the same flat monthly fee every single month. Regardless of what type of service they need, they do not pay anything additional.
The third question is do they charge additional prices for business plans? Spurrell and Associates decided very early on that they were not going to be charging additional fees for business plans, simply because clients that had the biggest need for a business plan were also clients that were the most unable to pay for them. Therefore in order to help the clients the most, they decided to offer all of their business plans as part of their monthly fee. They saw this as an investment into the future of the client. If they help their client succeed in business, they continue to have a client into the future.
The fourth question that Edmonton tax accountant Spurrell and Associates would get is the financial and business plans are not part of some platinum plan? Again, Spurrell and Associates remain steadfast in their insistence that business plans and tax planning should all be the same price as they pay every single month. This way, the accounting firm will only take on clients if there able to help them to the best of their abilities, and if not they will not take them on a doll. The goal will be to help their clients stay in business by giving them the service that they need instead of giving them options on services they may not be able to afford. One option they get for their flat monthly fee is get the best services that they need in order to succeed.
By being able to offer all of the services that are necessary to succeed as part of their monthly fee, this Edmonton tax accountant is able to help their clients get whatever they need to stay in business, and they get to keep a client. This is a win-win situation for both Spurrell and Associates and their clients.
What Spurrell and Associates discovered billing their clients on an hourly fee was that the typical hourly billing cycle created animosity between client and accountant, that typical Edmonton tax accountant companies who build their clients on an hourly fee ended up having clients who were questioning the services they would recommend By putting themselves in a position to and if it from not completing their files quickly. In order to address this situation of charging more for working slower, Spurrell and Associates decided to change that relationship by having towards a monthly fee that they charge their clients the same amount regardless of what services they were getting.
What they found was they were able to better provide all of the services that the clients that needed them, because they were no longer afraid to take the services out of fear of getting a higher bill. The Edmonton tax accountant was able to see that clients who were needing the service the most war getting it, and increasing their chances of succeeding. 50% of all entrepreneurs in Canada fail within five years, and many of those reasons are able to be addressed with the business plan. By giving struggling entrepreneurs a business plan for no additional price, enabled them to succeed in business instead of feeling. Which enabled Spurrell and Associates to have customers for longer.
While doing this monthly billing fee meant that Spurrell and Associates typically did not make any money on clients in their first year, the fact that they make more money on returning clients meant that doing the business planning and tax planning in the first year is an investment into the customer. The better able the client is to succeed, the more likely they are going to stay with the Edmonton tax accountant as a client, and both will win.
In addition to significantly helping the client, this flat fee allow Spurrell and Associates to be able to allocate their resources more effectively in order to provide a higher level of customer service. The reason for this, is because there able to calculate how much revenue is coming into their Edmonton tax accountant firm on a regular basis. They also know approximately how many times each of their corporate clients are going to come in and see them every year so that they can calculate how many more clients there able to take on all while providing the high level of customer service to. In addition to being able to smooth out their own revenue, there able to predict how many customers they can bring on and how much they are able to charge for the services.
By moving to a monthly fee, Spurrell Associates set themselves apart from other Edmonton tax accountant firms, and ensure that there able to be successful, because they are helping their own customers find success themselves.