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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Tax Accountant | Flat Monthly Fee And Value Billing

One of the biggest problems that entrepreneurs face in Canada today according to Edmonton tax accountant, is that 50% of all entrepreneurs fail in the first five years. In an effort to address that and the reasons why entrepreneurs fail so quickly, Edmonton tax accountantís Burrell and Associates have decided to change the way they build their clients. Instead of billing an hourly rate, that actually ended up creating an adversarial relationship between client and accountant, because clients would avoid reaching out to the accountant when they truly need it it because they were afraid of high fees. Therefore,ís Burrell and Associates decided to change the way they billed their clients, in order to be able to provide a higher level of service. There are several things that make this accounting firm much different, and here are what makes them different.

When asked, what the three types of clients they take on,ís Burrell and Associates said they were: unincorporated businesses, where they helped them with the business and tax planning of their businesses, annual corporate clients, whereís Burrell Associates would help with year end filing, tax and business planning and outsourced clients where they act as their own accounting firms doing payroll, payables and a monthly strategy meeting.

When asked, Spurrell and Associates said how everyone of their clients are billed was a flat monthly fee recurring every single month. They said that they had no additional fees for tax planning or business planning because it should all be included as a normal part of the service they provide. The reason they believe in this, is because if as a business owner they are not making use of the business planning or tax plans, they are not seeing the full benefit of using their corporation. Also, the accountants at Spurrell and Associates did not want to do year-end statements for client knowing that they did not have an effective business plan or tax plan and end up paying more taxes than they should have.

When asked if they charged extra for their business plans, Spurrell and Associates said that the reason why they did not charge anything extra for that, was because entrepreneurs that had the biggest need for business plans were also the clients that would be the biggest difficulty in paying for those business plans. Therefore, the team at Spurrell and Associates believe that by doing the business plans all included in the flat monthly fee, they would create an investment into the future where if they helped the business owner succeed, they would have a client moving into the future with them. If they did not help clients with business plans, the client would end up failing in business and they would have to search for a replacement for them.

Monthly billing a flat rate has made so much sense for this Edmonton tax accountant, that they cannot conceive going back to the hourly billing. There able to help clients all at the same price, and ensure that everyone gets everything that they need in order to succeed.

Edmonton tax accountant | flat monthly fee and value billing

While most Edmonton tax accountant firms bill their clients on an hourly fee, the firmís and Associates have decided not to bill hourly for a number of different reasons. Not only did it end up creating a relationship between accountant and client that made clients hesitant to reach out and ask for help when they needed it out of fear of getting at higher bill. But also because it helped the accounting firm be able to give every single client exactly what they need to succeed at a rate that they could count on. By charging one low monthly fee every single month for all services ongoing, entrepreneurs can ensure that they are always getting the products and services that they need and can reach out and contact their accounting team any time without fear of a higher bill.

One thing that is Spurrell and Associates are doing with their flat monthly fee, is including their financial planning as well as business planning at the same price. While other accounting firms may decide to charge more for that service, Spurrell and Associates decided that the right way to help clients was to give them the services they needed. Therefore the only way they will take on new clients is if they can help them the right way. For most clients that means creating a financial and a business plan so that they have all the tools to succeed.

Because this Edmonton tax accountant is investing into the future of their clients, they tend to only make money on their clients if they are returning customers. Because the tax planning and business planning as well as even just the first year financial filing is time intensive, there is hardly any money that is made on new clients in their first year. Therefore, Spurrell and Associates sees taking on new clients as an investment. They needed to be a long-term business relationship, so they are more than happy to take the time to set up the client properly with business plans and financial plans so that they can succeed so that in future years will keep coming back, and then they will have a customer for life.

What this ends up doing is helping the client to see this Edmonton tax accountant as a strategic partner in their business, and not someone who is going to bill them for every question that they may have. They start to see all of the value that they get from their monthly fee, and they start to understand that the only reason the accountants at Spurrell and Associates are asking them to change the way they are doing things is because they want to see their clients succeed not because they are going to get more money by selling them or services.

By changing the way they see their clients and build them, this Edmonton tax accountant is able to help her far more clients, and not just help them with their year and financials, but actually help them succeed as business owners.