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

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Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

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Edmonton tax accountant | flat monthly fee versus hourly fee for accounting services

In order to offer better services to clients who need it, Edmonton tax accountantís Burrell and Associates decided to change the way they build their clients, and how they offered services to their accounting clients. While most other accountants Bill and hourly fee, Spurrell and Associates wanted to get away from this, because they discovered that clients who are struggling would actually hesitate to contact them when it was truly important for them to because they were worried about getting a higher bill from their accountant. Also, they discovered that clients that truly needed additional help in the form of business planning or tax planning would also turn down that help because they were worried about being unable to pay for that additional service. Therefore, in an effort to help increase the success of their clients, they moved towards a flat monthly fee for all of their clients for all of their services.

What they discovered this did for clients, was allowed them to say yes to services that they previously were not agreeing to because they were no longer worried about their bill. This also meant that their clients started using them strategically as though they were partners in business. Calling their accountant whenever they wanted advice, scheduling meetings to discuss how to overcome certain problems. It allowed the relationship to become far more partnership based. Business owners also saw that they were getting huge amount of value for the fee that they were paying every single month, and started to understand that the recommendations that the accountants were making were because they were designed to help the entrepreneur succeed.

Not only was this extremely beneficial for clients, but this Edmonton tax accountant also discovered that it helps them significantly. It freed up resources and time so that they could better help the clients that they have. For example, the invoicing that they did took up a significant amount of their time. Not only did they have to review all of the hours for all the time they put in for their clients, create the bills and then send them out, Spurrell and Associates also discovered that the questions that they got back from clients who did not like the bill eat up altogether about two days every single month which ended up equaling five weeks every single year. By no longer spending their time this way, they could just create a recurring bill for the same flat fee all of their clients, who would not call asking questions about their bill because they already knew what to anticipate.

When this Edmonton tax accountant was able to free up that much time in their business, there able to more effectively allocate the resources and their accounting firm. By knowing how may times their clients are going to come in per month, and how much they are going to bill them, they can predict how many more clients they are able to onboard and give that high level of service to.

Edmonton tax accountant | flat monthly fee versus hourly fee for accounting services

When Edmonton tax accountant Spurrell and Associates decided to change the way they invoice their clients, they had no idea it was going to impact their clients as well as their own firm is much as it has. Since 50% of all businesses fail in the first five years, accountants at Spurrell and Associates were able to see that the three main reasons why the those businesses fail were able to be addressed and overcome through great business planning. However, they also discovered that there clients that needed that business planning the most were also the clients that were least likely to accept that help, simply because they were worried about having to pay for it. Instead, Spurrell and Associates decided to change the way they invoice, moving to a monthly fee regardless of what service they were providing, in order to give all of their clients all of the help that they need without them worrying if they can afford it or not.

Businesses that were struggling and would not want to pay for additional business planning services, suddenly were not only able to pay that flat monthly fee, but also take their accountant up on the offer to do a business plan, which could help them succeed in business, increase their revenue and be more likely to be around as Spurrell and Associates customer for a longer period of time. By investing in their clients, this Edmonton tax accountant is able to ensure that they have far more repeat customers year after year, because there helping them become successful, not because they are profiting off of them on one business plan. The highest value to any business are the repeat customers, so by being able to offer the services that they truly need without them worrying about how to pay for it, Spurrell and Associates are able to impact how successful their clients are in business.

With this edit of doing for their clients at this Edmonton tax accountant firm, was that clients started using their accountant strategically in their business. Calling them whenever they needed help, setting up meetings and doing things that the accountant suggested they needed to do in order to succeed, because they now realize that it was in their best interest to do and not because the accountant was going to be charging them higher fee for that service.

This Edmonton tax accountant also saw that they were able to free up a lot of their own resources by switching to this billing, because now they just get to bill all of their clients all of the same price every single month. Instead of wasting time reviewing bills, sending them out and fielding questions, entrepreneurs would get their bills and not question them because they were exactly what they were expecting.

By truly helping their clients investing in their future, Spurrell and Associates is ensuring that they have clients for years to come, because rather than having to look for new clients when 50% of their client base fails, they can help their clients succeed and be more likely to keep all of their clients into the future.