Edmonton Tax Accountant | How A Monthly Accounting Fee Works
Most accounting firms build their clients and hourly rate, however Spurrell and Associates is changing the way Edmonton tax accountant firmís work by coming out with a flat monthly fee for all of their clients. Regardless of what the clients are and what services they need on a monthly basis, they are billed the same flat monthly fee. The way this works, is that all the clients get build the same amount every single month. Instead of having a relationship with their client that ends up causing friction because this lower the accountant works on the file, the more they get paid. As well, under the hourly billing structure, clients for struggling may hesitate to contact their accountant for help when they truly need it. Causing a bad situation to get worse because they are afraid of the accounting fees.
Even higher levels of services like business plans and tax plans are all included in this flat monthly fee. Edmonton tax accountant says the reason for that is because the clients that tend to need those services the most are also the clients that tend to be struggling the most as well. They often decline the services, even if they know it can help them because they are worried about trying to pay for additional services. However, under this new billing method under Spurrell and Associates, clients no longer have to make the choice between getting a service that they need and having to pay a bill.
What this ends up doing for Spurrell and Associates is investing in their clients. They know if they can help their client be successful, that client will most likely stay on and continue to get accounting services. The alternative is that they do not get help, and they fail in business meaning they no longer have a business, and the Edmonton tax accountant no longer has a client. By investing in these businesses, they are ensuring repeat customers for years to come.
Not only can this monthly fee enable a predictable and therefore easier to pay bill for clients, it also means predictable income for the accounting firm as well. This predictable income allows this Edmonton tax accountant firm to allocate their resources effectively which can help them ensure that they are able to provide the high level of service that their customers expect. They also know how many more customers there able to bring on and continue to deliver that high level of service.
By changing the way accounting firms bill their clients, Spurrell and Associates are ensuring that there customers can get better services than they ever have before which can directly impact their ability to succeed as entrepreneurs. The more clients that can succeed, and the longer Spurrell and Associates are able to keep them on as clients. This creates a win-win scenario for both entrepreneur as well as accountant that can ensure both succeed well into the future.
Edmonton tax accountant | how a monthly accounting fee works
Industry Canada says that 50% of all entrepreneurs fail within the first five years of business according to Edmonton tax accountant. In fact, 15% have failed by their first year, and 30% have failed by their second year. In order to impact these statistics and ensure that their clients were able to succeed in business, Spurrell and Associates decided to stop invoicing their clients on an hourly basis, and move to a flat monthly fee. The reason why this was beneficial, is because instead of charging them for every single service for every single hour, there able to provide any services their clients need for one flat fee.
Many people may wonder why services like business plans or tax plans are included in the monthly fee when they take so much more additional time to create. The reason for that says this Edmonton tax accountant firm is because even though it takes a significantly more amount of time to produce, it is that beneficial to their clients, that it can significantly increase their chances of succeeding. By investing that significant time into their clients success, this Edmonton tax accountant can ensure that their clients are more likely to succeed, and therefore are more likely to become repeat clients. Most businesses understand that repeat customers are far more lucrative then new clients, that by helping them succeed very early on that in their business relationship, Spurrell and Associates are ensuring their clients are more likely to stick around much longer.
What this Edmonton tax accountant firm started realizing, was that when they treated their clients this way and started helping them succeed at no additional cost, it change the nature of the relationship. Rather than clients seeing their accountant as someone who is trying to profit off of them, they were able to see them as a partner strategically in their own business who was just as invested in their success as they were invested in their own. Being able to call or meet with their accountant any time they need at no additional charges meant they were far more likely to seek out help and avoid trouble proactively.
Not only was this beneficial for clients, but Spurrell and Associates saw that it was far more beneficial for them as well, because they were able to start predicting what kind of revenue they were going to be able to make every single month which allowed them to allocate the resources that they had in order to continue to provide a high level of service while onboarding new clients. In addition to that, they found that they started spending far less time on reviewing hours and billing their clients as well as fielding questions that those clients had about their bills. By saving approximately two days every single month, or five weeks every single year, they able to turn that time that they save back into providing better products and services for their customers.