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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 | How Does A Monthly Accounting Bill Work

When this Edmonton tax accountant firm called Spurrell and Associates decide to change their pricing structure from hourly to a flat monthly fee, a lot of people had a lot of questions about why they did it and how it works. Because it is not the typical way accountants build their clients, on want to know why they did it and if they found that it made a big difference to their business and to the businesses of their clients.

The biggest question that most people had been learning about this Edmonton tax accountant firmís flat monthly fee is do they charge the same pricing structure regardless of services? That is precisely what makes this pricing structure work. Out of all of their clients, all of them to build exactly the same every single month. Some of them have higher levels of service every month and somehow the lower. By always having them get a consistent bill, they all understand exactly what they are can be paying every single month.

The next question that many people have is our business plans and tax plans part of this monthly fee? That is absolutely true, says Edmonton tax accountant Spurrell and Associates. The reason why they decided to give this extremely high level of service for the same price, is because they found that the clients that needed help with business and tax planning the most, or also the businesses that had the biggest challenge paying additional fees for additional service. Therefore, they decided not to make their clients to choose between a beneficial service that they needed and being able to pay for it.

Many people want to know why they would invest so much into the clients without getting a return on investment. Spurrell and Associates said that it was an easy decision to invest on their clients in this way, because if they were able to make their clients more successful, they know that they would have repeat clients for a lot longer. If they did not give their clients this help, there is a high degree of probability they would not succeed, forcing this Edmonton tax accountant firm to find clients to replace the clients that are failing in business.

What they also discovered by moving to this billing structure, is that their clients would reach out more often, book meetings and ask for help whenever they need it, instead of withholding that information out of fear of getting a larger bill of the end of the month. By creating a strategic partnership with their accountant, there able to become more successful in their business.

After moving to this flat monthly fee and away from the hourly pricing structure that most accountants use, the benefits were so overwhelming that Spurrell and Associates are more than happy to continue billing their clients this price structure, allowing them to give all of the clients a high level of service whenever they need it to help them succeed in business.

Edmonton Tax Accountant | How Does A Monthly Accounting Bill Work

Industry Canada says that half of all entrepreneurs fail within their first five years of business, and this Edmonton tax accountant firm said that if they can help businesses avoid that fate, they have be able to ensure that they had clients a lot longer in their business. Because if 50% of all businesses fail that quickly, that means 50% of their business clients would also fail in the first five years. By being able to help their clients succeed, and stay in business a lot longer, they would be able to ensure that they had more successful clients, and be able to keep clients for a lot longer without having to find new ones to replace the ones that are failing. In order to do that, they decided to move away from a hourly pricing structure that most accountants use and move towards a flat monthly fee.

One of the keys that they needed to keep in mind when they decided to build their clients monthly, is that they had to ensure that regardless of what clients they were or how much service they cannot, they all had to get the same pricing structure. This way, they can minimize the amount of time that they spent keeping track of all the hours that they worked on those clients files, and creating bills to reflect that. Not only did they find that they spent a lot less time on the billing process, but there clients also had fewer questions about why their bill was so high because it was all consistent. An unintended benefit of this monthly pricing structure was that they were able to free up to complete days every single month that they used to spend on billing and answering questions on their bills, that they could now spend on servicing the clients at the very high level that their custom to.

This meant that even though creating business plans and tax plans for their clients is an extremely high level of service that take a lot of time, they are all included in the same pricing structure as well. They found that the clients that they did the most amount of help in the form of business plans and tax plans, or also the clients that would not be able to afford to pay for the additional services of tax plan and business plan. However if they were able to invest the time into helping their clients with those plans, this Edmonton tax accountant felt that there would be able to impact how successful business could be, and help them avoid problems that could cause them to go out of business. By doing that, they were investing on the longevity of their own customers, ensuring that by allowing them to succeed, it also themselves to have clients a lot longer. They also understand that repeat return clients are far more lucrative, so that by helping their clients succeed, they would also have to find if your clients replace the ones that were leaving because their businesses failed.