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

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

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Edmonton Tax Accountant | How Monthly Accounting Bills Impact Entrepreneurs

One of the biggest problems of the typical hourly billing that most Edmonton tax accountantís use in billing their clients, is that it creates a difficult relationship between client and accountant, simply because clients hesitate reaching out to their accountant when they have problems out of fear of causing a higher and unpredictable accounting bill. In addition to that, clients realize that accountants who work slower on their files get paid more, which cause them to worry and wonder if there accountant is not working as efficiently as possible in order to cause a higher bill for themselves. This level of mistrust is not good, especially when accountant should be considered a significant source of help for entrepreneurs.

To combat that, the Edmonton tax accountant and Burrell and Associates decided to implement a flat monthly fee for every single one of their business accounting clients. In order for this to work, they needed to ensure that every single service that they could offer all of their clients could be included at one monthly fee. That way, regardless of what service their clients needed, they could ensure that if they were already a client, they could pay the bill. By ensuring that there is no additional services that cost money to the client over and above the monthly bill that they are already getting, they would have one option presented to them from their accountant, the best possible products and services at one price.

Many people were perplexed at how they were able to make that commitment to brand-new clients, but Burrell and Associates felt that the amount that they were able to invest in their new clients gave them a great return on investment. For example, if they were able to impact the level of successes that their clients had, they would be able to ensure they had repeat clients for years to come. Since the failure rate for entrepreneurs is so low, 50% of all businesses fail in the first five years, if there able to change that and ensure that their clients succeed more often, they are going to be able to have it here and clients in their business, making that initial investment well worth it.

This created a collaborative and strategic partnership between clients and their Edmonton tax accountant firm. They felt that they would be able to call their accountant whenever they needed, book appointment, and engage in business planning services so that they could become successful themselves. They also started to see the accountantís recommendations and additional services as the help that it is intended to be, rather than the accountant trying to bolster their monthly fee. That great to relationship further allows the customers and Burrell Associates to grow and succeed in their business. By doing this, they are changing how successful the entrepreneurs that utilize their services can be, impacting not only their businesses, but their accounting firm for the better as well.

Edmonton Tax Accountant | How Monthly Accounting Bills Impact Entrepreneurs

Since the failure rate of entrepreneurs in Canada is so high, Edmonton tax accountant Spurrell and Associates wanted to impact that and help businesses beat those odds and become even more successful. The failure rate of entrepreneurs in Canada is 15% will fail before being in business one year, 30% will fail before being in business two years, and a whopping 50% of all entrepreneurs will fail before their fifth year in business. By changing the way they invoice their clients, Spurrell and Associates are helping to provide all of the services that entrepreneurs need in order to become successful, without them having to turn down the help because they are unable to afford it.

The reason why they did this is because they believe that they can help impact the success of their clients positively, but they had to change the way they price their services, because the clients that needed the help the most, and would benefit greatly from it, also the ones that were unable to pay out-of-pocket for that services. The Edmonton tax accountant said that business planning, and tax planning were the two biggest services that going to help entrepreneurs in their business. Since all of the reasons why entrepreneurs fail in business are attributed to three reasons, not be able to find the enough customers, running out of money, and not being able to hire the right staff are all things that are avoidable with the proper business plan. In addition to that, running out of money in business can also be avoided with the proper tax planning. It did not make sense to this Edmonton tax accountant that they would avoid getting the help that they knew would help them, because they could not afford it.

Therefore there very steadfast in their decision to bill all of their clients the same flat monthly fee every month regardless of what products and services they need on an ongoing basis. That means some of clients are going to need a lot of time early on, or perhaps will need more help at different stages but it is going to even out, allowing spill and Associates to be able to give the entrepreneurs the level of help that they need without having to charge additional fees.

Not only did they see that it was great for their businesses, being able to accept the help them develop a collaborative relationship with their accountant, but it also was significantly beneficial to the Edmonton tax accountant firmís Berlin Associates as well. Instead of spending hours of time every single month on creating invoices, reviewing those invoices and sending them to clients only to have those clients have questions but how come they were being billed a different amount every month, and move to a consistent bill every single month. They were all the spend far less time creating invoices, because they were all identical to each other and identical every single month. The time that they saved in their accounting firm allow them to save up to five weeks every single year on not having to bill. A time that they saved was found that they were able to put back into their business helping their clients, deliver a high level of customer service, and onboard even more clients that they were able to help.