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All of these desires that they had, allowed them to create the flat monthly fee that all of their clients now enjoy. At this Edmonton tax accountant firm, regardless of what the clients are, whether they are unincorporated businesses, annual corporate clients or outsourced clients, and how much time each one requires, they all pay the same monthly fee. The reason this is so important to them, is because they wanted to be able to ensure that all the clients that needed additional help is able to get it. They found that clients that would benefit mostly from financial planning, business planning or tax planning were also the clients that were least likely to be able to pay for it. To remove that barrier, they came up with the flat monthly fee.
They found that by investing that time and money into their clients early on in the relationship as possible at their Edmonton tax accountant firm, they were able to invest in the success of their clients, ensuring that they were successful as early on in their business as possible. Since 15% of all entrepreneurs fail in the first year, they felt let helping them along the way to see success before they reached a year would increase the number of clients that would succeed. By doing this, they also ensured that they would be creating client list of repeat clients. If they failed in business, they would cease having a clients, so by helping their clients succeed in business, you are also ensuring they had repeat clients for years to come.
Something else that this Edmonton tax accountant firm discovered when they moved towards a flat monthly fee billing for their clients, was at their clients also saw the relationship between them and their accountant as collaborative as well as strategic. By partnering with their accountant in their business, they felt they were able to reach out to their accounting team whenever they needed to ask questions, request meetings and get the information that they needed to succeed, and as soon as possible. As opposed to the hourly billing system that created a relationship where clients would be afraid to reach out to their accountant. By improving the relationship, they improved the ability to help their clients.
One of the most significant reasons that this Edmonton tax accountant decided to leave the hourly billing that most accountants use and work towards building a flat monthly fee for their clients, is in order to help their clients see success in business regardless of their ability to pay a fee. By charging all of their clients the same rate, they completely even the playing field, and ensure that their clients could count on a consistent bill which made it easy to budget for, and easy to manage the cash flow in their business.
In addition to helping their clients succeed, they actually saw that it did significant things for their own Edmonton tax accountant firm. For one thing, it helped them increase the amount of time they had to work on servicing their clients. The reason for this, is because he previously spent hours every single month creating billing for their clients, sending it out and then answering questions by clients wanted to know why they were build a certain number of hours. Or clients disputing the amount of time that was claimed on their invoice. By creating consistent invoices every single month for every single client, and freed up their time they spent billing, and also freed up the amount of time that they would spend answering phone calls from clients. Because their clients would be able to anticipate what the invoice they were getting was, they would not have to call in.
The Edmonton tax accountant found that they were saving up to five weeks per year by not having to spend so much time billing. What they did with that time, was being better able to serve their customers, and so delivering a higher level of service, but also by allowing them to market their business as well as develop better teams.
Ultimately what this was able to to do for their business, is allow them to allocate resources because they have a predictable revenue in their business every single month. Because they know how much revenue is coming in, and they also know how much time there clients are going to require, and be able to figure out how many staff they needed to service those clients, then how many more clients they would be able to on board at that high level of customer service. This allows the accounting firm to be able to help more clients, and keep consistent service.
By giving away from the traditional hourly billing, and instead billing there clients a flat monthly fee every single month, this accounting firm is able to significantly benefit their customers and their customers ability to succeed in business, but also positively impact their accounting firm so that they could continue to provide their high level of service to their clients, and take on more clients that they could in help become successful in business as well.
