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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 Monthly Fees Help Entrepreneurs

In order to significantly impact their clients businesses and help them succeed, this Edmonton tax accountant decided to change the way they were invoicing their clients. Instead of a typical hourly fee that most accountants charge their clients, they decided to implement a flat monthly fee for all of their clients. The reason why they did that, so that they could create a predictable bill that was beneficial for their clients to receive in order to help them manage the cash flow in their business, but most significantly so that they could offer any service that those clients needed without impacting the amount of money that they were expected to pay. Since half of all entrepreneurs fail within the first five years, this accounting firm wanted to impact the amount of businesses that succeed. The way that they can do that, is by ensuring that they were all able to get the services that would help them succeed such as business planning, and tax planning.

Regardless of what types of services or how much time those clients need every single month, as Edmonton tax accountant charges one flat monthly fee. Not only did this make a predictable invoice for clients to be able to pay, but it also created a predictable income for the accounting firm. Instead of forcing their businesses who needed business plans to pay for them when they could not afford it, or have them go without they were able to ensure that businesses that need additional help or able to get it at no additional cost. By doing that, there significantly impacting the ability of their clients to succeed.

This Edmonton tax accountant also understands that there able to invest in their clients to help them succeed, and in return the have repeat clients coming back year after year, instead of having to try to find 50% new clients on a regular basis because of the high failure rate. By ensuring that their clients have the tools to succeed, their creating a win-win situation for both their client and themselves. After their first year as a client with them, they will have a high return on investment while continuing to be able to offer that client a high level of service.

One thing that they saw this doing for their clients, was it allowed them to see their Edmonton tax accountant firm as the strategic partner in their business. Some that they could count on, and contact any time they had questions or problems. Under the typical hourly billing system, clients often avoided telling their accountant important information, or reaching out when they had problems because they were worried about getting a larger bill. At usually would end up triggering larger problems later on, that were much harder to solve. By only charging an monthly fee, clients know that they can contact their accountant any time they need and get the help that they require without having to pay additional fees.

Edmonton Tax Accountant | How Monthly Fees Help Entrepreneurs

Even though typical Edmonton tax accountant firmís bill their clients and hourly fee, they found that this hourly billing schedule tends to create a difficult relationship between clients and their accountants. The biggest reason is because it puts the accountants into a situation of being able to invoice their clients more money the slower they work on a file. This unfortunately created a situation of mistrust between the accountant and their client. However, moving towards a monthly fee, means that client started seeing accountants as a partner in their business that are designed to help them out, and someone that they could count on and ask questions without fear of triggering more problems later on.

When this ended up doing for the Edmonton tax accountant, was significantly save them time. Instead of having to spend hours every single month keeping track of all of the accountantís time on clients, as well as creating unique invoices every single month for each client based on the amount of work that was done on their files, they also had to send out those bills and then field questions from clients who are concerned about the amount that they were invoiced. The Edmonton tax accountant estimated that they were spending 2 to 3 days every single month on billing and answering questions on those bills. By moving to a flat monthly fee, they were able to save about five weeks every single year.

By saving a significant amount of time in their accounting firm, or able to spend that time instead of on billing but on helping customers in their business. Not only are they able to spend more time on customers, but there able to bring more customers on board devote the same level of service to them that they give to the rest of their clients. By saving significant time on billing, there able to not only better allocate resources, but having a predictable income every single month allows them to plan their resources and intake more clients.

Another way that changing the way they invoice their clients, this Edmonton tax accountant found that there able to help their clients succeed even more than they were before, by giving them all of the services that they need, without expecting them to pay more money. This meant that businesses that need business plans got them, and businesses that needed tax planning also got them. Significantly impacting the ability to succeed in their business. Since 50% of all businesses fail in the first five years, significantly impacting the ability to succeed, by getting tax planning and business planning can love the clients at this Edmonton tax accountant firm to have the tools that we need to succeed in business.

Many people do not realize that changing the way and accounting firm builds their clients could significantly impact the success that they have in their business, but they were absolutely able to do so, which also impacts the accounting firm by being able to keep a high number of clients instead of having them fail.