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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 | Monthly Accounting Fees

Rather than billing their clients and hourly fee, this Edmonton tax accountant firm called Spurrell and Associates decided to change the way they build their clients to a flat monthly fee every single month. The reason why they did this, was because they found that not only was it difficult to help clients when they would hesitate to contact them when they absolutely needed it. The reason their clients would do this is because they were afraid to get higher or uncertain bills at the end of the month. This is especially true for clients that were having a difficult time and struggling in their business. Spurrell and Associates felt that clients that are already struggling were in the greatest need for accounting services. So they decided to change their billing structure so that they could offer all of their clients the exact same help and all of the services that they needed at one price.

Regardless of what their client is and if they are unincorporated businesses, if they were corporate clients needing year end filing, tax planning and business planning or if they were outsourced clients that were getting payroll, payables and monthly meetings to discuss performance and data, all three of these different types of clients get build the same monthly rate. This Edmonton tax accountant says that by not paying anything additional for business plans or tax plans was integral to their decision to charge a flat monthly fee. They found that entrepreneurs that had the biggest need for business plans or tax plans were also the ones that had the biggest challenge paying for them. Instead, Spurrell and Associates decided to ensure that these clients got the help that they needed, so that they could succeed, and continue being a client well into the future.

They also discovered that moving to this billing structure significantly helped their firm as well, because instead of spending hours figuring out billing and sending it out, and then answering questions on that billing, they could instead know exactly what every single client was going to be getting invoiced. Since there clients also knew exactly what they could predict for a bill, they also stopped calling in with questions about their bill. They were able to save about two full days every single month reviewing and sending out bills as well as answering questions and instead spend that time actually is servicing their clients.

Another reason why Spurrell Associates found that this flat fee was beneficial to their firm, is that the flat fee allows them to allocate resources as well as provide a high level of service to their clients because they know how much revenue is coming into the business on a regular basis, as well, they know how many times there corporate client is going to be seeing them every month which allows them to be able to predict how many more clients they can take on and give them that high level of service at the same time. This Edmonton tax accountant completely changed the way they were able to help their clients in order to ensure the clients got everything that they needed as well as their firm being able to allocate resources even easier.

Edmonton Tax Accountant | Monthly Accounting Fees

Most Edmonton tax accountant firmís bill their clients on hourly fee, which actually ends up creating very difficult relationship between client and accountant. The reason for this is because clients would question the accountantís expertise thinking that they were only making certain suggestions that they could build a higher rate. Struggling clients would also hesitate in contacting their accountant when they needed services, out of fear of getting a higher bill at the end of the month. Spurrell and Associates decided to change all of that and build their clients one monthly fee. No matter what the client is or what the service that they are getting is, they pay the same flat monthly fee.

Many people have a lot of questions about why every client gets the same bill regardless of how much service they require. For example, why do clients do not have to pay any additional fees for getting a business plan done, when it takes an extraordinary amount of time to set up a business plan in the first place? At this Edmonton tax accountant firm, Spurrell Associates decided that the clients that needed business planning the most were also the most likely to be unable to afford it in the moment. Instead of trying to get money from their clients upfront for the services, they are investing in the future of their clients. Knowing that if they save a client from failing in business now, they are going to continue having that client well into the future. By investing in their future and giving them the tools to succeed now, they would recoup the money that they spent on making that business plan by having that client for the life of their business.

Instead of having a relationship where the client would question the Edmonton tax accountant at every turn, clients started to see Spurrell and Associates as a strategic partner in their very own business that there able to call on every time they have questions or problems. I also understand that they are only being asked to do the things that Spurrell and Associates were asking them to do in order to maximize their chances of success, and not because they are going to be able to send out a larger bill at the end of the month. This raise the compliance of their accounting clients significantly.

By changing how they invoice their clients, this Edmonton tax accountant is completely changing not only the relationship that they have, but also increasing the number of clients they have that are succeeding in business because they have access to the tools that they need in order to succeed. This is been extremely beneficial not just to clients, but to the accounting firm at Spurrell and Associates.