This one Edmonton tax accountant is changing the way they invoice their clients, by moving to a monthly pricing structure for all of their clients instead of the typical hourly rate most accountants charge. The reason why they changed the way they started billing their clients, was because they discovered that their clients were not using the services that they needed most help them succeed in business because they could not afford it. Therefore, they decided to change the way they bill their clients in order to allow clients that need certain services to be able to get them.
The biggest reason why it is important to allow the clients that need certain services that they need, is to help them succeed in business. Industry Canada says that 50% of all businesses fail within the first five years of being in business. Edmonton tax accountant is able to help businesses avoid this fate through additional services. By putting everyone on the same billing plan, enables entrepreneurs to not have to pay extra for the services that are going to help them succeed.
The reason why it is important to help entrepreneurs succeed, according to this Edmonton tax accountant is because it can help them ensure that the clients that they have, they keep into the future. Accountants make more money on clients that return year after year then on clients they have in the first year. By changing the statistics and helping more than 50% of their clients succeed, they can ensure that they have repeat clients that there able to continue to help instead of having to continually look for new clients every single year.
They discovered once this Edmonton tax accountant move to a monthly flat bill, they saved significant amounts of time in their business. Instead of spending several hours every single month on creating and sending out invoices as well as answering questions about those invoices, this accounting firm is able to free up all those hours that used to be spent on billing and spend it on servicing their clients to a much higher level.
Not only did it free up a lot of time for this Edmonton tax accountant, but it also enabled them to be able to help plan in their business because they know how much revenue will be coming into their accounting firm on a regular basis, and that will help them plan to have the right amount of staff to give those clients a high degree of service. They know how many more clients there able to onboard, or how many more staff they need to service those clients, which creates a win-win situation for this Edmonton tax accountant as well as their clients. Helping both succeed, they can ensure that their clients see success to agree that they never would have before, and by becoming successful themselves allowing their own firm to grow and therefore be able to help even more entrepreneurs see success in their business.
If Edmonton tax accountant firms are billing their clients on an hourly basis, they may end up having adversarial relationship with their clients. The reason for that is because if clients get build for every time they reach out to their accounting firm, they tend to reach out last often but fear of getting a higher invoice at the end of the month. Spurrell and Associates has decided to change the way they invoice their clients in order to help change the relationship with their clients. Instead of charging hourly, they have moved to a flat monthly fee. What this does is put all their clients on the same pricing regardless of what services they need every month. Which changes the relationship between their clients and their firm, and allows our clients to be even more successful.
The reason why this pricing structure helps their clients be successful with this Edmonton tax accountant, is because if they do not have to choose what services they get aced on what they can afford, there able to get all of the services that they need to maximize their chances of success. This usually comes in the form of business planning and tax planning. If they do not have to pay for the additional services, they will be able to get the help they need to succeed. Since half of all Canadian entrepreneurs fail within the first five years, and the three reasons why they fail in business are not having the right team, running out of money, and not being able to find customers. All three of these reasons are completely avoidable with the right business plan. By giving their clients a business plan, they can significantly impact the chances of those business succeeding.
Even though business plans take it a significant amount of time to prepare, the Edmonton tax accountant sees the time they put towards these business and tax planning as an investment into those clients. If they help them succeed, the also have a return customer for several years. If they do not help their clients succeed, chances are quite high they are going to have to onboard new clients more often because of the high failure rate of entrepreneurs in Canada.
What they also ended up discovering was this type of billing structure allows their clients to see their Edmonton tax accountant firm as a partner within their business that helps them grow. They know that they can reach out and call any time they have problems, schedule a meeting without triggering a higher bill, and have a higher compliance rate of all of the things that the accountant suggests they should do to grow their business, because they no longer see it as a cash grab, because they are literally not profiting the more they help that business. By significantly impacting the ability to grow, this accounting firm is creating successful businesses, and grading customers for life.