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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 Fee Versus Hourly Accounting Fee

One of the most beneficial things that Edmonton tax accountant did was to change their pricing structure from a hourly fee like typical accountants to a flat monthly fee. As zig Ziglar was famous for saying, ìyou can have everything in life that you want if you just give enough other people what they want.î By changing their pricing structure, they moved from charging their clients for every little thing that they did for them, to ensuring that the clients got everything that they needed in order to succeed for one price. What prompted them to make this change, was because they discovered that an hourly fee was creating a difficult relationship between their client and their firm. Entrepreneurs would actually avoid reaching out to their accountant when they truly needed help because they were afraid of how much their accounting fee would go up.

Regardless of what type of client they had, Spurrell and Associates offered the same flat monthly fee every single month to each of those clients. This made predictable bill for clients to be able to pay as well as a predictable income for the accounting firm as well. This also enabled the accountant to be able to suggest any services that they felt would be beneficial to the client without them having to turn down the help because they were unable to pay for it. What this did was allow their accounting firm to invest in the future of their clients. They knew that if they did not help their clients succeed, the failure rate in business is 50%, so the clients that they were not successful in helping would fail, faced with losing 50% of their clients every single year, they decided to change the way they invoice them so that they could change the services they were able to offer them and increase their chances of success.

This Edmonton tax accountant firm realized that if they were able to impact the number of businesses that succeeded, they would be better able to keep more of their clients as customers, and spend less time trying to attract new clients. By investing in this model and in their clients, Spurrell and Associates started creating their own repeat customers by ensuring their success. No longer was there an adversarial relationship where the clients did not want to confide in their accountant, instead knowing that they could call their accountant or schedule a meeting any time for no additional price. You are also able to utilize the business planning and tax planning services that allow them to succeed without worrying that those plans were going to cost them so much more money and because the more financial hardship.

By changing the way they invoice their clients altogether, Spurrell and Associates is ensuring that they can help their clients succeed in business not only does this impact their clients but it also impacts this Edmonton tax accountant as well.

Edmonton Tax Accountant | Monthly Fee Versus Hourly Accounting Fee

The Edmonton tax accountant Spurrell and Associates said that they used to bill their clients by the hour and what that did was edit of creating a strained relationship between them and their clients. The reason it would be strained is because their client would start hesitating to contact them when they needed accounting advice the most, because they were worried about a higher bill. Typical accountants bill their clients for every hour that they spend on their file, also creating this situation where the longer they take to complete work for their customer, and the higher there able to invoice. Spurrell and Associates did not like this model either so they decided to change their pricing structure to a flat monthly fee.

Regardless of what type of client they had and what type of services they needed, Spurrell and Associates is able to implement this flat monthly fee across the board for everyone. The three different types of clients this Edmonton tax accountant has are unincorporated businesses where they help them figure out tax planning and business planning because they are unincorporated, therefore they have to keep better track of their spending. They also have annual corporate clients who need fiscal year ends and filing of their taxes as well as tax planning and business planning in their business. Spurrell and Associates also have outsourced clients that depend on the accounting firm to act as their own accounting firm outside their office. Therefore they do the payroll, payables and schedule monthly meetings in order to discuss performance and strategies. Regardless of what service their clients need, they all pay the same price.

The reason why Spurrell Associates can bill the same amount regardless of the service, is because they saw the ability to do business planning and tax planning for clients as a preventative measure. If there able to help their clients become more successful, then they would be better able to ensure that those clients are around for future years. This Edmonton tax accountant knows very well, that clients who are repeat are far more profitable than clients who only are around for one year. Therefore, by ensuring that they have clients on a repeat basis, can help them run a more successful accounting firm.

What Spurrell and Associates saw this doing for their own business, was that it allowed them to predict more accurately how much they were able to see in every month in revenue. By being able to predict revenue, they would be able to allocate the right number of resources in order to provide the highest level of services that they can. That means there able to know how many more clients there able to take on in their business and provide the same high level of service to. By being able to predict this, this Edmonton tax accountant is able to create a model that is predictable and consistent so that they can continue helping business owners become successful.