Edmonton Tax Accountant | What Clients Need To Know About A Monthly Accounting Bill
Even though the typical Edmonton tax accountant bills their clients at an hourly rate, 1 Accounting Company in Edmonton is changing the way they invoice their clients, in order to change the way their clients relationship is with them. Instead of billing an hourly rate for every single hour that they work on that clients file, if move towards a flat monthly fee. This is extremely uncommon in the accounting world, and many people have a lot of questions about why they have done it, and how it impacts the businesses both the clients as well as the accountants.
One of the first questions that people have is how much time was previously spent on billing clients on the hourly billing schedule? This Edmonton tax accountant says that a lot of time was spent. Not only did they meant that they had to keep track of every single accountant, how much time they spent on each client, create the invoice, and then review that invoice before sending it out. But because clients did not know how much they were going to get build every single month, they often had questions about the bill. Mostly, about why it was so high or how come they got charged what they did. These questions and phone calls end up taking significant amount of time in addition to the significant amount of time spent invoicing. As Edmonton tax accountant says that it typically took them 2 to 3 business days every single month dealing with invoicing and invoicing questions. While this does not sound like an extremely high number, that would equal about five weeks every single year of time spent invoicing.
The next question that many people have for this Edmonton tax accountant who moves to flat monthly fee is does that free up more time for them to build help clients? Answer to this question is absolutely yes, by being able to spend five four weeks every single year on customer service, that significantly impacts their clients.
Question is how to flat fees allow you to allocate resources to provide a high level of service? They said that by allowing their accounting firm to know exactly how much revenue is going to be coming in to their firm on a regular basis, helps them plan service around that number. They know how many times per client is going to come in and see them, and how many accountants is going to take to service them properly. That way, they know how many more clients they can onboard in order to give them the services that they expect and the quality they need. This is going to allow the accounting firm to smooth that their revenue and help a significant number of clients.
By billing a flat fee every month, it creates a predictable bill for clients to be able to pay as well as income for the accounting firm to get in on a regular basis. Creating open when situation for the accountant and their clients.
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Industry Canada says that half of all entrepreneurs fail in business within the first five years, and this Edmonton tax accountant says that they want to be able to change that statistic. One way that they decided they were be better able to help their clients, is moving away from the traditional hourly billing that most accountants charge their clients, and move towards a flat monthly fee. One of the biggest reasons they decided to change the way they build, was because the clients that needed more services, were unable to pay for those additional services, them at risk of failing in their business. When they move towards a flat monthly fee, there able to give all of their clients ever services they need to succeed, that worrying about which clients can afford it.
There are several questions that many people have about their move to this flat monthly fee because it is so unique. The first question that many people have for this Edmonton tax accountant is what are the three types of clients that they have? This accounting firm works with business clients only, and those are unincorporated businesses, annual corporate clients, and outsourced clients. Each of those different business types require different services and different amounts of work every single month.
The next question is how are all of these clients build? The Edmonton tax accountant says that regardless of how much work they require every month, or what services they get all of those business types get charged a flat monthly fee that recurs every single month.
Third question that most people have about the flat monthly fee is other additional fees for tax plans or financial plans? Answer this question is no, because it should all be considered as part of the typical service that they provide. They feel that if a business owner is not getting a tax plan or financial plan in their business, they are not making full use of their business. As Edmonton tax accountant did not want to end up doing more year-end financial statements for their customers knowing that there actually paying more in taxes than they should be.
People also want to know if they charge extra for business plans? Even though business plans are an extremely hot large amount of work for accountants to create, they did not want to end up charging additional fees for that service. Most important reasons behind that, is because they wanted to ensure that the clients that had the highest need for business plans were able to get those plans regardless of their ability to pay for it or not. By including them in the flat monthly fee, this Edmonton tax accountant is able to provide that important service to every single client in order to help them succeed.