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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 | What Does Monthly Billing Do For Accounting Clients

Even though a flat monthly fee is not a typical billing structure for accountants and their clients, this Edmonton tax accountant has decided to bill their clients this way. But they discovered was not only was it significantly beneficial to their clients, it was also significantly beneficial to their accounting firm. By being better able to help their clients with whatever services they needed in order to succeed, they were helping the clients be successful, and ensuring that they were able to keep their clients for longer period of time because of that ability to be successful. By doing this, they created a win-win situation For their clients and themselves.

One of the most significant things that moving their clients to a flat monthly fee did, was change the type of relationship their clients had with their Edmonton tax accountant firm. Rather than having their clients avoid reaching out whenever they needed help, because they were worried about getting a higher accounting bill, this billing structure changed the relationship to more of a strategic partnership. Not only did that change the way clients saw their accountant, they also felt free to reach out whenever they needed, scheduled appointments and sought out advice more often.

Another way that it significantly helped, was clients who needed specific services in order to succeed were able to take that help from this Edmonton tax accountant without worrying about the bill for it. For example, struggling businesses often need business plans so they could have a plan in place for their business to succeed. Under the typical hourly billing cycle, businesses who needed that help were least likely to be able to pay for that help. By taking away the fee for those essential services, businesses that needed significant help are able to get that help in their business. By significantly impacting the ability for their clients to succeed, ensured the time that this Edmonton tax accountant spent on helping those clients succeed was an investment into creating a long-term relationship with that client.

By changing the way there able to help their clients whenever they need it, and with whatever service that are needed for one predictable price every month, they were able to change the way there clients worked with them, change the types of services they could give them, and ensured success for those businesses, and allowed them to become return clients for that Edmonton tax accountant firm. Since repeat customers are far more lucrative in business then onboarding new ones, not only were they able to change the percentage of their clients that typically fail in the first five years, and ensure they have repeat clients for the future, but helping businesses succeed and grow enabled this Edmonton tax accountant to impact the economy in a significant way. By helping businesses succeed, is an extremely important aspect to their accounting firm. By being able to buy them any services that they need to succeed, they can achieve this goal.

Edmonton Tax Accountant | What Does Monthly Billing Do For Accounting Clients

Even though the typical Edmonton tax accountant firm bills their clients on a hourly cycle, there is 1 Accounting Firm in Edmonton that decided that this was not the most advantageous billing for them as well as their clients. So instead of billing their clients hourly, they moved to a flat monthly fee. Now, regardless of what type of client they are, or how much service they need in a given month, there able to bill their clients the same rate every month, which can significantly help their businesses. Not only does it give these businesses a consistent bill every single month that they can budget for and plan their cash flow around. But it can also help them get services that they were not previously able to pay for, without fear of being charged even more money.

Not only was this significantly beneficial to the clients, but it was also significantly beneficial to this Edmonton tax accountant firm. The reason for that is because this accounting firm typically spent up to two or three days every single month billing their clients and answering questions from their clients about those bills. Since they never knew exactly how much the bill was going to be for their clients every month, because it was based on how much time they spent working on those files. They end up charging for every hour, and every meeting and every phone call. But when they moved to a flat fee, they spent much less time invoicing, they also spent far less time answering questions, because there clients know exactly what they were going to get build every single month.

This Edmonton tax accountant found that all of those hours that they used to spend billing and answering questions could then go into helping clients better. Instead of spending all of that time on invoicing and questions, they could help their clients. Actually worked out to be about five weeks every single year that they were able to spend on customer service and accounting tasks rather than billing.

Another way that it impacted this Edmonton tax accountant firm is because by having a flat fee, there able to predict how much revenue they are going to be getting into their business every single month, which helps them allocate resources, plan to hire staff, and provide much higher level of service. Because they know approximately how many times on average each of their clients will be seeing them in a month, they know exactly how many clients are going to be able to take on, and what kind of high level of service they are going to be able to offer them. It helps this Edmonton tax accountant smooth of their own revenue while offering a high quality of service to their clients. By building their clients this way, this accounting firm creates a win-win situation for their customers and themselves.