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One of the first things that they decided to do when they were settling on a flat monthly fee, is no matter what client they have or what service they are getting, they are charging them the same flat monthly fee. At this Edmonton tax accountant firm, they have three different types of clients unincorporated businesses that needed business planning and tax advice, their annual corporate clients that needed corporate year ends, filing as well as tax planning and business planning. They also had outsourced clients that they act as their accounting office doing their accounts payables, payroll and monthly strategy meetings. Regardless of the type of service that each of these clients needed, they will pay the same fee.
Many people wonder why they are charging the same fee even though each of these clients has very different needs and very different levels of service, and the reason they do that, is so that they can ensure that everyone has the same price, no matter what they need. They found that by helping their clients with what they needed, regardless of what they were invoicing them aloud their clients to get the help that they needed whenever they needed instead of being afraid to reach out for fear of having a high Bill. Also they discovered that in some months some clients would need a lot of help and in other months they would not, and by having this pricing structure tended to even things out. There clients that needed a lot of service in one month rent always going to need that high level of service.
It also helped this Edmonton tax accountant firm help their clients with whatever services they needed without asking them to pay for it. For example, they found most of their clients that needed significant business plan help, but also be the clients that would not be able to pay them out of pocket for that is his plan help. By giving them the services they needed not the services they were able to pay for, they could help all of their clients succeed regardless of what stage their business was in. By having repeat clients, they were able to make more money because repeat clients are much more lucrative. So by helping clients succeed, they are also helping themselves have returned clients for the future. This would create a win-win relationship with this Edmonton tax accountant firm and their clients.
The reason why this Edmonton tax accountant firm decided to change their billing structure from an hourly rate to a flat monthly fee was in order to improve the relationship they had with their clients. They were discovering that clients would not reach out when they needed help because they were afraid of the uncertain accounting costs they would get at the end of the month. This would create huge problems as clients would withhold big problems from their accountant out of this fear. It also put the accountant in the situation of the slower they worked on a file for their customers, would end up costing a larger bill. Accountants should not be able to be rewarded for working slower on a file with being paid more money. So, this accounting firm decided to change the way they billed and discovered many benefits that they did not anticipate.
The first thing that it did was allowed their clients to see their Edmonton tax accountant firm as a strategic partner in their business, rather than someone who is going to profit off of their own business. With this hourly billing gone, they found that they were able to contact their accountant any time they needed because they were no longer afraid of triggering a higher accounting bill. They also saw that the amount of service that they were able to get for their monthly fee was significant, and since the accounting firm was not making more money every time they did more work for their clients, they started seeing the suggestions that the accounting firm is making for them in their business as true ways they could help their business and not a money grab on behalf of the accounting firm.
It also significantly helped the Edmonton tax accountant firm by helping them free up the amount of time they spent on billing. Instead of having to take significant amounts of time to manage the billing of the clients as well as answering all the questions that their clients may have every month because they could never anticipate how much their accounting bill would be, Spurrell and Associates found that it freed up approximately two full business days every single month they no longer had to spend on creating, sending out, and answering questions on bills. This additional time allowed them to continue to help their clients, spend more time on giving the clients that they have great service, and able to attract new clients that they were able to know they could give consistent service to.
By moving all of their clients to a monthly billing structure, this Edmonton tax accountant firm was able to significantly change the relationship, which allowed them to give the services their clients needed, which help them succeed in business. By not forcing them to choose between services that they needed, and the price they could afford, there able to ensure that clients that they have can succeed and grow.
