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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Tax Accountant | Why Charge A Monthly Accounting Fee

the accountants at Spurrell and Associates are changing the way Edmonton tax accountant does business, by changing how they build their clients. Instead of an hourly fee, they have moved to a flat monthly fee that every single client pays regardless of what the service that they need is. The reason they have moved to this pricing structure is for a multitude of reasons. They found out that not only was it extremely beneficial to their clients, but impacted their own accounting firm in a number of surprising ways.

The first question that most people have is why are they charging a flat monthly fee regardless of service.? Most of their accounting firms charge additional rates for tax planning and business planning. However, this Edmonton tax accountant firm was not able to see the benefits of charging an additional fee to clients that needed those plans the most. Because they were already struggling, and unwilling to pay additional prices for things that they felt they could not afford. Therefore, by enabling every service that clients need to be included in their flat monthly fee, Spurrell and Associates can ensure that they could offer the right services to each of the clients to help them be successful.

Rather than having a relationship with a client who was questioning them recommending different products and services, this Edmonton tax accountant found that their clients would start to value the services that they were suggesting, because they knew they were suggesting them in order to help their business, and not in order to build a higher fee.

So by helping their clients succeed, even if they were spending more time in a certain year helping their clients succeed with business planning or tax planning, Spurrell and Associates saw this as an investment into the future of their client. If they could help their clients succeed, they knew that they would have a client for a longer period of time. If that client was not able to succeed, it have to spend more time and more resources finding a new customer. Therefore, they saw this as a way of ensuring they had clients well into their future.

By helping their clients succeed, instead of trying to profit off of them as much as they can in the moment, the Edmonton tax accountant Spurrell and Associates is able to help entrepreneurs succeed and grow. A surprising benefit of this billing change is that they discovered how much time they had previously been spending on reviewing the bills, billing their clients and then answering a bunch of questions. They found that this freed up about two full business days a month. Since clients knew exactly what to anticipate on their bill every single month, they no longer called to ask questions about those bills, freeing up the staffís time to continue servicing clients to a higher level.

By changing to an hourly fee, this Edmonton tax accountant is able to help the clients that they have become successful, regardless of what services they need to be successful, so that they could invest into that clientís future.

Edmonton Tax Accountant | Why Charge A Monthly Accounting Fee

A surprising statistic is that half of all Canadian entrepreneurs fail within the first five years, and Edmonton tax accountant Spurrell and Associates says that the three main reasons why these businesses fail that they run out of money, they are unable to find the right team, and they could not find enough customers. They realized that all three of these reasons were completely avoidable with the right planning. However, they found that it was almost impossible to sell business planning to clients that needed it the most, because those customers that needed business plan the most were the least able to pay for it. Therefore, instead of trying to build an hourly fee for our their clients, they decided to move to a flat monthly fee.

Regardless of what clients they had, and what services they needed, Spurrell and Associates decided to charge every one of their clients a flat fee every month, and the same flat fee every month. There is no additional fees for any additional services like tax planning or business plan. This Edmonton tax accountant found that if as a business owner they were not getting an appropriate business plan or a tax plan, are not making full use of their corporation. The accountants at Spurrell and Associates did not want to continue doing year end financial statements for entrepreneurs that could have been making better tax decisions.

So regardless of what type of business plan or financial plan is needed, Spurrell and Associates decided to charge the flat monthly fee regardless of if the clients needed that service or not. They decided to only take on clients if they were able and willing to help them in the right way. If they were able to give the clients the service that they need regardless of price, it be able to help or clients get the services that they need. They discovered that this became an investment into their clients, instead of profiting off of them for the service, they would ensure that their clients succeeded, and then be far more able to stay in business for a longer period of time, enabling Spurrell and Associates would have a customer for longer.

A great side benefit of this fee structure says Edmonton tax accountant is that clients started to see Spurrell and Associates as a strategic partner in their business, someone who they could trust and call at any time in order to get the help that they need rather than an accountant who was trying to profit off of up selling services. They also started to see that the suggestions that they got from Spurrell and Associates or so that the client could succeed in business, and increase the compliance rate significantly and increasing their chances of success.