This is the most frequent question I get from both potential and existing clients, and the one I quite honestly used to dread the most, until we completely changed our fee structure in autumn last year.
As with most accountants the fee’s we charge completely depend on what services a business needs and the work involved. Where we are different is our fees are no longer based on an hourly rate but on the value that we add with each service. We also sit with a client to build their own service package in advance.
For example with year end accounts and corporation tax returns there are two elements that will impact your fee, the size of your business and the state of your accounting records. It would be unfair to charge the same amount for a client with excellent accounting records compared to one that needs accounts pulling together from manual records, we charge 50% less in this scenario.
Our fee structure enables us to sit with the client or potential client talk about their business goals, what they want to achieve and produce a package of services instantly with both an explanation of what is involved and the monthly cost. We can also provide a roadmap for future services and associated costs putting this on the client’s radar. The client then leaves knowing exactly what they are getting and the costs involved.
The advantages of this structure are:
Fees are agreed in advance for the service levels the client needs, there is no longer any worry about the clock ticking.
Clients also do not have to worry about picking up the phone and receiving a bill as this is all included with their monthly payment.
Clients receive one monthly bill rather than monthly bills for Xero and Management Accounts, quarterly bills for VAT and annual bills for accounts. It was all getting very complicated.
Paying monthly rather than the annual accounts bill helps cashflow both for clients and us.
We are committed to clear and transparent pricing, and as a result have been given an award in recognition of following these principles.
If you are interested in working with us please get in touch.