Because we’re a small firm of accountants we don’t have the overheads of the big regional firms, which means we can provide our clients with an excellent service at a fraction of the price.
Because our clients know they are getting great value for money, the majority choose to pay based on the time we spend; less time-consuming work will cost less. Where appropriate, we advise our clients of ways they can reduce our fees, for example by improvements to bookkeeping and record keeping procedures. We find charging an hourly rate results in our clients paying a fair value for the work we do, provides the opportunity for some clients to reduce their fees year after year, and ensures those clients whose record keeping is already excellent are rewarded with lower fees than a one-size-fits-all fixed fee.
Every client is unique, and for some clients a fixed fee arrangement can result in the wrong fee being charged. We understand some accountants offer fixed prices based on turnover or profit but we feel such an arrangement punishes clients with good record keeping by charging them the same as a client with untidy records and similar turnover or profit.
Some of our clients, however, do like to know up front what the work will cost, and as a small business ourselves we can appreciate this. For some clients this means spreading the cost of our fees over 12 monthly instalments, paid by standing order, based on the previous year’s fee and/or estimates of future fees. This is simple to set up and any balance can be settled, if required, following an annual review usually after the preparation of financial statements.
If clients do need the security of a quotation or estimate, we are happy to oblige. At our free consultation, we’ll need to look in more detail at the level of work involved in order to estimate the time the work will take. Like most other professionals who offer a “fixed fee” service, where circumstances change (e.g. where significant additional, unexpected work is required, or the work required is significantly less than expected) we will discuss the options available, and in some circumstances may revise the agreed fee to reflect any changes in the services to be provided.
If you would like us to provide a quotation or estimate of the cost of preparing your accounts or for any other service, contact us now to arrange a free one-hour consultation.