Accountant Still Not Doing These 3 Key Things? Then You Are Getting Ripped Off
Ever had the sneaking suspicion your accountant is ripping you off?
I understand. I have seen over 10,000 invoices issued to small business owners during my tenure at several large accounting firms (and yes, I've had those awkward phone calls - you know the one!). This experience gave me an ideal perch to evaluate who received value -- and who got ripped off.
Getting full value boils down to these three simple elements:
Setting parameters is part of employing someone -- we call them job descriptions for a reason. You start work and finish work at a set time and produce set outcomes. You need to demand the same from your advisors: set meetings, set outputs, set processes -- and then set fees.
Once you and your advisors understand your respective roles and your expected outputs, agree on a set fee and get them to STICK TO IT. This is the key to avoiding unexpected bill shock.
Refuse "One-Off" Charges
If you're lucky enough to convince your accountant to agree to set fees, your next challenge is elimination of additional "one-offs." I am not saying that you'll never exceed the agreed monthly fee; I'm saying you should never receive an unapproved or unexpected invoice. For extra work outside the agreed scope or job description, negotiate the exact fee upfront -- and stick to it.
At Nine Advisory, we ONLY work on fixed fees, so you have complete cost certainty. You will NEVER, EVER receive unauthorised invoices. Guaranteed.
If we mutually agree more work is necessary, we'll put it in writing with another fixed fee BEFORE work commences.
Here's your challenge - go and talk to your accountant about getting more engaged with your business, but ONLY on the above terms. You will be astonished at how much more value you receive.
Our fixed fee arrangements cover the following (at a MINIMUM):
3 month structured on-boarding program that includes
Process, People and Systems workshop and review; and
Forecasting and budgeting workshop, focusing on financial and non-financial KPI's; and
Strategic Planning workshop defining EXACTLY what Success looks like for you and your business
Weekly, fortnightly and monthly reporting;
Structured monthly meetings with a full financial and non-financial reporting pack;
Unlimited phone and email support from our entire team;
All ATO and ASIC compliance requirements, for up to 5 entities, including preparation and lodgement of all Income Tax Returns, Financial Statements and Activity Statements
Surprisingly, our fees are usually very similar to what many of our clients were paying past accountants for a once-per-year, 12-months-old financial report and tax return.
Don't believe me.....try me.
I offer a free 30 minute call to help YOU get more value from YOUR accountant. We'll deep dive into your current reporting processes and structures to extract more value for you and help you make better business decisions.