Q&A with Adam Passmore: How SMEs can benefit from fixed-fee accounting
30 Apr 2018
A recent study by NAB found that 54 percent of SMEs would prefer to pay a fixed fee for their accountants and the services they provide, while only 16 percent would prefer time-based billing.* However, fixed-fee accountants can be hard to come by.
We’ve heard this same sentiment from our clients, which is why we recently launched our AR Advisors Business Bundles. We asked Director, Adam Passmore, to tell us more about this new offering.
What is a ‘Business Bundle’?
Our bundles are cost-effective, fixed-fee service packages that reward our clients for consolidating all their bookkeeping, accountancy, tax compliance, and business advisory services in the one place. Rather than paying fees on an hourly basis, we charge a monthly fee based on the business size and needs.
Why would a client want to be on a bundle?
When a client is on a bundle, it means we can take care of all their accounting and finance needs, so they don’t have to chase multiple partners or spend the time on these tasks themselves. They can spend their time on running the business, while we make sure their finances are running smoothly.
How is it different to just paying for the same services using an hourly fee?
Well, firstly, it is more affordable. Like I said, we want to reward our customers for choosing us as their partner. It also makes budgeting easier, which is probably why most SMEs would prefer this kind of fee structure.
Secondly, we've designed the bundles so that we can deliver value beyond what you would typically expect from fixed-fee accountants. On a bundle we become more of a business advisor, rather than just a professional service provider. When we get the opportunity to become immersed in a business (which we love doing!), we get the level of insight that allows us to provide proactive solutions for our clients.
Take our Platinum Business Bundle, for example. As part of this package you can get unlimited general business and tax advice. We take on the role that a CFO usually would. We may not sit in the same office as our clients, but we’re only ever a phone call away.
What if a client needs something that isn’t covered by the bundle?
Additional services can easily be added on to create a custom bundle. One of the great things about the virtual CFO service that comes with our Gold and Platinum bundles is that it makes it easier to understand the additional business services you do or don’t need, to make sure you’re investing in the areas that will make the biggest difference to the bottom line.
How does a business know if a bundle is right for them?
I would say the easiest way to find out is simply to pick up the phone and give us a call. We’ve put a lot of time into making sure the business packages we offer are set up to meet the needs of the range of different clients we look after. So, a quick chat is usually all it takes to figure out if a bundle is right for a business and, if so, which bundle they should go with. Clients can even ask to speak to me directly if they want to. Although, we’re all pretty friendly here at AR Advisors.
To find out more about fixed-fee accounting or the AR Advisors Business Bundles, click here, or send Adam an email at firstname.lastname@example.org
*Source: NAB – Key insights into the Australian accounting industry
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