I am moving towards getting clients do their own bookkeeping. I provide them VT+ or where appropriate I get them to use VT cash book.
I train them for about an hour. So far with new clients has worked well.
I do not reduce my fee to reflect this. What I do is intentionally quote them £400 higher fee than explain to them if they do their own bookkepping with my training and support we can reduce the fee by £400.
I started this about 8 months ago. All the clients I have taken on now do their own bookkeeping with me availabe as and when needed.
Most of the bookkeeping as you know is straight forward. I created a suspense account to post entries they are not sure for me to review on a quarterly basis. This is done by them emailing the VT file to me.
It does enable me to serve the client better, since I do not get bogged down (or worry about subcontracting) with bookkeeping. In addition no paper is being passed around. Less paper in the office.
I just wanted to share my experience. Further, I would apprecaite any comments on this subject. Do you do this? How is it going? Are they any downsides to this?
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Bigger opportunity
I work with accountants all over the UK who successfully use the strategy you outlined - some have had great success, others have not. But, I would also suggest you think about what clients want, not just what you want and to reward the clients who do what you want; not with a price discount but with some added value.
Interestingly, many firms told me that a certain section of clients (usually quite profitable) didn’t really want to do their own bookkeeping. So, they started offering bookkeeping and uncovered a bigger opportunity.
For anyone interested I have written a report The Reluctant Bookkeeper just email me [email protected] and I’ll send you a copy.
Bob Harper