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Fees come into focus in Bankstream survey

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16th May 2016
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After the self assessment deadline rush in January, accountancy firms are now turning their attention to things they can do to improve their year-round efficiency. But fee levels are also near the top of the agenda for practice owners and managers.

The February Bankstream confidence index reached its lowest ever rating - just below 7 out of 10 - after a “tougher than expected” tax season.

One of the other factors highlighted by the spring survey respondents was fee volatility.

Compared to 2015, the number of firms experiencing fee stagnation dropped from 43% to 33%, while 56% of practices said they had increased their fees - up from 52% last year. But the number of practices whose fees have gone down more than doubled from 5% in spring 2015 to 11% in spring 2016 (see chart below).

At this point last year, two-thirds of our respondents reported experiencing some kind of pressure on fees. The second quarter survey for the Bankstream index has now opened for responses and to expand on earlier survey findings, it’s got a couple of questions that delve more deeply into fees.

For example, if so many accountants are saying they’re overloaded with work (34%), what are the barriers holding them back from raising their fees?

How firms bill is also a matter of continuing controversy, so the Bankstream survey this quarter sets out to establish how many firms have embraced value-based pricing, and how many prefer to stick with traditional time-based billing. There are numerous options along this fee spectrum. By taking part in the survey you can help set a benchmark for what firms do now, and perhaps pick up a few ideas on ways to change the dynamic if you feel caught in a revenue rut.

The Bankstream Accountants Confidence Index is a based on a quarterly survey undertaken among members of AccountingWEB.co.uk. The main index figure - currently 6.9 out of 10 for the first quarter of 2016 - is based on average rating of current and expected performance levels among the firms themselves and their clients. Regular publication of these assessments gives the profession insight into how the wider economy, business and regulatory landscape is changing for practitioners.

Take part in the Q2 survey now to become part of this increasingly important professional focus group - and get the chance to win £500 in Amazon vouchers.

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