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I need help setting up a fee survey

I would like to create a fee survey, but would like some help along the way please

Didn't find your answer?

Hi

I thought that it might be useful to create a fee-survey.   UK Accountants in practice could particapite in the survery and in return view the survey results.

I have searched but haven't seen anything similar to this.

I have created a draft survey and would like some feedback from persons impartial that might also appreciate some value behind this project.

I am happy to test in public at some point in the near future, but would like some private input/criticism to begin with.

Please reply or PM me with an email and I will send you the details.

Many thanks

Ryan

 

Replies (18)

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By marks
18th Jul 2017 22:05

Ryan

Mark Wickersham did a survey of fees of over 700 accountancy practices 3 or 4 years ago.

See link here for his report

https://www.wickersham.co.uk/store/KsM35jeK

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Replying to marks:
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By RM1974
18th Jul 2017 22:11

Thank you. Looks interesting...

I'm hoping that his reporting being 3+ years old and costing upwards of £67 won't hinder my plans too much.

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By ireallyshouldknowthisbut
19th Jul 2017 10:02

They have been done on here before.

Set up the questions for sample clients (you need to be pretty specific as if its a quote)

Post it up, ask for messages to your mail box (to keep anonymity)

Then crunch the data and state your method. Eg if you are dropping outliners before averaging etc, and a range is good.

I would certainly participate and I think you would get a good 30+ responses on here no problem. I am sure Sift would give it some air in their daily reports etc, and probably an article or two.

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Replying to ireallyshouldknowthisbut:
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By RM1974
19th Jul 2017 11:39

Thank you. I will look into that.

I have already created the survey with fairly specific scenarios.

The questions are multiple choice style with answers giving a range of fees, rather than asking for a specific figure. This might need addressing.

Would you mind giving it a trial? I could email you a link, or if you prefer I might be able to embed the link into a message to your mailbox on here.

Regards
Ryan

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Stepurhan
By stepurhan
19th Jul 2017 12:14

You need to think about a few things in structuring this, if the results are to be any use.

Firstly, that the client types you are examining are comparable. You need to consider not just the obvious splits (e.g. sole trader v limited company) but something to reflect complexity (whilst not a perfect measure of complexity, turnover ranges will probably suffice).

Then you want to consider the range of services you want to cover. Just accounts and tax returns? Common things like VAT? Payroll?

Finally you want to at least get rough areas for respondents. National comparisons are a very broad brush approach, so the information will be less valuable. Narrow it down to at least a region and it becomes more relevant.

Careful not to ask for too much detail though. Think of the areas above, and pare each down to the ones you think are most relevant. Unless you are paying for supplying data then the more you ask for, the less responses you will get.

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By MissAccounting
19th Jul 2017 12:30

Who was is that did this a good number of years ago on here? I dont think the member posts on here anymore but it would be worth tracking down some of the information that they used as it seemed to be very well received by everyone involved.

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Replying to MissAccounting:
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By RM1974
19th Jul 2017 13:19

There was a similar survey conducted by Mark Wickersham in 2014.

I managed to find the survey and the questions arr vastly different to my own.

The main difference is that Mark's allowed answers in actual values, where as the one I am working on is multiple choice answers. I think I need to address this issue.

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Replying to MissAccounting:
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By andy.partridge
19th Jul 2017 14:00

You are thinking of Steve Holloway. It was a pleasure to contribute to his surveys and the results were very useful.

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Replying to andy.partridge:
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By MissAccounting
19th Jul 2017 14:20

andy.partridge wrote:

You are thinking of Steve Holloway. It was a pleasure to contribute to his surveys and the results were very useful.

Thats him! Do we know where he went? No offence to the opening poster of this thread but it would make a lot of sense to get Steve involved again if its going to be a success.

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Replying to MissAccounting:
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By RM1974
19th Jul 2017 14:25

None taken and I'd be very happy if he was involved.

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Replying to MissAccounting:
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By andy.partridge
19th Jul 2017 14:27

He's made just one post in the last couple of years. I like him even more for that.

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By MissAccounting
19th Jul 2017 13:30

I wouldnt take too much notice of Mark Wickersham personally...hes only in it to line his own pockets!

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Nichola Ross Martin
By Nichola Ross Martin
19th Jul 2017 13:41

I have a costing model which works out how much you want to earn and how to price. Its works for me, its on my website.

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Replying to Nichola Ross Martin:
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By MissAccounting
19th Jul 2017 13:58

Nichola Ross Martin wrote:

I have a costing model which works out how much you want to earn and how to price. Its works for me, its on my website.

Just had a very quick look but couldnt see it. Can you let me know what section its under on your website please?

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Man of Kent
By Kent accountant
19th Jul 2017 15:17

I'd be happy to complete the survey. PM sent.

Thanks (1)
By Glenn Martin
19th Jul 2017 16:36

Have you read the xero bench marking report

I know a lot like to mock, but peel back the branding and it actually makes very useful reading

I will be happy to contribute to you survey though

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By RM1974
21st Jul 2017 15:26

Here is the 2017 survey

https://surveyhero.com/c/f459430

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Mark Lee 2017
By Mark Lee
03rd Aug 2017 12:31

What is the objective of the survey?
- To garner headlines? (eg: 80% of accountants charge average fees of less than £300 pa)
- To promote and sell a pricing product/solution?
- To benchmark and maybe revise your own fees?
- To provide actionable insights for contributors?

Clarity as to the objective of any such survey will impact the way the questions are phrased, how many questions are asked and how the results are reported.

I note the 2017 survey has 40 Qs and yet will apparently only take 5 minutes to complete. That suggests it will be rather superficial I'm afraid, so how much value will it be to anyone afterwards?

Each year I run a client fee comparison masterclass for members of The Inner Circle for accountants in London.

Each masterclass takes a full half day and we rarely have time to consider and review the pricing of fees for more than a few different 'typical' clients.

Each year the outcome is always that sole practitioners (in London) are charging very different rates for ostensibly the same services provided to specific client types.

I explain the reasons for this and why there is no need to worry about the 'going rate' - especially when you are looking to move beyond recurring compliance services.

In variably one or two members look pleased with themselves as they are charging much more than most. Equally there are always a couple of members who realise they are under charging specific client types. And we then discuss how they can rectify this situation and avoid it recurring.

Everyone gains value from the discussions and from learning how others set and agree fees (and payment terms).

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