Member Since: 3rd Oct 2011
16th Aug 2020
Seems to me that this article is about two things: a) what is the client buying/what are we selling. b) when do we get paid.
a) we provide ‘peace of mind’. Mr Electrician client, you go and ‘fit plugs on kettles’ and I’ll make sure your accounts, tax return, payroll etc is taken care of.
b) depending on what the client wants, generally agree fee upfront. Subject to size of fee (dictated by amount of work) will agree an interim payment. Final payment taken before release of information. For regular clients, agree a monthly payment to cover the expected annual costs. Always agree that should additional unexpected work be required, then a one-off additional fee is charged.
Seems to work for both us and clients. Never been questioned about upfront fees.
25th Jan 2018
Maybe I'm missing something here.
I have been using VT for some years, and I find it very easy to produce various profit reports over different periods.
Surely, all that needs to be done is to produce a P & L, Balance Sheet etc. over a quarter and transfer these figures into suitable software to submit to HMRC.
Or am I being too simplistic?