Depends what other account software you use and how you have it set up
We used to use IRIS and used the following modules
1. Accounts Production
2. Business Tax
3. Personal Tax
4. Practice Management
5. Time and Fees
6. Automail
7. Fixed Asset Register
When we came round for renewal following our 3 year fixed contract the price went up by 43% on what we were paying with prices in the future to go up by 5-10% year on year.
I knew then that was the time to move
We now use Taxcalc which effectively replaces; Accounts Production, Personal Tax, Business Tax, Auto Mail. Plus Taxcalc is easier to use than IRIS, more intuitive and runs faster. Only thing it doesnt do is charity accounts but we only have 1 charity now which we just outsource to be prepared.
We also use WhatsGlide which effectively replaces; Practice Management, Time and Fees but has the added bonus of automated emails and texts to chase clients for info which IRIS didnt have.
For Fixed Asset Register we use good old excel as working papers are in an excel template anyway.
The cost of Taxcalc and Glide now is less than 50% of our renewal fee for IRIS two years ago (will probably be about a third of the price if got a quote for IRIS now for what we had 2 years ago).
Those that are still with IRIS are probably those who have used it for years, have 10 plus staff and are that entrenched that it would take a real big price hike for them to move.
Anyone new entering as a start up would be mad to start with IRIS as there are better best in breed softwares in my opinion.
I had 5 clients that were due to be filed on 24th march. With everything that went on the day before I forgot to do the 1 day shortening to get 3 months further time to file.
All accounts have now been filed but as was announced to stay at home on 8pm on Monday 23rd we didnt have time to get things set up to get the accounts filed in time.
Thats my appeal argument. Hopefully it works and seems they are being lenient if they have let one they wouldnt normally allow pass.
these clients pay fixed fees across the year no matter what we do, we have been working all the hours there are this week trying to support clients, we still charge the same.
If you charge the same to clients regardless what you do then I would say you need to look at your fixed fee model.
We do fixed fees and have done since started 8 years ago but we dont do unlimited work.
The fee is fixed at the start of the year based on the scope agreed but can change due to;
1. Review bookkeeping transactions levels each 3 months and move fee up or down as necessary based on number of transactions
2. Review payroll each month and move up or down based if there is more or less employees
3. Quick queries are included free (things we can answer in less than 10 mins). If take longer we give a separate proposal and ask of they want us to deal with the query. Most queries need consideration, research, communication and will take more than 10 minutes other than if it is basic such as "how do I pay my self assessment bill"
4. If clients ask for something outwith remit eg business plan then that is separately charged for
5. If client asks to have a meeting and there is no meeting in their proposal then that is separately charged for.
Unlike many it seems on here we arent a charity and clients pay for our help and advice to help them; free up their time, earn them more money and take stress away from them.
These are times that are outwith anything in living memory and we will help clients where we can.
I will be doing a webinar to three separate groups on Monday;
clients,
people who we have on our marketing list that arent clients,
and business owners generally via facebook ad campaign.
I will be giving them a summary of all the main points that has been released in the last week, matters they should be considering in their business (cashflow planning and forecasting) and what strategies to have in place when they come out the other side.
How exactly do we survive if we stop taking monthly fees?
Couple of options
1. Living off built up reserves and cut costs
2.Take the advise you are giving clients; get £10k rates grant, take out interest free loan.
Personally I wouldnt stop. If client asks will see if can reach agreement over the next 3 months.
Only have one client ask so far. They have rental accommodation that had dried up overnight and they want to cut costs so they can pay mortgages on them. Advised them to apply for 3 month holiday mortgage which is their biggest cost.
1. Google ads
2. Website (talk about the problems, pains and frustrations your ideal client has not what you offer as people dont care what you do they only care what the result is for them)
3. Facebook ads
4. LinkedIn posts
5. Video posts about you and what you do
6. Direct mail
7. Email marketing
8. Networking events (personally I dont think is worth it as most of the networking events I have ever been to is the same people at the same event and also just a handful of people)
9. Ask existing clients for referrals on a systematic basis eg when you have completed their accounts/tax or done something that got a result for them.
Whenever you get a lead systematically follow up with them until they either sign up or tell you to go away.
Ideally set up an automated follow up email campaign for any lead to request a meeting and any meeting to follow up your proposal.
My answers
Probably is correct.
We were quoted £9500 + VAT 2 years ago for 200 clients and 3 users.
Depends what other account software you use and how you have it set up
We used to use IRIS and used the following modules
1. Accounts Production
2. Business Tax
3. Personal Tax
4. Practice Management
5. Time and Fees
6. Automail
7. Fixed Asset Register
When we came round for renewal following our 3 year fixed contract the price went up by 43% on what we were paying with prices in the future to go up by 5-10% year on year.
I knew then that was the time to move
We now use Taxcalc which effectively replaces; Accounts Production, Personal Tax, Business Tax, Auto Mail. Plus Taxcalc is easier to use than IRIS, more intuitive and runs faster. Only thing it doesnt do is charity accounts but we only have 1 charity now which we just outsource to be prepared.
We also use WhatsGlide which effectively replaces; Practice Management, Time and Fees but has the added bonus of automated emails and texts to chase clients for info which IRIS didnt have.
For Fixed Asset Register we use good old excel as working papers are in an excel template anyway.
The cost of Taxcalc and Glide now is less than 50% of our renewal fee for IRIS two years ago (will probably be about a third of the price if got a quote for IRIS now for what we had 2 years ago).
Those that are still with IRIS are probably those who have used it for years, have 10 plus staff and are that entrenched that it would take a real big price hike for them to move.
Anyone new entering as a start up would be mad to start with IRIS as there are better best in breed softwares in my opinion.
Look at Senta, Accountancy Manager, WhatsGlide, Karbon
I had 5 clients that were due to be filed on 24th march. With everything that went on the day before I forgot to do the 1 day shortening to get 3 months further time to file.
All accounts have now been filed but as was announced to stay at home on 8pm on Monday 23rd we didnt have time to get things set up to get the accounts filed in time.
Thats my appeal argument. Hopefully it works and seems they are being lenient if they have let one they wouldnt normally allow pass.
If looking purely for forecasting then Castaway and Forecast5 are the options.
Futrli, Spotlight do cashflows but not as good as the above mentioned.
We would be £720 + VAT
£180 + VAT for the tax return
£540 + VAT for the properties (we are £240 for the first property and £60 for each additional one)
We have plenty of clients paying these rates.
If you charge the same to clients regardless what you do then I would say you need to look at your fixed fee model.
We do fixed fees and have done since started 8 years ago but we dont do unlimited work.
The fee is fixed at the start of the year based on the scope agreed but can change due to;
1. Review bookkeeping transactions levels each 3 months and move fee up or down as necessary based on number of transactions
2. Review payroll each month and move up or down based if there is more or less employees
3. Quick queries are included free (things we can answer in less than 10 mins). If take longer we give a separate proposal and ask of they want us to deal with the query. Most queries need consideration, research, communication and will take more than 10 minutes other than if it is basic such as "how do I pay my self assessment bill"
4. If clients ask for something outwith remit eg business plan then that is separately charged for
5. If client asks to have a meeting and there is no meeting in their proposal then that is separately charged for.
Unlike many it seems on here we arent a charity and clients pay for our help and advice to help them; free up their time, earn them more money and take stress away from them.
These are times that are outwith anything in living memory and we will help clients where we can.
I will be doing a webinar to three separate groups on Monday;
clients,
people who we have on our marketing list that arent clients,
and business owners generally via facebook ad campaign.
I will be giving them a summary of all the main points that has been released in the last week, matters they should be considering in their business (cashflow planning and forecasting) and what strategies to have in place when they come out the other side.
Couple of options
1. Living off built up reserves and cut costs
2.Take the advise you are giving clients; get £10k rates grant, take out interest free loan.
Personally I wouldnt stop. If client asks will see if can reach agreement over the next 3 months.
Only have one client ask so far. They have rental accommodation that had dried up overnight and they want to cut costs so they can pay mortgages on them. Advised them to apply for 3 month holiday mortgage which is their biggest cost.
Have seen this article and also seen on contractor websites but until confirmed by reputable source eg BBC then wont be letting clients know.
Ways to get new clients
1. Google ads
2. Website (talk about the problems, pains and frustrations your ideal client has not what you offer as people dont care what you do they only care what the result is for them)
3. Facebook ads
4. LinkedIn posts
5. Video posts about you and what you do
6. Direct mail
7. Email marketing
8. Networking events (personally I dont think is worth it as most of the networking events I have ever been to is the same people at the same event and also just a handful of people)
9. Ask existing clients for referrals on a systematic basis eg when you have completed their accounts/tax or done something that got a result for them.
Whenever you get a lead systematically follow up with them until they either sign up or tell you to go away.
Ideally set up an automated follow up email campaign for any lead to request a meeting and any meeting to follow up your proposal.