No “one box fits all” pricing structure
No surprises either.
Our Pricing Guidelines
Types of Fees
Always a good question to ask. Let’s be straight up. We value our services, and like to think our clients see value in our services. We don’t like surprises when it comes to fees, quite sure you don’t either- 100% transparency. We address this through two pricing structures detailed below - fixed price agreements, and/or hourly rate. Either way, the scope of work to be undertaken is agreed first.
We address this through:
Hourly Rate
Fixed Fee Agreement tailored to your requirements
Fixed Fee Agreements/Advisory
Being successful financially isn’t just about getting taxes right. With a fixed fee agreement, we agree a scope of services to be completed. The annual fee is a fixed agreed amount based on the scope of services we agree with you, tailored to your needs and not a one box fits all approach. It may just be accounting, it may include advisory and planning. Scope of services tailored to your wants, needs and requirements, to proactively work with you to accomplish your goals.
Anything outside of the scope of works (i.e, business sale) would be quoted separately before undertaking. No additional surprises.
What we like about this model is that you can get in touch with us at anytime without the worry your getting another invoice to pay, we can be more pro-active, you get surety of what we will be undertaking for you.
Fixed fee agreements are available from rental property returns, to virtual CFO engagements.
Pro’s and Con’s of Fixed Fee Agreements
This approach has its advantages and considerations:
Advantages of Fixed-Fee Accounting:
Predictability: With fixed-fee contracts, both the client and us know the exact cost upfront. There are no surprises or unexpected bills based on hourly rates or additional work.
Simplicity: Fixed fees simplify billing and financial planning. Clients can budget effectively, and we can focus on delivering quality work without tracking every minute spent.
Stability: Fixed fees provide stability for both parties. We receive a consistent income, and clients receive reliable services without worrying about fluctuating costs.
Considerations and Drawbacks:
Limited Flexibility: Fixed fees mean that clients pay a predetermined amount regardless of the actual work involved. If unexpected complexities arise or additional services are needed, clients may find themselves paying extra or renegotiating the contract - however this is discussed and agreed before any additional work is undertaken.
Risk of Overpayment: Clients might end up paying more than the actual value of services if the fixed fee is set too high. It’s essential to ensure that the fee aligns with the scope of work, that is why we tailor a fix fee agreement to your particular circumstances, not a one box fits all approach.
Incentives for Minimal Effort: Since we receive the same fee regardless of the effort invested, by perception there might be less motivation to go above and beyond. Some clients worry that this could lead to suboptimal service quality. That simply is not in our DNA.
In summary, fixed-fee accounting offers predictability and simplicity, but it’s essential to manage scope and ensure fair compensation for the work involved.
Each situation warrants careful consideration to determine whether fixed fees align with the specific project or ongoing service.
Hourly Rate
Our hourly charge out rates range from $70.00 plus GST to $135.00 plus GST for compliance work, depending on the nature of work, and the level of staff member engaged. Specialist tax advice, advisory, tax audit or projects, fees will be quoted based on the nature of work undertaken.
This really is no longer accountants favored billing method as we are technically rewarded for being inefficient. Take longer, charge more.
This is not our preferred option, but is still very much an option, and does still work over a fixed fee agreement for some. Again, we tailor our services to your wants, needs and requirements, not ours.
Pro’s and Con’s of Hourly billing
When it comes to hourly rate accounting, clients are billed based on the actual time spent by the accountant or bookkeeper. Below are some key points to consider:
Hourly Billing:
In this model, we charge clients based on the number of hours worked. The hourly rate varies depending on the level of expertise (e.g., senior accountant, junior accountant, bookkeeper).
Clients pay for the actual time spent on tasks such as financial statements, tax preparation, bookkeeping, and other accounting services.
Hourly billing provides flexibility, especially for clients who have varying needs or irregular accounting requirements.
Advantages of Hourly Billing
Transparency: Clients know exactly what they’re paying for, as charges are directly tied to the time spent.
Flexibility: Suitable for businesses with fluctuating accounting needs.
Detailed Tracking: Clients can see a breakdown of tasks and time spent.
Considerations and Drawbacks:
Unpredictable Costs: Since the fee depends on hours worked, costs can vary from month to month even though the task may be similar.
Potential Overbilling: Clients may be concerned about excessive hours billed.
Considerations:
Communication: Regular communication with us, and regular billing by us is essential to manage costs effectively.
Efficiency: Efficient use of our time ensures optimal value for the client.
Scope: We need to clearly define the scope of work to avoid surprises for you.
Remember that hourly rate accounting can be beneficial for certain situations, but it’s essential to weigh the pros and cons based on your business needs
We find with this, client’s tend not to get in contact as much, meaning often bigger issues to address further down the track.
