I'll happily tell you what my driving instructors get for their money. They pay £20 per month and in return they get their monthly accounts written up, they get a report with some KPI's and a tax forecast, they also get their final accounts and self assessment completed.
That's what they physically get, but we all provide so much more than that. In my opinion clients are not buying bits of paper they don't look at and often don't understand. They buy free time and peace of mind. They buy the chance to have someone to ask questions about how best to buy assets or advice on employing people.
not sure what you are looking for here as your question seems geared more towards asking clients what they are getting for the money that they spend rather than geared towards those providing the service.
And its Kris that mentions both the £70 and £120 when chatting with Rob.
That part of the discussion was quite specific to a service geared towards driving instructors.
There will be threads out there where I may mention pricing but such has to be considered quite specific to the thread taking into account the service being offered and when the thread was posted especially if you read threads from anyone before the change of Government as the waining years of the Brown administration were a real low point for this sector (as it was for many others) and rates at that time reflected the dire condition of the economy.
As for what value clients get for their money.... They get the benefit of years of study, experience and staying abreast of legislative and regulatory developments.
We keep clients on the straight and narrow, we ensure that they pay what they must and no more, we ensure that they pay it on time, we reduce or eliminate exposure to fines, penalties, interest and surcharges and we give them the tools with which to make informed decisions about their businesses.
As I say, what we charge for that may vary from client to client (and practice to practice) but such is down to what we need to do for that client taking into account any associated risk.
What bang do they get for their buck... They basically get the benefit of our years of investment in expanding our knowledge base that it has taken to put us in a position to provide the service that they need.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Appologies, we crossed in the post but think that the two were complimentary of each other anyway.
I was off trying to find what post Eilef was refering to about £120. If it was definitely me rather than the link then I'm thinking it might have been a self assessment discussion.
If any of my clients are reading this, fear not, your not being overcharged. Nobody is getting their accounts serviced by me for £120
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Just doing a bit of digging regarding what you guys do for you clients, getting ahead of myself a little really as I need to do the course and qualify before I get into thinking what services I'm going to offer.
perhaps the two answers that you have so far are a little out of sync with the question as although we offer bookkeeping services neither of us are good examples of people in the same position that you would be in after taking a bookkeeping qualification.
The bookkeeping qualifications are really aimed at the support of those preparing the books to trial balance. However it has been noted by the professional bodies concerned that for micro businesses that is not the service that they require. Instead they are basically looking for cheaper accountants and the bookkeeping bodies at the higher levels of their qualifications they develop a basic level knowledge of accounting for members to be able to offer the services being demanded.
The ICB have a self assessment qualification but that aside bookkeeping qualifications do not concentrate upon tax which I feel is their big downfall as guess what most clients are most interested in when they come to a financial professional.
That is not to say that the other skills and an increased knowledge base can not be acquired through other studies and experience.
In my case, as is the case with many members on here, I am actually an Accountant rather than a bookkeeper.
Many of the responses that you get on here will be from qualified, practicing accountants. For example, Nick at Premier is Chartered (ICAEW and AAT). The site owners are Chartered (ICAEW and ACCA), David Balantyne is a Chartered management Accountant (CIMA and AAT), I'm Chartered Certified (ACCA and IFA), there are many others including a large contingent of MAAT's on here.
Think of this site as people in practice attempting to help people fill the void between qualification and practice as thats a huge gap which leaves many newly qualified bookkeepers unsure what their next step should be.
The one peice of advice I would give up front is to not think about what money you may make at this stage.
To do this properly your studies will take over your entire life. This is not a business where you learn then earn. You are actually entering a profession where you will be constantly studying from now until you close your business. Just after a while you get to support your constant study with a few clients which with luck and skill (not sure of the correct order of those two) will escalate to many clients.
Then you get into this site properly which is things like dealing with problem clients, getting paid, marketing your services, what to do when things go wrong, looking at more complex tax and VAT scenario's, etc.
I hope that you are one of those to stick around Eilef but many who realise what the role actually entails don't.
It's under £20 and will prove the best £20 you ever spend if it shows that this business is not for you as such would save you £1000's
Conversely, if you read it, understand it and love the subject then welcome to the family and I hope that we get to help you through your AAT studies (cheekily making a decision as to which body you should be going for there) and onto a successful career in this business.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I think it's a very good question Eilef as all bookkeepers/accountants are not equal. A client initially comes to people like us not for our sparkling personality but because they have an amount of compliance work that needs to be undertaken. We are seen very often as a necessary evil. So as Shaun correctly says:
'They get the benefit of years of study, experience and staying abreast of legislative and regulatory developments.
We keep clients on the straight and narrow, we ensure that they pay what they must and no more, we ensure that they pay it on time, we reduce or eliminate exposure to fines, penalties, interest and surcharges and we give them the tools with which to make informed decisions about their businesses'
However, this in itself does not differentiate you from anyone else and you will not easily become successful offering 'just' this. A client doesn't really care too much about your years of study, all this is the absolute minimum they would expect, much like if I get a plumber in to fix the boiler I expect he has undergone the proper training. Generally bookkeepers and accountants are terrible at actually explaining the added value or the 'bang for your buck', work that part out and let everyone know what it is and you will have a business rather than just a job.
Many of the responses that you get on here will be from qualified, practicing accountants. For example, Nick at Premier is Chartered (ICAEW and AAT). The site owners are Chartered (ICAEW and ACCA), David Balantyne is a Chartered management Accountant (CIMA and AAT), I'm Chartered Certified (ACCA and IFA), there are many others including a large contingent of MAAT's on here.
Erm, Shaun, you've just given me a promotion there! I'm actually CIMA part qualified. I'll need to pass another three exams and get my experience validated before I can call myself a Chartered Management Accountant!
