When visiting a new client for the first time I will be asking questions about the specific bookkeeping that they require. I will be asking about and requesting to see their previous bookkeeping records, to have an understanding of the amount of work needed.
At this point do I need to go into more depth and inform them that I will have to do checks on them, inform them of MLR and so on, or shall I wait until I've quoted them and they've agreed to my services?
Could you also advise any specific questions I may have forgotten.
Its a balancing act at the first visit, depends what groundwork you have managed to do on the initial call, whether you have given ballpark fees information or told them what you need to provide a quote, what you are aiminbg to get out of the meeting and of course what they want out of it etc so if you can give us an idea of that first call that might help better to guide you.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thanks Joanne,
I've not discussed anything with the client and I have put together a new client information sheet, with everything I could think of to ask. The visit is at the clients home, so hopefully everything I might need should be there. I don't think I will give her the quote there and then, as I want to go away and decide which accounting system would suit her the best. I've been talking about VT with some of the guys on another post, which you have also commented on? (I've got a few posts going on at the same time, hope I'm not getting mixed up lol).
I'm quite nervous about the meeting as it's my first, but hey, what can go wrong, the worst that can happen is we don't get on and she says no. Moving on then lol
Will let you know how it went.
Thanks
Hi Karen
You will get to know who we all are pretty quickly I reckon and yes 'twas me on the other thread.
I would suggest that you start the conversation with 'tell me about your business'- always a winner as they get to do what they like best, which is talk about themselves. You can usually pick up a few little gems that way.
Your first question perhaps should be what she is looking for from you, as this will pull out more info.
I have a full list of fact find questions covering the main points at a high level, with each then split down to get the more detailed info I need and will judge how I go through it as the conversation progresses especially only coving the minutiae if I've covered the more high level stuff on a phone call first. You may need to suggest a second meeting, but only if her business has staff or is more complex than you are expecting. I've taken on clients without discussing any of their needs at the first meeting, just going on relationship building, not an ideal way I grant you, but they sometimes work out as the best clients!
I suspect in this case she is a one woman band, she may mention pricing quite early on and you may not get access to the existing books to be able to scope her out fully. I don't know on what basis you charge, but have a back up plan, or a rate in mind in case you are pushed, but always caveat it quite heavily with needing a full look at the existing paperwork as without it you can underprice the job easily and they always fib about volume. It's a good idea to come away and ponder it if you can, although I find it easier having the conversation there and then as you can better judge their reaction. My parting comment these days 'that's my rate, I won't be offended if you decide you dont want to use me if you think the rate is too high'. Let's them know I'm not budging on it and saves any embarrassment or time wasting.
VT offer a cash book option as well as more complex accounting software so it might be worth looking at that and offering that. Think that is free, but not up to speed on that side of it.
Good luck and yes do let us know how you get on.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Joanne,
Well, had my first client meeting last Friday and I think it went quite well. As you suggested I asked her about her business first, then told her about me, then asked what she was looking for from me. We went through the questionnaire I had put together so ended up with a good idea about her position. She uses "Wave" , it's free, seems everything is automated, so no need to input invoices etc. She's looking for someone to oversee and check what she's doing is right. She has 2 really small businesses on the same software but using only 1 bank account!
Have sent over my quote for monthly fee and also a catch up fee from April to August, so just waiting to see if she accepts. It's quite difficult to decide what to charge, but I'm not going in cheap cos I may regret it, I've gone in on what I think it's worth rather than an hourly rate, with a small incentive on the catch up fee.
Fingers crossed.
Hi Karen Sounds positive. There have been some comments on here about Wave in the past if I recall correctly. Ah yes I shouldve probably remembered this but I didnt, just found it in search.....
Hi Joanne,
I've got my first client !! Not sure she'll go for two bank accounts, so may have to manage. Not sure though how I'm going to produce management reports for 2 separate businesses on this Wave system, from one bank account??
As receipts & payments for 2 businesses have already gone through this one bank account I may have to scrap it all and start again, what would be the best way to sort this, if I manage to convince her to have 2 bank accounts?
Sorry meant to respond to this one earlier but taken a total battering on clients VAT period and still on for the deadline for tonight (Client suddenly found a further batch of invoices today that I've been chasing for months!! Could happily scream, but just having a breather!)
Anyway big well done on your first client.
There are plenty of Banks offering free business accounts for long periods so there is no excuse not to have two accounts.
Problem may also arise if she is getting, or ever likely to get, close to the VAT threshold, based on t/o from BOTH businesses as she cannot even begin to claim they are separate if she dumps everything through one bank account. Not sure if they could be separated anyway without knowing more detail (perhaps you can confirm the nature of this second trade?) so in that instance artificial separation could be an issue even with two bank accounts.
She needs to be guided in the right direction.
How easy is it to identify what cash in and outflows via the bank belong to the different trades?
Edited to correct formatting
-- Edited by Cheshire on Thursday 7th of September 2017 07:05:15 PM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Joanne,
Haha at least she's not vat reg yet!
Yes she's got a free business account and I did think she would be able to get another, but both business trans have already gone thru one account.
She has a fitness business and a graphic design business.
When I get access to this wave system I'll be better placed to see what's what. She isn't cash based at all, everything is automated straight into her bank account. She also has Mile iq for her business mileage calcs.
To be honest at first it seemed quite straightforward, but now it looks like it could be a bit of a mess lol
Hi Karen, there is absolutely no reason why she can't have two business bank accounts. I have two separate businesses and have free banking* on them both, although I think the free is due to end shortly on both.
*Different banks
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
In all this talk of "two businesses", unless I'm having a blonde moment, I don't think anyone has stopped to question the nature of those businesses - especially when the mention of VAT came up. I think everyone's just assumed it's two limited companies.
Are they two separate limited companies, or Is it just two types of distinct trading she does as a sole trader, for example?
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Hi Vince
I think you may be having a blonde moment - I did ask the nature of the businesses - see my post earlier where I question ''perhaps you can confirm the nature of this second trade?'' Also, although you may not have seen the others, in terms of the legal form, there are a few posts from Karen over a few days and as this is her first client we were on safe ground knowing that its a sole trader. Although you are of course bob on to point out that we need to know - I seem to recall adding the fact that it is better when posting to provide the information as to status and think it was one on freebies that Karen raised.
Karen does indicate above they are distinctly separate by nature - fitness and graphic design, but the client is clearly being very naive with just one bank account and one lot of software to run both business through it. On another point - wonder how the client is accounting for cash as Im sure the majority of her personal clients will pay in that way?
Yes, John you are spot on on the banking side. Shop around for yours if you want to extend the free banking, although I must admit the trouble and time required to move mine outweighed the costs and I didnt like the online offering so I stayed and paid, although its a pittance a month really.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I think you may be having a blonde moment - I did ask the nature of the businesses - see my post earlier where I question ''perhaps you can confirm the nature of this second trade?''
Oh yeah - I can see that now. In the very same post where you mentioned VAT, which I referred to.
Excuse me while I allow my forehead to slam down quite hard on this desk.
Also, although you may not have seen the others, in terms of the legal form, there are a few posts from Karen over a few days and as this is her first client we were on safe ground knowing that its a sole trader.
Okay - no, I haven't seen those. (Before this reply to this thread, I saw John's reply to me saying that Karen had said the lady's a sole trader, and I did a quick page search for the words 'sole trader', and the first time it appears is in my post - so I'm glad I read your reply before going straight on to reply to that saying "I can't see where she said it..."!)
Where have you been?
Just had - and have - a lot on. Mostly not in this field (other than my own VAT return, which I almost forgot to do, where I've been so snowed under). Expect to see very little sign of me over the next few months, probably, except when I just happen to glance at the forum when something is visible in my feed that sparks my interest.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Expect to see very little sign of me over the next few months, probably, except when I just happen to glance at the forum when something is visible in my feed that sparks my interest.
Oh nooooo, thats not good! You will be missed, so dont stay away too much.
Great news that you are so busy though.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
