How we charge for our work will vary according to the type of work we are undertaking. However, we thought it would be useful for you to have an idea to the range of options that are available.

 

For many of our long term clients we operate a Fixed Price Agreement (FPA) system. We agree with our clients the mix of services and support we are going to provide for them over a twelve month period. This will vary from client to client and will be chosen from a menu of different options available. Typically an FPA would include the audit of the Company accounts; the preparation, submission and agreement of the Corporation Tax computations and perhaps the running of the payroll.

 

Whilst agreeing the terms of the FPA, we will discuss with clients what additional support they would welcome. As examples, that might include and an HR Advisory helpline, or perhaps IT support. Very often we will build in tax planning sessions. Clients will sometimes want managerial support, perhaps attending or even chairing internal management or board meetings. Sometimes, they will just want to know that the Client Manager is available to pop out and see them whenever the need arises.

 

Having built up what is going to be included, we agree an overall fee with the client covering the 12 month period. The fee is usually invoiced monthly or quarterly and collected by direct debit.

 

FPA’s take away the concern of many clients that they can hear the clock ticking whilst talking to their advisers as the agreement will cover general meetings and discussions. The client knows exactly what the service is costing and feels free to discuss their plans much more freely. If some specific projects or very detailed additional work come out of those discussions, then part of the FPA is a mechanism for agreeing the additional fees for such work in advance.

 

FPA’s carry with them a money back guarantee allowing clients to only pay what they think the work is worth.

 

For some work an FPA is not appropriate. In these circumstances we will propose a fee based on the level of experience required to carry out the work, the time it will take us to do it, the risk to us in doing it and the value that we add by doing so. We always look to agree this in advance wherever possible.

 

Some types of work, there is no alternative but to agree an hourly rate (or series of rates) for our input into a project. We prefer to not do this unless we have to (we think it is better that our fees are based on the value we add rather than the time it takes us to do something) but will always try and agree the rates and the scope of the work up front.

 

On some projects, we will undertake work on a capped or fixed fee. Sometimes this will be a minimum fee combined with a success or win fee. We are not allowed to use success fees with some areas of our work (audit for example) but can with other types, for example,  Corporate Finance or some types of tax work.

 

The main point, whatever the method of charging for our work, is that it is agreed up front so that there are no surprises. We bill on a very regular basis (often monthly) and expect to get paid on time. We do not set ourselves out as a “cheap” alternative. However, we do believe in providing excellent value for money.