We know that each and every agency we deal with has it’s own nuances, and each owner has their own goals and preferences. That’s why our pricing approach is repeatable and consistent, but bespoke to each and every business and individual we speak to.
Below, we’ve answered some of the most frequently asked questions about our process of coming up with a fee that you’re happy with and that we’re happy with.
How do you calculate the fee?
Our fees are calculated based on the output that is provided to you rather than our hourly input. We feel this gives you the most peace of mind and value. During the proposal meeting, we’ll agree with you on what services will help you meet your goals and calculate a price for your service package. Most of our services have set parameters that help calculate the price. For example, our bookkeeping services are calculated based on the monthly average number of transactions, and payroll fees are calculated based on the number of employees.
How often do I pay?
Our fees are invoiced and paid on a monthly basis. Our invoices for the month go out on the 1st, and payment is taken on the 8th of each month by Direct Debit. During your onboarding process, you’ll need to sign up for Direct Debits with GoCardless.
The only exception to this would be any one-off fees agreed upon at the start of our engagement. These are billed on the date of proposal acceptance and taken by Direct Debit 7 days later.
Is there an up-front fee?
There may be an upfront fee when calculating the services. This may be made up of any one-off fees for things like company incorporations or tax registrations, as well as an alignment fee. The alignment fee ensures that 12 months worth of fees are paid for annual services. For example, it’s possible that you may sign up after month 4 of your accounting year. In this example, 4 times the monthly fee will be charged up front, and the remaining 8 months will be part of your ongoing monthly package.
The alignment fee is one-off, and due to the nature of how it’s calculated, it won’t apply once you’re on the monthly package.
Do you have a minimum fee?
Yes. We have a minimum monthly fee of £100. The minimum fee per month ensures we’re able to give all of our clients the time and attention they deserve, as well as the exceptional level of service they deserve.
When putting together a service package, we’ll look to agree on a package that suits you and what you need, and then calculate the monthly fee. If the fees fall under £100, we’ll do what we can to agree on the additional value we can give you within the minimum fee.
When we calculate the alignment fee, the minimum monthly fee isn’t applied.
Do you do one-off accounts and tax return jobs?
We pride ourselves on being your finance partner and an embedded element of your business. With this in mind, we do not work on one-off projects for non-clients. If, however, you’d like to join our growing number of exceptional clients, we’d love to have you onboard.
Can the fee be reduced?
All of our fees are calculated based on specific parameters, which allows us to do the job to a very high standard for you. The fee is set for the specific scope of the engagement, so we don’t provide discounts.
There are, however, some services that are optional, and by taking on some of these, the fee could be reduced. One good example of these optional services is using our office as your company's registered office. There’s an additional fee for us to deal with your incoming post or spam and keep your private address off the public domain; however, it’s not an essential service and something that can be removed from the monthly fees.
How long will it take after our meeting before you give me the proposal?
Our proposal will be ready for you within the meeting and emailed to you there and then.
How quickly can I sign up?
During your proposal meeting, you’ll have the opportunity to sign the engagement letter (contract) so we can get the ball rolling sooner. Alternatively, the pricing on the proposal will be valid for 30 days.
What happens if I need another service?
If, throughout the year, you need another service added to your monthly package, we’re more than happy to do so. If this is an ongoing monthly service (for example, needing to have regular VAT returns moving forward), we’ll add it to the monthly package. If it’s a one-off service (for example, a Capital Gains Tax calculation), we’ll provide you with an ad-hoc proposal for that one-off service using our proposal system.
How often is the pricing reviewed?
We work on a 1-3-12 method with regards to pricing reviews. Our payroll services (based on number of staff and payslips) are reviewed monthly (1), the bookkeeping (based on number of transactions) is reviewed on a quarterly basis (3), and everything else is reviewed annually (12).
Every year, we’ll meet for our annual service review. Within this meeting, we’ll discuss services, what’s worked well, what could be better, and review the service package and fees for the next 12 months.
Do your fees include VAT?
All our fees have VAT added to them. The amount of VAT is clear and shown within the proposal process, and our invoices.
I hope that helps you understand how our pricing system is bespoke to each individual, and why we won’t give a “rough idea of pricing” over the phone. There are so many variables that we need to walk through and fully understand before being able to put together the proposal.
To discuss how we can help you grow your agency, and put together a bespoke proposal for you, book a call here.