Add new income streams to your practice

AI and the mechanisation of manual processes are likely to lead to downward pressure on the pricing of repetitive services.

No where is this more apparent than when considering the delivery of compliance services to clients. Your fees for preparing accounts and returns to meet HMRC and Companies House obligations are generally considered to be “grudge purchases” by your clients.

The demise of pure compliance services

Will this automation of compliance activity continue to drive down prices? In my opinion, yes it will. The solution is to side-line accounts preparation and tax return submission into a free service!

Fee Builder 2019-20

I have recently written a workbook that illustrates how this can be done.  The workbook includes eleven strategies for re-creating existing services, and creating a number of new recurring services.

One of the strategies promotes the repackaging of bookkeeping, compliance work and periodic reviews as a Business Fitness and Planning Review service. A description of the service would be something like this:

We can take over all your paper-work chores, produce regular management accounts, deal with any issues arising and handle your VAT and payroll filing requirements. And if you sign up for this service, we will produce and file your annual accounts and business tax return FREE OF CHARGE.

This places the value and cost on the benefits instead of just dealing with pure compliance obligations.

The workbook also promotes a new look at the following services that can be reviewed annually:

    • TAX PLANNING REVIEWS
    • COMPANY SECRETARIAL SERVICES
    • CGT FORECASTING AND PLANNING REVIEW
    • IHT FORECASTING AND PLANNING REVIEW
    • BUSINESS EXIT PLANNING

And the following “new” service delivery ideas:

    • PERSONAL “END OF LIFE” OR DISABILITY PLANNING
    • PERSONAL FINANCIAL ACCOUNTING REPORTS
    • GDPR REVIEWS
    • BUSINESS SYSTEM CHECKS, and finally
    • REGIONAL TAX PLANNING

Also included in the Fee Builder bundle

Fact sheets that highlight the above, that you can adopt and send to clients and prospects as part of your marketing campaigns, and an updated copy of my TAX PLANNING ROAD MAP for 2019-20. This latter publication has a wealth of check lists and draft emails that can be used to approach businesses, personal tax clients and property owners about tax planning opportunities.

I will also give all purchasers of Fee Builder 30 minutes of my time to settle on at least one application of the ideas shared that can be integrated into your service offerings for 2019-20.

Interested in Fee Builder?

Visit our Fee Builder page for more information about the product.

Obviously, I cannot disclose too much detail online otherwise the intellectual property that makes up this service would be compromised. If you are still uncertain if Fee Builder would be of value to your practice call me anytime on: 07879 896073.

Bob Edwards – April 2019

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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