Most firms have dipped their toes in the water and considered monthly billing. There are clear advantages for clients and your firm:

  • Clients know what they are paying each month and what they can expect for the fee payment.
  • Little and often will often be more readily accepted by clients than a large annual bill.
  • Firms even out their fee receipts in a more manageable fashion.

Now that COVID-19 had been added to the mix, perhaps this is an opportune time to consider ramping up this process and involve more clients in adapting to a monthly billing contract?

Stepping back a notch, is this also a time to reconsider what you offer clients for their monthly fee?

Compliance only work is likely to be subject to competitive pressures as we emerge from lock-down. The less informed will tend to see the cost of their historic accounts and tax returns as just that, a cost rather than an investment.

Could you re-frame your services to emphasise the value to your client of the work you do rather than purely observing monotonous filing obligations?

Much to think about and now may be the time to undertake such a re-think. The clock is ticking. 

Source: New feed