Accountancy Retainers
Accountancy Retainers Explained
Accountants are the trusted advisor – the first port of call for most business matters. But does this put a strain on your practice, and are you best placed to handle every request?
Although this fosters a strong client relationship, it does take up lots of valuable time and the client may see this as ‘part of the job’ and won’t expect an extra fee. This can lead to a cycle where you’re overworked and under-rewarded, on both a financial and motivational level.
A strong network can ease that load. Rather than spending time researching, a short phone call with an expert will likely cover most of the quick questions. If it’s more complicated there’ll be a reason why, and this can be communicated to the client – giving a perfect opportunity to agree any necessary fees at an early stage.
This allows more time for what matters to you, and reduces the stress of taking on technical matters that may be out of your comfort zone. A solid network will also keep you informed; provide solutions; and will make you look good – ultimately allowing you to keep control of, and strengthen those client relationships.
VITA is looking to expand its own network, and is offering cost effective solutions through both formal retainers, and by working on an ad hoc basis.
Retainers Options
£500 per quarter - Small firm, one partner and staff
£1,000 per quarter - Medium firm, three partners and staff
£1,500 per quarter - Large firm, access for all
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Access to a helpline, for calls up to 30 mins.
Monthly updates / newsletters.
Customs Annual meetings with nominated users to discuss service, and improvements to maximise value.
£1,500 package inc. meetings onsite annually and a staff training programme.
Hourly rates ranging up to £295 for the most senior staff, and billing structures that allow fees to be passed on to your clients in full, or you can recharge the time at full or inflated rates in order to contribute towards the retainer fees.
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Personal approach with direct access to partners and senior staff, who have 20+ years of experience of advising in VAT. Our team understands the requirement of general practice and accounts teams, and are ready to act as your internal VAT resource.
100% independent with no ties to any other firms; and offering VAT only services. Experience in knowing when to involve other professionals, and how and when to bring in the accountant in order to provide complete solutions for the client.
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Although there are 'free' options out there, they are not set out to add value. This can be achieved by owning the problem with you, with a view to finding a solution. The helpline is perfect for saving your time and helping you to process a scenario - a lot can be achieved on a 30-minute call. Often on understanding the problem, it becomes apparent that the client is asking the wrong question, or not the full question. Identifying this early saves time and makes you look good.
It's an advisor's job to make the client look good, and you are the client! The service is set out to give you access to information in a timely fashion, whether at the clients request or perhaps to prepare you for a meeting or even for a potential opportunity. A call asking "what are the VAT issues and angles on this sector" would be welcome under the helpline.