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News & Press: MANAGEMENT

5 Stupid things accountants do

Tuesday, 04 March 2014   (0 Comments)
Posted by: Nicolaas van Wyk
  1. Most accountants discount their fees by 10 to 30% at the start of the engagement and then over-service and fail to recover 20 to 40%. Doing this means that you will have to work two to three times harder than you really need to, to achieve your current levels of profitability. 
  2. Many accountants dont raise their fees annually. 
  3. Accountants dont cross-sell other services. 
  4. Accountants stick with their unprofitable clients. This means that you subsidise their failing businesses. 
  5. Accountants think they sell accountancy services. Business owners dont buy accountancy services because they want to use an accountant. They buy accountancy to take away pain and to ensure compliance. They buy peace of mind. 
In summary, if you want to be a successful accountant in practice follow this golden rule:

"Business owners rarely want or need to be educated. What we need is help. You are the experts. Use your wealth of product and technical knowledge you ask better questions. Use them to diagnose what we want to achieve and what's stopping us - cash flow, bad debt, late payments, undercharging, spiralling costs, wages, poor productivity, under-investment or profitability. You can help us fix any and all these problems and more and we'll pay well if you can help us solve those problems. Tell me you’re going to file my annual accounts, manage my payroll and do my VAT and you waste the opportunity to add value to my business by making yourself into a cost I resent paying. That means I will look for a cheaper option, shop your quote around and send my paperwork to you at the last minute" - Quote from Marcus Cauchi UK Practice Consultant. 

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