Validating the cost of delivery, the expected fee and the true charge value of the time expended on the clients
Sam Knotek – Director, and Shareholder of Accounts & Tax (Woking) Ltd.
We have a network of sole practitioners with whom we have a close working relationship. They have spent many years working with their clients who are viewed as family and friends. These clients have introduced their family and friends. They have grown old together. As they have approached their well-earned retirement, we have spent time looking at the options for securing these families an ongoing and reliable service.
One member of this network (Ricky) who happened to be local to us who was in his 80’s and still servicing his client base. His eyesight was not too good, and his computer knowledge and skills were minimal to non-existent. Because he referred clients to us, he could not or did not want to take on, we processed the tax computations for his clients and did the electronic filing for him at cost.
A few months ago, he sadly died, and it was requested by his family that we take over the accounts work for the clients for whom we had been doing the electronic filing, in exchange for a donation of a year’s fees to The Prostate Cancer Charity.
We gladly accepted the additional clients and started to look back through the papers passed to us. It did not take long for us to realise that some of the working papers were less than complete, and we could potentially lose heavily on the work inherited. We now had a challenge; how could we meet our promise of a donation to The Prostate Cancer Charity If it were costing us to sort out the clients.
Fortunately, our decision to embed Kamozo 2 years ago at the core of our business provided us with the means to solve our dilemma. We were able to validate the cost of delivery, the expected fee and the true charge value of the time expended on the clients. With this information we were able to suggest to the family another viable solution. Any loss we incurred in the first year of work we would offset with the fees obtained in year 2 with any profit over the first 3 years of work being donated to the charity. Without Kamozo providing these key metrics our donation based on the value of the clients worth would never have been able to be realised.
Maximising the identified value in the acquisition.
Managing client expectations, improving client engagement,
Making important decisions based on evidence and improve our performance.
Solving everyday practice problems: Performance + Insight = Growth = Kamozo