For all my blog fans, you know that I have been talking a lot about launching my own accounting and bookkeeping service and here it is!
It’s called:
Dr. Accountant!
Which is like a pun because I’m a PhD grad, so I’m a Dr. but not a medical Dr. but I’m here to keep your finances healthy, like a Dr. Ok, I’ll stop before I bore you with my dad jokes. But yeah,
Dr. Accountant!
The COVID-19 Financial crisis has made life difficult for business operators everywhere and of every stripe. Especially so for small businesses, self-employed individuals, freelancers and side-hustlers. Its at times like these you need some good, expert advice on financial matters but you’re a bit cash strapped to afford one of them high-street accountants.
Which is why i’m launching Dr. Accountant with a unique Pay What You Can (PWYC) model. Dr. Accountant is also 100% online – which means that you can engage with me from the comfort of your own home!
How does PWYC work?
The core principle of PWYC is that I never charge the client more than what they can afford. In more business-y terms, I charge clients a % of their predicted annual sales in determining the fees they have to pay. The idea is that smaller businesses = less work for me, which means I can charge them a lower price. Conversely, larger businesses = more work for me, which means I should be charging them a higher price.
What sort of services do you offer?
Free 40 minute initial Consultation for all clients
Let’s have an online chat! Let’s talk about what your business does, what your pain points are, what frustrates you and what you would like to do better. The whole point of this conversation is so that I can learn how I can best help you, and if I can’t, where I can point you in the right direction.
Book Keeping @ 1% of your annual income.
Book keeping is about managing your daily transactions and making sure that transactions are in the correct accounts. I will also keep track of your assets, make sure that your depreciation is run correctly and that overall your accounts look healthy and peachy!
Accounting and compliance @ 1% (0.5% if you are a book keeping client as well) of your annual income.
Accounting covers the preparation of financial statements and dealing with tax matters with the IRD on your behalf. It also means that I will file your yearly income tax returns and GST returns (if any) as part of this package, making sure that all the correct expenses are claimed for.
How does the pricing work in real life?
Ok, so let’s take an example:
Pudi is a client (just a made up one) who runs a food truck with a predicted annual turnover of $50,000. This means that I charge Pudi 1% of $50,000 for book keeping services, per annum. 1% of $50,000 is $500. Pudi can either pay this in a lump sum at the start of the year (and get a 5% discount) or he can pay it monthly at $41.70 a month. Pudi also engages me to do his tax returns – which I charge 0.5% of his annual income for because he is a book keeping client. 0.5% of $50,000 is $250. He can either pay this as a lump sum (and receive the 5% discount) or he can divide it into monthly payments of $20.90 a month.
In total, Pudi has fees to pay to Dr. Accountant of $750 ($712.50 with the 5% discount) a year or $62.60 a month (for book keeping and accounting).
Note that all figures in the example are excluding GST. Note that the service charge does not include any accounting app/software subscriptions that you may need to use.
What do you offer clients who can’t afford the 1% or want to do their own accounts?
I’m glad you asked!
If this sounds like you – you don’t really need an expensive accounting software to help you keep track of your expenses. I will recommend that you jump on as one of my Pocketsmith clients through this link. Full Disclosure: this is an affiliate link and I earn a commission from paid sign-ups. Pocketsmith is a cheaper alternative to many of the accounting software packages out there, it might have less features than say, Xero, but it has more than enough features for a small business making less than $30,000 a year.
Pocketsmith is a super easy-to-use accounting software (and it has bank feeds too!) and there are heaps of tutorials on how to use it online. But if you require some online training and advice I offer:
App/software training @ $50 an hour (inc. GST)
This training is done online and I will walk you through the setup and use of your app/software. I will also answer any questions you have about the software.
What sort of clients do you service?
I mainly deal with small businesses, self-employed individuals, freelancers and side-hustlers with an annual income of less than $500,000 a year. I also specialize in doing up accounts for medical contract workers (GPs, Locum Doctors, Midwives, Contract nurses, etc.), which is also part of the reason why I chose Dr. Accountant as a brand.
Will you be offering business coaching, advisory and cash flow planning/forecasting?
Yes I will! I am sorting out my registration with the Regional Business Partner network and I will be offering coaching and cash flow planning services soon!
For all inquiries, drop me a message on my FB or send me an email at sam@samharith.com