MTDfB is an opportunity for you to give your clients the functionality and technology to solve their legal obligations in a painless, simple and easy to use manner. It will delight your clients, increase your profits (if you get the pricing right) and save time.
So, it’s worth stopping for a moment and reflecting on this; if you don’t provide the solution, what’s their alternative?
It’s going to mean your clients are forced to use 2 or 3 different Apps (Receipts, Income and Mileage Tracker) and pay for each one (prices range for just 1 solution from £4 - £9 per user for low use). That means not only spending a lot of money, but each App dilutes your strength as an accountant (the opposite of launching your own App). It’s also very confusing with 3 different login profiles and 3 different dashboards, with no visibility between one and the other.
What’s even worse, is that with no centralised place, you will have no idea who has submitted what.
Furthermore, there is no agent privilege to review the data and that means your clients are left allocating stuff to places they think are right - and we all know what that means!
So instead of this, why not give them one solution and each time they are interacting with it, it’s in your branding - a service and solution provided by your practice. That’s great news, as it’s solidifying your status as trusted advisor, it’s protecting your client from competitors and it’s streamlining the service you provide.
As a result, we feel it’s something you should feel comfortable charging for, and by doing so you will help your customer make use of the tool and get the value out of it. Of course, charging for it is a decision every individual firm must make on their own, accessing their own client base and reviewing this against the current charging model. It may be that you charge some clients but include it for others who might be paying a little more already.
We have seen firms consider charging clients between £5 - £45 per month for the solution.
Whatever your decision on pricing, the great news is responding to clients, reaching out in a mobile way and bringing everything together into one sensible and centralised place has huge benefits to your firm and your customers.