My Week: 30% fees lost

DecorationsNamaste folks. I am glad it is Friday. It was a tough week without Q.

It is that time of the year  –  a week of cheesy Christmas adverts.  It satisfies my guilty pleasure. HERE are some of them.

I  think Marks and Spencer one wins it.

We are likely to see cheesy accountants Christmas videos on AW soon.  They are the worst.

Fee Bank 

I emailed my workings on the final fee bank payment to the vendor. If you remember,  I purchased a fee bank back in October 2016. I am awaiting a response from the vendor before making the bank transfer.

The integration of fee bank clients into the practice was challenging. It would have been far worse if the fee bank was significant. I purchased a small fee bank. The experience I gained will no doubt help in the future.

Viable fee bank?

30% of fees were lost as a result of fee bank clients leaving because:

  • Sacked – Fees and time did not match
  • Close business
  • No reason given

There is clawback for the unpaid portion of the fee for the year. However, where clients had paid fees up to x months, those fees were paid to the vendor. We did the work, but we did not get the return. This is where I messed up in allowing this clause in the agreement. Expensive lesson learnt.

Further, to kick me where it hurts – my bank balance, just after the full year, Three clients decided to leave. One closed business. the other (very small fee) just left without a giving a reason.  The last client gave some excuse that I do not recall. We paid the full years fees, did the work and clients left.  NOT good.

I do not have any regrets about my purchase decision.  I would do it again. Over the long term, I think the fee bank purchase will be a win with what is left.

Accountancy Manager (AM)

We are nearly there with our new practice engine (AM).  I think it would be a key resource that will help us significantly.  At the same time, through hard experience, I have learnt best not to make firm judgements about ANY software without at least a few months of real-life use.  To date, the positives about AM win.

Q’s Return

I am pleased Q is back next week. I coped without her. It was not easy. Now AM is set up, I will go through AM with her. On this occasion, she will HAVE to use AM. Too much time has gone in the setting up. I want us to use it in a big way. Further. I will also ask her to use timesheet functionality of AM.

Christmas Decorations

For the first time anywhere, I will put up light Chrismas decorations in our retail unit. Being on the main road, it would be rude not to.  I have ordered a made in China Santa from Amazon.  Jesus will be pleased.

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