The 3 stage tax cut overhaul is being introduced as a measure for fair taxation, but it might not prove to be very fair for your accounting business if you are not ready to make some amends to your prices.
Especially if you assist small businesses or entrepreneurs, it is critical that you keep a flexible price point and set your priorities accordingly. All of your clients deserve maximum priority when it comes to increasing their tax savings. But that is quite impossible.
Last year alone the majority of accountants experienced a severe blow from losing 16-20% of their client base. This is mainly due to the problem of small business owners, sole traders and freelancers not having enough budget for a year-long professional accounting service.
Here’s what you should focus on to make an epic come back this financial year:
Impact of new tax cuts on client billing
Since the tax threshold has been lowered to 16%, it also reflects the growing disparity between income ranges. Self-employed individuals are challenged with uncertain earnings, taxes are always an added obstacle.
If hourly rates for accounting services could be flexible according to the client’s needs, including a billing system that they can afford. This helps build loyalty and ensures that your existing clients do not opt out.
On-boarding new clients with tailored offers
From your own experience it should not be difficult to tell which income group your services are suited for. It is essential to categorise your services so as to onboard clients from different income backgrounds and help them maximise their savings.
If you end up spending more time on one client it is natural that you will lose on potential clients. Strategise to fit the new tax regime and offer tailored services to your clients.
Calibrate your business with changing trends
With a steady 7% rate of increase in the self-employed economy on an average every year, it is always a good idea to market your services to the gig economy and sole trading sector.
But it becomes difficult to be creative when most of your time is spent in manual bookkeeping and other steps that can easily be finished with some on-trend integration.
Shake hands with AI and grow your business
How about your very own AI buddy who can assist you in report generation, expense review, client data overview and much more? All you need to do is on-board your clients on the dashboard!
With unlimited client on-boarding and smart tools that efficiently save your time, you are all set to excel at client billing, auto-bookkeeping, tax lodgement and client management all in one place.
MyGigsters is designed by a team of fin-tech specialists and expert accountants with your business needs in mind - make more while there’s a lot less to do!
Book a Demo today!
