There has been a push for fixed fee billing with condemnation for time billing by so called “new age” accountants. Be extremely wary when entering a fixed fee plan offering unlimited phone calls or emails; it’s not a ‘phone plan’ and there are no free lunches, so be sure to check the ‘fine print’.
Generally, fixed fee plans cover just the basics, for example a fixed fee to prepare a rental schedule. In this instance, a fixed fee works extremely well particularly when streamlined procedures are in place. But, it does not cover specialist tax advice or services which regularly and invariably surface, for example, absences from main residence. A mistake at this level will cost you dearly!
It is important to be mindful of the fact that a professional service will differ greatly based on the level of expertise and qualification of the professional adviser and their firm. Professional services cannot just simply be replaced with a generic fixed fee plan as all professional advisers and their firms are not alike.
Unfortunately, we live in a world where the laws, rules and regulations constantly change and their application differs widely based on the specific facts and circumstances of each and every client.
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