We only do work where it can bring an enduring financial or non- financial benefit to you that exceeds your investment in us.
- To help your cash flow, our fees are issued monthly. Our fees clearly state in plain English the nature, quality and quantity of work done on an hour by hour basis so you can ask questions about the work done if you have any concerns. Where possible quotes are generated for all work and we don’t charge for five-minute chats.
- Don’t pay any part of our fee unless we have responded to any concern or suggestion you may have.
How to Keep Control of your Fees and Deadlines
How do we charge for our services and save you money? Our billing philosophy and guarantee is not to charge for work unless it can add value to your practice by increasing revenue, reducing costs or reducing the risks associated with conducting your practice. We charge on an hourly or fixed fee basis and detailed accounts are provided together with our new Traffic Light Monthly Milestones Restructuring & Annual Accounting and Management Report.
Every month we report to you whether we are on budget and will make the deadline. We can demonstrate this new technology and monthly project tracking report at the time of the no obligation consult. See below for an example..
Traffic Light Reports
These reports let you know how your restructuring, annual accounting or any special projects (“management “ as needed work) you have requested are progressing. We endeavour to provide you a comprehensive report at the end of each month with your monthly invoice. This should give you a clearer picture and more control of where you are. This will enable both of us to provide immediate feedback if we are not on target either with a deadline or the budget.
See above Next Step Traffic Light Reports. They show how you are progressing with your Restructure and Annual Accounting & Management objectives.
Each Milestone report which is an objective has a number of key tasks that must be completed called “Next Steps” so we can give this item a green traffic light which indicates this particular job is under control and will meet your budget and timeframe expectations.
You can simply print out the Next Step Milestone & Task reports and write your comments or instructions on them and fax back to us to update.
Milestone & Task Reports – What Are They?
What your entire journey is, is mapped out on the Milestone Report and the Task Report details how you are going to get there.
A Milestone report is prepared for a significant activity such as Restructuring your practice or Annual Accounting and Management (i.e. Special Project Work). The Next Step Task Report details what are the individual next steps to completing each milestone.
For example if you are travelling to Sydney from Adelaide via Melbourne, then the Melbourne destination is a key milestone. The tasks are the details of what the next steps that are required to reach that milestone point for example determining whether to use a car, fly or walk and who will go and how much will it cost.
Milestone Report
this report provides an overall summary of the key objectives and how they are progressing. These tasks are detailed in the Next Step Task Report. Please write your comments on this report where appropriate and fax or email back and we will respond.
Task Report
This report provides the next step task that needs to be completed in order to complete the above milestones – please write your comments on this report they are linked back to relevant milestone.
Key Significant Activities We Are Reporting On
As discussed earlier, there are one off activities we are performing for your practice and recurring activities that are performed annually or on a needs basis as detailed below:
The Restructuring (non-recurring work over 18 months) Milestone Report has 14 milestones and 20 tasks (next steps)
The Annual Accounting and Management (recurring and as needed work) has 20 milestones and 26 tasks (next steps).
Traffic Light Status
In particular they show if your work is on time and on budget and what is causing any delay. We use a traffic light colour coding system so you can easily identify what we are concerned about. All red and amber items need your immediate attention. Sometimes this is as simple as we do not require the service or will discuss and we will turn the traffic light status from Red to Green with a new deadline or new instruction.
Feedback – Is A Two Way Process
We are giving you feedback on how we think things are going and we need your confirmation where there is a lack of clarity.
You can simply print out the Next Step Milestone & Task reports and write your comments or instructions on them and fax back to us to update.
How Our Fees Work
Our management fees are for discretionary, once-off assignments such as practice restructuring or employment agreement templates. This is also used as a timely “speeding ticket” that if you are being charged for repeat work, you can speak to your practice support staff immediately on how they can avoid such fees. This ensures a timely implementation of any new practice or restructure. This is an excellent management tool.
Our accounting fees are for annual accounting work after your financial affairs have been set up or restructured. They are budgeted on an annual basis so you can compare our services with other accounting firms.
On most engagements that require a major restructure the fees are initially high but provide a life time benefit once set up. Download Fee Graph example.
Our Guarantee: Is to keep your fees fair and value for money.
In consideration of the trust you have shown towards our team by enlisting our assistance with the preparation of your financial statements, we feel you deserve the finest possible service and the greatest loyalty in this most important task. After receiving your written instructions we guarantee to do the following:
- Prepare your financial statements in the most efficient manner possible, giving you peace of mind by handling all matters and enquiries from government agencies on your behalf.
- Keep you informed of the progress of the preparation of your financial statements and maximise the commercial opportunities available to you.
- Competitively priced services. We are still 30% better value than firms of the same size and offering the same level of service. More importantly, our products and services are unique in Australia.
- As our client you are entitled to free-of-charge, ‘five-minute’ phone calls. Any extended phone advice is charged on a time basis and we guarantee to return your call within 24 hours.
- All our professional and friendly team go through a minimum of 60 hours per annum Continuing Professional Education (CPE) outside of their normal working hours. Rest assured they are exceptionally well trained to look after all your needs.
- We will endeavour to take all reasonable care, but in the unlikely event that an error is made by our firm, we will not charge for it.
- We go through an extensive and thorough checklist upon completing your financial accounts and annual returns. This quality assurance program ensures first class results.
- Peace of mind to know that when you need a question answered in the future, or have a problem resolved, you have Health and Life to fall back on. If you are dissatisfied with our service for ANY reason then you should email your client manager immediately. If your complaint is fair and reasonable we will refund the full fee paid by you for that service.
OUR COMMITMENT TO YOU IS THAT WE LOOK AFTER YOUR FINANCIAL AFFAIRS AS IF THEY WERE OUR OWN.
For more insights visit our blog.
About me: David Dahm BA (Acc.), CA., FCPA, CTA, FFin, CPM, FAAPM, FAIM, FGLF.
Chartered Accountant, Chartered Tax Adviser, Registered Tax Agent, Former AGPAL Surveyor 10 years of service
David Dahm is CEO and founder of the national medical and healthcare chartered accounting firm Health and Life and global Founder and CEO of the not for profit project the International Healthcare Standards and Ethics Board (www.ihseb.org)
After a serious work related car accident in 1989, and nine operations later I continue to be a patient and provider advocate. I enter my third decade as a national Chartered Accountant for Medical and Healthcare practices in Australia. I am a former 10-year Australian General Practice Accreditation surveyor. I come from a medico family. I have served on the AAPM national Board and was the inaugural national Chair of the Certified Practice Manager CPM post nominal. I continue to provide accounting tax and practice management advice to many practices all over Australia.
You know who you are and I thank you for this real honour and privilege to serve you and your community through you. Note, I am not a lawyer please seek appropriate legal and accounting advice. This information is for general information and discussion only.
