how much does profit first cost

Now comes the annoying answer – it depends. So allow us to take you through our process when pricing for an engagement.

Firstly, we have to make sure we’re a good fit for each other.  So we’ll initially spend 10-15 minutes on a call with you exploring key factors such as:

  • Your ambitions for the future.
  • Identification of roadblocks.
  • Commitment on your side to remove those roadblocks. 

It may be at this point we establish that we’re not the best solution for you, and if so we’ll signpost you to alternatives.  On the other hand, we may conclude that it’s a bit early for us to get involved, and instead diarise a meeting in the future.  

If though we feel there’s potential to release significant value and that we’ll enjoy working together, then we’ll proceed to book in an hour’s meeting to properly explore how we can best serve you. The output of this will be a proposal, which you can accept there and then, although there is no pressure to do so.  It’s based on Data and Support

Data

  • Volume of transactions.
  • Number of bank accounts.
  • Number of companies in the group
  • Third party software we need access to (Billing software/ Stripe/ Amazon etc).
  • Number of employees

If the company is already in Xero, we’ll ask for a guest log-in so we can run a diagnostic report on the data.  This will identify any areas needing attention to make sure the information in Xero is as useful as possible.  And this report is the prospective clients to keep with our compliments whether we work together in future or not 😊. This allows us to see any remedial work required and to scope out opportunities to streamline and improve the system. 

Support

You’re in business to create value.  Value for you and for your clients.  As your business grows its finance function needs change.  We bring accounting expertise (big wow…), cutting edge technology (OK, tell me more), insightful reports (sounds great!) and profit generating habits (now we’re talking…) to help build that value.

To help you achieve that, we need to understand how we can help you get there:

  • Level of support required.
    • Accounts function support.  E.g. bank reconciliation/ accounts payable reports/ payroll services/ VAT calculations etc.    Some of this you may want to keep in-house, or you may want us to support your existing team to be more effective.
  • Level of Profit First support required.   The frequency of meetings, and depth of analysis needed, to push the business on at the pace you desire. 
  • We split our support packages into Gold, Silver and Bronze.   Prices vary depending on the points above, and benchmark monthly investment levels are approx. £1,500 – £2,000 for the gold, £800 – £1,200 for Silver, and £400-£600 for Bronze, excluding VAT. 

These packages include the work you’d expect accountants to do – 

  • accounts, 
  • tax returns, 
  • payroll, VAT etc.

Plus work you may not have expected:

  • analysis of actual performance against budget 
  • creation of a bespoke management pack detailing KPI’s relevant to your business.
  • development of a business model to create what-if scenarios.

Plus what you didn’t know was possible.  

  • development of profit-making habits
  • confidence to invest and make decisions for the future, and
  • improving margins, staff productivity and cash in the bank.

Click here to open a new window detailing these packages.  

whats next

What happens next?

You now have a proposal from us.   We pride ourselves on fully transparent pricing so you’ll be clear on what we’re engaged to do and the investment level.

We’ll also highlight add-ons you could choose now or at a later date. 

From here you can accept the proposal and our on-boarding process will kick into action.  We’ll liaise directly with your former accountants too, although you may want to contact them first.

Why should I choose Cloud Accountant?

We love talking to entrepreneurs so thank you for giving us that opportunity.  We believe you’ve come to us for a number of reasons:

  • We’re Profit First Professionals.  
  • We’re Chartered Accountants.
  • We’re Independent Financial Advisors. 
  • We’re subscribers to B1G1, a worldwide charitable movement.  And we make a donation to them for every new client we take on which funds amazing works throughout the world.

And we know you’ll have done your research on other options on the market.  

A better question is one for you, which is whether you feel, based on what you now know, that we are the best option for you? Contact us today to discuss how we can help you.