10 mistakes you'll want to avoid when quoting fees

This week I'm off to an AI summit for accountants. Part of me hopes I learn a lot.

But part of me hopes I won't need to make big changes to my upcoming talks for AAT branches on The impact of AI on accounting. 

But if I do learn anything new and it will help enhance my talks, I will absolutely update my material. As i do routinely anyway.

Advisory services for YOUR clients

Many commentators and software providers have jumped on the bandwagon and parrot the same nonsense that's been going around since at least 2009.

That was when I first wrote a piece debunking the suggestion that compliance work is dying and that all accountants must embrace advisory work.

Even with the advent of AI I still believe that these predictions are, at best, premature. And it doesn't help that 'advisory' covers such a wide range of topics and services.

Most members of my (online) Sole Practice Club have told me they have NO great ambition to focus on advisory work vs compliance work for clients.

At the end of ourt last meeting which addressed this topic, I did as I always do. I invited members to share their key learning points, takeaways and action points. These included:

• Adapt for the 5 levels/types of advice that Mark explained so clearly
• Start to talk about and offer profit improvement services
• Avoid [specific type of collaborators] for the reasons discussed
• Make more use of comparative pricing
• Experiment with the 'Feel, Felt, Found' approach to deal with client push-back
• Tell more clients what we already do for other clients (beyond compliance work)

Members thanked me and each other for their openness and for sharing ideas that made this yet another really useful and valuable meeting of the Sole Practice Club.

Afterwards, as always, I shared a recording of the meeting for those members who couldn't attend, plus a bunch of supporting materials and links to related blog posts.

Take a look at what you can expect both as regards each meeting and other membership benefits. Then, let's have a chat if you'd like to join this exclusive group in time for our July meeting.

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When should we talk now?

Perhaps my preamble today or that example above resonates with you. Or maybe something else is causing you you to feel excited, stuck, isolated, overwhelmed or frustrated?

Whether you want to grow your practice or simply for things to be easier/better, then let's talk.

My clients often tell me how much better they feel with my experienced, friendly, practice-focused support, guidance and encouragement.

Maybe a quick call is all you need. That's fine. Or we may agree that a 1-2-1 mentoring arrangement could work for you.

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10 mistakes you'll want to avoid when quoting fees

Quoting fees can feel like playing darts blindfolded. You hope for the bullseye, but more often than not, you end up way off target. Maybe charging so much that you lose the prospect.

Then there are those occasions when you kick yourself if a prospect agrees immediately to your fee quote, making you think you might not have charged enough!

It's not easy getting your fees right so that they are fair to you and to your clients.

Before explaining the ten promised mistakes here, I want to clarify an often misunderstood point.

It relates to the idea of there being a 'going rate' for your services. Much like there might be a 'going rate' for a cleaner, a babysitter or a gardener.

There may well be a 'going rate' for anyone providing a service that is largely interchangeable. But most people would pay a little extra for someone whose service goes above and beyond that of a 'bog-standard' cleaner, babysitter or gardener. It's the same for accountants of course.

If you are simply promoting yourself in much the same way, or you appear to be much the same, as any other local accountant, then price (your fees) may be the only obvious distinguishing factor.

In reality, most accountants I have interviewed and/or worked with have distinct personalities. They also have different backgrounds, qualifications, experiences, preferences, style and approach.

Of course their fees will be different as they are not interchangeable and they know how to make this obvious to prospective clients. 'Obvious' in a way that makes clear that their fees are good value for money, given the value they will be able to provide.

In recent weeks I’ve had even more conversations about fee quotes than usual with a number of the accountants I mentor. And we're likely to return to this topic at an upcoming meeting of my Sole Practice Club.

In my full blog post I've summarised the ten most common mistakes I see and suggest how you can avoid repeating these.

Read more >>>

Last week on the Podcast

Last week on Accountants' Success Secrets Podcast , our guest was Jon Norton , the dynamic founder of Barefoot Accounting based near Edinburgh.

In this episode, John opens up about:

• The real motivations behind starting Barefoot Accounting and the challenges of juggling a new business with family life.
• His hands-on approach to working with clients - providing bespoke monthly support and understanding the real pressures business owners face.
• The lessons learned from finding the right clients, building the right team, and navigating the speedbumps of leadership and scalability.

Along with my co-host Philippa Haynes , we encourage Jon to share candid reflections on setbacks, managing capacity, and what he wishes he’d known sooner about hiring and growth.

Jon’s blend of life lessons, light-hearted humour, and unwavering commitment to client care offers a breath of fresh air for today’s accountants and bookkeepers.

Whether you’re a solo practitioner, growing your own team, or just love a good origin story in the accountancy world, Jon’s journey is packed with insight, relatability, and inspiration.

You can listen to this episode, sponsored by Pinnacle Global Group and supported by Tax Advice Network, along with all of the earlier eps, on Linkedin, Youtube or your favourite podcast platform.

Fun time - Opening the post for a client

One accountant I know had a client who never opened any official looking envelopes.

The accountant had to do this when he visited each month. And he then told the client what action needed to be taken in each case.

In an effort to get the client to open letters from the accountant himself he started sending them in distinctive grey coloured envelopes. However the client rarely opening these either.

On one occasion the accountant wrote: "I'm writing this letter knowing that I'll be the one to open it when I come to visit you next month."

On another occasion the accountant sent his bill in a pretty coloured envelope.

The accompanying letter started: "I hope you like the envelope. I used it in the hope that you'll have opened it without realising it was from me!"

Mark Lee FCA

Mentor, Speaker, Debunker

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When you're ready, here are some ways we can work together:

1. Let's talk for a few minutes and both decide if we want to take it further >>>

2. A one-off 30 minute 1-2-1 Linkedin clinic >>>

3. A one-off focused strategy call/zoom >>>

4. Regular 1-2-1 mentoring zoom calls >>>

5. Check out how you could benefit from the Sole Practice Club >>>