It seems that everywhere you look, prices are going up. From energy bills to your shopping bills – costs are rising. The same came be said for most business services. At some point businesses will have no choice but to put their prices up, and as a result an email will hit our inboxes advising us of the extra charges.

Well, TI Accountancy have taken a different approach.

No strangers to innovation and forward thinking, TI Accountancy have found a way to increase their hourly rate with no fee increase to their current clients.

Founder of TI Accountancy, Tracy Irwin, explains: “There can’t be many businesses immune to the impact of rising costs. From increased salaries, energy bills and inflation we knew, like so many other businesses, it was a matter of time before we had to increase our prices.  
 
I had some strict criteria though. I didn’t want to add to the impact of inflation and I didn’t want to pass the rate increase onto current clients.
 
I talked to our biggest supplier to find ways in which we could save costs over the next 12 months. We managed to cut some costs here but I didn’t pass these savings onto our customers.
 
I also went through all of our overhead expenses, cutting the unnecessary ones (Canva & Zoom subscriptions for example) and cancelling everything that wasn’t vital to maintaining our customer service (seldom used networking memberships).
 
We knocked 15 minutes off the allocated time for all medium to large customers and let the team know they had to be slightly more efficient on these clients.

Finally we looked at what we’d been charging our clients for payroll and accounts submissions on software that we pay an annual lump sum for. I realised we’d worked out our cost per client for these at a time when we were a smaller company so we re-adjusted our price per client to bring current fees down, while also still making a profit.
 
By putting these measures in place I’ve been able to increase salaries AND increase our hourly rate by £5 per hour without having to send the dreaded ‘price increase’ email at a time when everything else is going up. What about new clients? Well, new clients coming on board will be on our new rate but they’re still benefiting from all the other savings we’ve made making this a win/win process.”

Great news for current and future clients and an hourly rate increase for TI Accountancy. Just one of the many ways TI Accountancy can help your business grow and thrive.

For more information on how TI Accountancy can assist you please visit https://www.tiaccountancy.co.uk/, give the team a call on 01229 490341

 Or email admin@tiaccountancy.co.uk