Getting the right support in your tech business is key. That’s everything from team, technology, processes and not least of all, your accounting and bookkeeping team.
We see a lot of businesses using non-cloud or part-time support who end up wasting hundreds, if not thousands of pounds a month because they are underinvesting in the finance function of their business.
As such, our pricing is structured in such a way that we recognise the level your business is currently at, and provide the level of support needed to move forward. This page helps explain the various factors involved in our pricing.
Following a discovery call, we’ll transition you into a proposal meeting where we present to you our recommended level of investment. That might be more than your business is currently investing, but our pricing considers every circumstance that could impact the work involved and the base price. Some of those factors are:
The size and complexity of your business.
The volume of transactions on a weekly, daily or monthly basis.
Any complex accounting or financial reporting considerations.
What’s included in your proposal?
- A full breakdown of the services you’ve selected.
- An explanation of the services you’ve selected.
- An explanation of the services on your future roadmap for you to consider.
- A future quote from you to keep you accountable to your business and personal goals.
- The ability to digitally sign-off your proposal and get started.
Let’s chat about what your tech business needs.
Accounts price modifier
For your annual accounts, a key factor in determining the cost is the quality of your records. The lesser the quality, the more work involved and the higher the cost.
This price modifier factors in the level of work involved on both sides, and considers:
1) Bookkeeping – The quality of your bookkeeping will depend on who’s providing it. Doing it in-house or yourself could lead to mistakes that need to be cleaned up versus if Square Mile provide the bookkeeping.
2) Management accounts – If we are producing these throughout the year, everything is reconciled making your accounts straight forward and detailed.
3) Software – We use Xero exclusively, so if you’re using software outside of that, there may be additional work
4) Spreadsheets – This is the most expensive option as they can be prone to error and don’t work in conjunction with the other efficiency tools we implement.
Bookkeeping price modifier
It takes the experience of a trained, tech-orientated bookkeeper to get all your systems humming. Neglected, and it can be a complicated mess and a drain on your time.
1) Stage of business – If you’re a startup or early stage scale up, we’ll set you up with the right scalable software as standard. If you’re already established, we’ll quote to move you to the right apps as there’s higher risk of incorrect data.
2) Transaction volume – The number of transactions on a weekly or daily basis will influence how much is involved. We give you a clear process to follow to make sure we have the information we need to deliver the information to you.
3) Software – Not having the right apps available will create more mistakes going forward.
4) Projects – We charge a premium to allocate projects in Receipt Bank by tracking category, assuming we are able to work with you to build a robust process that doesn’t rely on professional judgement.
Other pricing factors to consider
VAT pricing is structured so that the bigger your business and the greater the volume of transactions, the higher the price.
Scaling down based on increasing number of employees, this is based on the number of employees, whether they’re paid weekly or monthly and their rate of pay.
If you have lots of manual processes, this will increase the cost, whereas if we can systemise your finance processes, then the cost will be lower.
“When helping with payroll, bookkeeping, EMI evaluation and R&D claim, the team is adding significant value to us as a strong business partner.”
– Erik Abrahamsson, CEO, Digital Fine Print
Where are you on your business’ journey?
More often than that, the tech businesses that work with us all have a common goal – Scaling.
But what we’ve found is that those very businesses neglect their accounting function, and therefore their accounting costs don’t scale at the same right as their business.
With that in mind, we pulled everything together to help visualise where you might be on your business’ journey, and the investment you could consider when exploring your accounting and bookkeeping function.
Take a look to see what level of investment your business might need based on your challenges and goals.