Agreements, Fee Plans and Terms of Business all relate to the onboarding of Clients. Find out what they are.

An Agreement establishes a contract between you and a Client so that sets out what services you are going to provide and how much they will pay. It can be approved electronically by the Client and you. There are various other names for this document including letter of engagement.

A Fee Plan is a record of the amount a Client is going to pay for your services, when the payments will be made and how.

The Terms of Business are the terms and conditions under which you provide your services. They normally cover issues like credit terms, actions in the event of late payment, privacy, use of personal data (GDPR), professional indemnities, limitations of liability etc.

You may have multiple Agreements with a Client covering for example:

  • Provision of standard compliance services on a regular basis e.g. bookkeeping, annual accounts, payroll etc.
  • Additional work e.g. setting up the Client on cloud accounting etc.
  • A change in fee

You may have multiple Fee Plans with a Client covering for example:

  • Standard compliance services
  • Additional work
  • A change in fee

While Agreements and Fee Plans are usually unique to your Client, Terms of Business can often be common and related closely to the type of Client or Service you are providing. For example:

  • Self assessments only
  • Payroll only
  • Limited companies
  • Specific service offerings e.g. Interim Finance Director or outsourcing etc.

You can create Templates for each of the Terms of Business you need.

Of course, everything in Onkho is optional and/or customisable so you could just create an Agreement with everything you need and get that electronically approved. You don't have to create a Fee Plan or have separate Terms of Business. However, it's useful to do this not least because the information collected can then be used to create Insights.

With Agreements, Fee Plans and Terms of Business, onboarding is fast and efficient!