At GoProposal, we recommend reviewing payroll fees every month and bookkeeping fees every quarter as these are the services we see go out of scope very quickly.
Lots of you have asked if a new Letter of Engagement is needed when providing these reviews and the answer is no, provided that:
You have communicated this with the client at the start of the agreement and you correspond with them moving forwards.
You have something in your Terms and Conditions to cover you for this.
Here's a full video explanation from Valerie Steward, our resident compliance expert.
Do I need a new engagement letter for a monthly or quarterly bookkeeping review?
Statement to add to your Terms and Conditions
If you do conduct fee reviews based on the volume of transactions and payroll numbers, then you can add the following statement to your OverSuite terms and conditions:
"Where the quote for the work is dependent on the volume of transactions, for example employee numbers or number of invoices, a regular review will be undertaken for any changes and the fee will be updated accordingly."
Adding a Statement to your Terms and Conditions
From Configure > Letter of Engagement > Engagement Letter Suite scroll down to your Terms and Conditions and open up that tab.
You can add new paragraphs to sections within your Engagement Letter by opting to add a new paragraph to the end of a section...
...just add the additional statement you need within the pop up box and select add paragraph.
For fee reviews, you will want to add it to the 'Fees, Payment Terms and Timetable' section (17).
Any new statements you add in yourself won't be affected by any of our compliance reviews.
As per the Quarterly (17th June 2021) review, this statement will have been automatically added to your terms and conditions for any future Letters of Engagement you issue.