FeeSynergy Engagement Letter and Proposals Module

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For many accounting firms, the annual engagement letter process is an administrative headache. Whilst all firms are aware of their Accounting Professional Ethics and Standards Board (APESB) and Tax Practitioners Board (TPB) compliance obligations, many struggle to stay on top of this essential task year to year.

For accounting firms using FeeSynergy’s Collect debtor management platform there is good news. FeeSynergy Collect users now have access to a purpose-built module (FeeSynergy Engage) that takes the pain out of managing the entire engagement letter process to achieve best practice outcomes.

The module can also be used for the production and tracking of Proposals and other commonly used document templates.

FeeSynergy Engage features

The FeeSynergy Collect platform manages all aspects of debtor management. The debtor management process starts from the moment a firm engages with a client through to payment for that work. The engagement letter is an important document to hold on file from the outset to long after the services have been provided. 

Practice management integration: FeeSynergy Collect is fully integrated with MYOB AE/AO, Reckon APS, Xero, CCH iFirm and GreatSoft. Engage is the perfect solution for all accounting firms irrespective of which PM system they use.

Customised templates:  During the design phase our clients made it clear that they wanted to be able to use their own compliance approved templates. These templates are set up in Engage and customised to suit the firm’s requirements.

Digital completion and signatures: All engagement letters can be issued via email and digitally completed and signed by the client. Our experience shows that a large percentage of documents issued through Engage are completed within 24 hours.

Direct Debit option: FeeSynergy Engage has an inbuilt recurring Direct Debit option which is perfect for managing fixed fee arrangements. (not available in NZ)

Tracking and reporting: FeeSynergy’s workflow engine automatically tracks each stage of the process, from sending to completion to signoff.

Reminders: Our workflow engine will automatically send reminders to clients who have not signed the documents.

Compliance – APES 305 Terms of Engagement

APES 305 sets out the minimum standards required in engagement letters issued by members in public practice. The engagement letter outlines • the scope of the services to be performed • the costs and • the responsibilities of both parties. They are required to be provided to all clients prior to work commencing irrespective of the amount of fees being charged. Engagement letters are often relied upon in the event of dispute between the parties including disputes over payment.

Compliance – TPB(PN) 3/2019

The Tax Practitioners Board strongly encourages tax practitioners to use engagement letters to assist in avoiding uncertainty and misunderstandings with clients, particularly relating to fees and the scope of the work being performed. The engagement letter should address

  • what is to be done
  • who will do it
  • how it will be done
  • when it is to be done
  • how much the work will cost.

Pricing

FeeSynergy will provide a written proposal with pricing on application. There are no limits on the number of letters or proposals that can be generated from Engage.

  • nominal set up fee to implement and customise the templates
  • annual licence fee
  • no charges for digital signatures
  • direct debits only $0.30 each

Next steps

FeeSynergy Engage is available to all Australian and NZ accounting firms using FeeSynergy Collect. For further information email info@feesynergy.com.au

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