We cover the how and purpose behind engagement reviews.
Engagement Reviews.
As a testament to our commitment to delivering exceptional services, Fullstack Advisory conducts reviews of our engagements generally twice a year between June-July and December-January.
These reviews aim to ensure that you receive the maximum benefit from our dedicated team, whilst keeping the engagement commercial. The strategic adjustments made during these reviews are designed to align our services with your evolving business needs as well as balance our costs in providing these services.
Engagement Reviews vs. Additional Services
Our engagement reviews are applicable to your existing engagement with us as discussed above. We may use this engagement review period to offer other additional services that may benefit your business.
The key difference between our engagement reviews and added services is that we will prepare and send proposals for acceptance throughout the year if they relate to a service that needs to be added to the engagement based on requirements or discussions with you.
These added services will then form part of your active engagement and be reviewed in the next engagement review period.
Acceptance and Effective Date
After the engagement review, we'll email you the updated proposal details featuring the updated engagement terms. The updated terms will replace your current engagement and take effect when indicated. To review and sign off on the updated terms, please click on the link in the proposal. We recommend completing this process by the start date to avoid any lapse in service.
Fee and Resource Allocation Review
Fullstack Advisory does not have a transaction allowance. However, we review fees and team resourcing allocations quarterly. In the event that the bookkeeping work increases, which often indicates the growth of your business, we reserve the right to send an updated proposal engagement for review. This ensures that we can properly cover the workload required moving forward. Our team also considers factors such as:
- number of transactions
- complexity of engagement
- number of bank accounts
- availability of supporting information
- queries required & time spent
- no. of staff on payroll
- all-round kindness shown to staff (#bekind!)
We also review our team's internal rates annually to account for inflation and trends in staff availability with our staff's rates as of 30 June 2023:
| Staff Member | Rate (AUD per Hr) |
| Bookkeeper | 80 |
| Account Manager | 150 |
| Tax Accountant | 150 |
| Tax Manager | 300 |
| VCFO | 150 |
Communication and Notification
Should any changes to fees or resource allocation be necessary, we seek to notify you at least 3 weeks in advance. This provides ample time for discussion and acceptance of the proposed adjustments. We value open communication and encourage you to reach out to us with any questions or concerns during this process.
Please feel free to contact our Engagements team if you require further clarification or have any additional inquiries regarding the Quarterly Engagement Reviews. We are committed to progressing the success of our clients and look forward to our continued partnership.