Recently, we had a client leave because they demanded a low fee despite an impending filing deadline. We explained the potential penalties for late filing, but they insisted on leaving.

While I respect their decision, I am genuinely puzzled by how some firms continue to charge fees that have not changed in 20 years!

At KTP (www.ktp.com.my), we are committed to raising industry standards and maintaining the quality of our services.

After careful consideration, we have decided to move away from low-fee clients.

My burning unanswered questions…

Low fees can undermine the expertise and dedication required to deliver top-notch services. How do firms with low fees attract talent?

Maintaining low fees often leads to overworked staff. How do they retain talent?

Low fees also restrict the ability to invest in continuous professional development and cutting-edge technology, which are essential for staying competitive and innovative. Why are some still using Ms Excel for audit and tax compliance work?

How can low fees sustain the long-term viability of a firm and allow them to continue serving clients with the excellence they deserve?

After 30 years in this industry, I believe these steps are crucial for fostering a healthier and more sustainable business environment for all.

Low fees kill the industry, the profession, and the firm.

Let’s elevate our standards and ensure the future of our profession.

What are your thoughts?