Answers to the most common questions about our services
How can we help you achieve more in your professional practice through the utilisation of our services?
Below are some Frequently Asked Questions to give you insight into how Rob Knights & Co will help you achieve your goals and improve your professional practice. If you’d like to discuss this in more detail, don’t hesitate to get in touch.
Benchmarking your firm's performance with best practice is essential to improving performance and remaining competitive. Whilst many firms may believe they know how their fees, rates and performance compare to their peers and the broader industry, it's not until a comparison is actually made against our benchmarking data that the actual picture will truly know. Below market performance will not only impact profitability in the short term, but also value in the future.
Rob Knights & Co benchmarking reports offer a range of Australian profession based broad-ranging industry data which includes current and proposed charge rates, current and proposed salaries, core expense comparisons, abbreviated profitability/performance overviews, typical fees for compliance services, as well as firm efficiency and productivity data to complement and drive your firm's reviews. Participating firms also receive the added bonus of a free individual report comparing their performance against peer and better performing firms.
Rob Knights & Co is recognised as the leading provider of charge rate, salary and general practice performance benchmarks within the Australian Accounting Profession and the Financial Planning Industry, backed by more than 45 years experience.
Our renowned Benchmark Reports are collated from more than 500 firms across Australia and are applicable to small sole practitioners and 2nd tier firms. We ensure registrant privacy and anonymity and guarantee complete confidentiality and data security.
Our Benchmarking reports range from $330-$440 for a participating firm and $220-$880 for a non-participating firm. A Practice Performance Analysis for a participating firm is available as an optional extra for $660.
A valuation is of benefit whenever a transaction of equity is imminent. Your firm may have an equity holder exiting due to retirement or a potential equity holder considering entry into the firm. Your firm may be considering restructuring or a Succession Plan. Valuations can be conducted for the sale or purchase of a practice, the sell down of equity to another party, stamp duty or CGT purposes, general strategic planning, inclusion within proprietorship agreements, succession planning, to underpin risk insurance or marital breakdown situations, just to name a few.
Rob Knights & Co have valued more than 5,500 accounting, 2,200 financial planning, and 3,500 legal practices. We have prepared valuations for banks, partners, partners-elect, retirements, disputes, insurance policies, practice restructuring, consolidators or aggregators, liquidators/receivers and family law issues.
The greatest risk sole and small practitioners face is unexpected injury or death, which prevents their dependants benefiting from the equity established in their business. As advisers who generate a living through personal service and advice, what happens if something happens to you?
We are passionate about Practice Protection after working with so many clients affected by unexpected life events. Rob Knights & Co’s unique Practice Protection service, designed for sole and small practitioners and two-partner firms, ensures all relevant data for your practice is kept securely and up-to-date.
All relevant data is updated annually and securely stored with Rob Knights & Co. In the event of an unexpected event, such as severe injury or death, your executor or representative contacts Rob Knights & Co and the information is provided to expedite the sale of the practice.
Ensure peace of mind with Practice Protection for only:
$550 for the first year
An annual renewal fee of $198 thereafter.