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The Costs
Typical questions we are asked:-
Q- Will the system pay for itself?
A- Every firm using our system will experience immediate and substantial cost savings per transaction. The savings for any average or small firm will substantially outweigh the cost of our system. The example below will illustrate this.
Q- Will the same hold true for any system we buy?
A- Not necessarily as the additional costs of owning your own system dictates that large volumes need to be transacted before savings are made. The infrastructure and staff required to run most systems would certainly negate the profit scenario illustrated below on the 5 user firm illustration.
illustration
The Scottish Conveyancing Portal is priced on a transactional model. There is an initial commitment to pay a set up and training fee and this depends on the number of users within your firm. For a five user firm the set up fee is as noted below. The transactional fee which is payable monthly in advance for the first 10 cases for each user is £25 + VAT. Fees -
actual fees = 40 x £500 = £20,000
if we assume a 50% profit rate Cost sales =£10,000
then the revised cost sales = £6,500 = £3,500 saving
Q- Will the system pay for itself?
A- Every firm using our system will experience immediate and substantial cost savings per transaction. The savings for any average or small firm will substantially outweigh the cost of our system. The example below will illustrate this.
Q- Will the same hold true for any system we buy?
A- Not necessarily as the additional costs of owning your own system dictates that large volumes need to be transacted before savings are made. The infrastructure and staff required to run most systems would certainly negate the profit scenario illustrated below on the 5 user firm illustration.
illustration
The Scottish Conveyancing Portal is priced on a transactional model. There is an initial commitment to pay a set up and training fee and this depends on the number of users within your firm. For a five user firm the set up fee is as noted below. The transactional fee which is payable monthly in advance for the first 10 cases for each user is £25 + VAT. Fees -
1. Set up and Training Fee (5 Users) - £1,750 + VAT (This can be divided between firms depending on numbers of trainees)
2. Transactional Fees - £25 + VAT per case (Note each user is committed to a minimum transaction count of 10 in each month to cover administration costs)
If you look at the simple scenario of 3 Fee Earners and 2 support staff settling around 40 transactions a month. I will assume fees of £500 for each case and industry accepted time saving of 35%.
actual fees = 40 x £500 = £20,000
if we assume a 50% profit rate Cost sales =£10,000
then the revised cost sales = £6,500 = £3,500 saving
Realised Profit gain = £3,500 or £42,000 yearly
(Of course that does not take account of the improved service and working environment or the additional cases the firm can now deal with.)