pricing, fees & billing rates

hourly billing doesn’t cover the value; now what?

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a lesson in applying judgment.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i helped a client get a bank loan, negotiated the rate and fees with the bank and had a tight covenant loosened. i prepared a personal financial statement, prepared a compilation statement for the business, projected financial figures and accounts receivable projections and reviewed and discussed them with the bank, and had numerous conversations with bank and client.

more: ask for what you’re worth | the top tip for reviewing tax returns | you have to start somewhere | two options for collecting past due fees | you can’t win with lowballing | nine reasons not to specialize | when board service gets tricky | yes, you have to share work papers | hiring experience vs. training inexperience | eleven ways new staffers can help bring in business | should you merge? here’s how to chart your path
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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four steps to scoping for alignment … and the #1 rule to remember

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only price for that which you can see. 

by jody padar
radical pricing – by the radical cpa

how often have you heard the old saying about having two ears and one mouth because listening is twice as important as talking? hopefully, often, because it is as true as anything i’ve ever heard. scoping is all about listening, so when you make a presentation, you’ll know what you’re talking about, and the client will know you know.

more: getting aligned on scope helps your team and your clients | create more meaningful kpis | here’s how profit sharing improves your firm | five areas to ground new metrics other than time | five reasons to ditch timesheets for good | productize services for consistent client value | digitize clients for standardization | six steps to creating a standardized practice | value pricing requires defining your clients | stop selling time | three critical factors drive the value pricing trend | stop looking for talent that does not exist
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

here are four basic steps you can follow to make sure you and the client are in alignment when the time comes to start a new project or present to a potential new client:

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don’t risk losing good employees for bad clients

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keep the right kpis and the right clients, and you’ll keep the right staff.

by alan anderson, cpa
transforming audit for the future

audit in the future will be much different than in the past. it’s going to require different skill sets. in the future, we need to teach more thinking and interpretive skills. the ticking and tying can be automated, but we’ll need people to interpret the anomalies that the bots and automation tools kick out. they’ll need to develop a deeper understanding of the industry, the client, and general business sense to discern whether an anomaly is just a mistake or a sign of something more profound.

more: can a service center model solve audit staffing shortages? | don’t take on audits in an industry you don’t understand | how ‘business expert cpas’ get their own business wrong | exceptional audit client service demands effective communication | five ways to prevent audit bottlenecks | how do we drive relevance in audit? | lack of relevance drives audit commoditization | four basic understandings every auditor must master | wanted: great audit mentors | closing the audit expectations gap
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

as the owner of a business myself, i understand the need to ensure there is enough cash coming in to keep the lights on and everyone paid. but sometimes, firms take on work just to keep people busy all year round. a prime example of this is ebp audits, which seem quick and easy but have their own risk factors. doing only one or two a year can be especially risky for your firm.

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ask for what you’re worth

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hand moving triangle along beam to indicate balance between price and value

how to prepare for a value pricing opportunity.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i just heard from a client we hadn’t heard from in seven or eight years and he says he has an “emergency.”

more: the top tip for reviewing tax returns | you have to start somewhere | nine reasons not to specialize | hiring experience vs. training inexperience | a friendly chat or a billable discussion? | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

here’s the story: he had started a business eight years ago and he used us for a couple of years until some big money was raised and they switched to a big four firm. he also stopped using us for his personal return, switching to the big four firm. then, just last week, he called us to ask for assistance in evaluating a multimillion-dollar termination package. he needed to meet with me right away because he did not want the offer to slip away. he then asked what the rates would be and could he have a discount because he was once a good client (he was – seven and eight years ago!). the asking for a discount left a bad taste in my mouth.
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getting aligned on scope helps your team and your clients

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master the map to success.

by jody padar
radical pricing – by the radical cpa

there are two basic ways to drive from door county, wisconsin, to new orleans to attend mardi gras in february. the first is to chart a course using a map or gps app. it will tell you the route to take, where to stop along the way and how long it will take to make the drive. the second way is to start the car, back out of the driveway and head south, hoping you’ll bump into new orleans along the way.

more: create more meaningful kpis | here’s how profit sharing improves your firm | productize services for consistent client value | four ways automation pushes the paradigm shift | how value pricing impacts your employees | why pricing is so disruptive | accounting disruptors are heading your way … with deep pockets | advisory work must be priced by value, not hours
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

which do you think gives you the better opportunity to arrive in new orleans in time for the festivities?

scope is a lot like creating a project map showing what you want to accomplish, who’s going to do what, how you’re going to do it, what you’ll need along the way and how long it will take to get there. it includes all the specific details of what you’ll deliver to the client, including, for example, tax returns, quarterly planning, bookkeeping and cash flow management.

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