pricing, fees & billing rates

here’s how profit sharing improves your firm

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pay for performance to reap greater rewards.

by jody padar
radical pricing – by the radical cpa

as long as you’re changing how your firm operates, you should also look at how your staff is compensated. if your customers are paying for value, shouldn’t your teams be paid on the same basis? once your firm turns to a value paradigm, the people delivering the knowledge work – your staff – are your most valuable asset and should be compensated as such.

more: five areas to ground new metrics other than time | five reasons to ditch timesheets for good | 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.

 

it’s all about alignment. clients pay on value. staff should be compensated on value. there are proven ways to make sure this alignment takes place.

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four questions to make your firm more successful as a business

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where on the spectrum of accounting firms do you want to operate?

by alan anderson, cpa
transforming audit for the future

many firms limit their consideration of businessmindedness to the narrow focus of growing their top line. however, generating sufficient revenue to cover costs and generate profit is only a baseline measure for businessmindedness.

more: move to advisory and assurance with relevance | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the inward component of businessmindedness concerns how the firm operates. this includes the kinds of projects and clients the firm takes on. to provide relevance, you need to consider whether your firm can deliver on relevance for a particular engagement or client and whether that work makes sense for your firm.

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revenues rising as pricing models evolve

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bar chart

boosting your bottom line could come down to better billing.

by 卡塔尔世界杯常规比赛时间 research

one thing cpa practices aren’t complaining about is revenue. according to a thomson reuters survey conducted in the first quarter of 2024, 72 percent of 500 respondents say their firms’ revenues increased over the previous 12 months.

more: 150 credit hours: helping or hindering? | can’t recruit? retain! | is tech causing both cpa shortage and low salaries? | staffing tops list of woes at cpa firms | why the dry pipeline? it’s about time | whole person retention: when it’s not just the money | seven enticements to keep talent on board | disruptors: talent crisis? what talent crisis? | seven steps to a stronger future | auditing standards ‘yellow book’ updated | compensation’s up, but up enough to retain staff?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

average increase: 24 percent.

not bad, if you like money.
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five areas to ground new metrics other than time

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you need to measure your progress and success, but not by the hour.

by jody padar
radical pricing – by the radical cpa

it may sound ridiculous, but the only people who are married to timesheets are professional services firms staffed by people who spend their professional lifetimes building their knowledge. every other company in the world has figured out how to sell and price products or services without relying on timesheets.

more: five reasons to ditch timesheets for good | 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.

 

why do professional services firms believe you should sell knowledge in increments of time? ron baker, an accounting visionary and author of “firm of the future,” once asked, “when you’re a knowledge worker, should you be selling your time?” i don’t think so.

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move to advisory and assurance with relevance

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relevance protects you from technological obsolescence.

by alan anderson, cpa
transforming audit for the future

the days of delivering an audit report months after year-end are numbered. how relevant is an audit report when it’s months after the fact? even when we move to continuous audit – which will happen sooner than you think – it will still be historical information. but what will make it more relevant is that it will be delivered more timely, even if we don’t change much about how we perform the audit.

more: how ‘business expert cpas’ get their own business wrong | say adios to audit fee pressure | eight items to cover in the audit exit to deepen client relationships and prove value | know your three audit w’s | planning lays the foundation of audit relevance | how do we drive relevance in audit? | before the audit: more than just planning | are you correctly identifying the relevance intersection? | lack of relevance drives audit commoditization | five crucial attributes for successful audit leadership | traditional audits don’t deserve premium billing | four basic understandings every auditor must master
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

if you’re taking the time to understand the workings of the business, how that business works in relation to the industry, and how it serves its customers, you’re on the path to providing true relevance. that’s how you move into advisory and assurance. if you provide that baseline level of relevance and then build more real-time techniques and tools, you can expand on that knowledge base of the industry and the operating environment. then you can give your clients even more advice and suggestions for what they do.

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