some 64% of cpas say one of the chief benefits of value pricing is “transparency.” (aicpa)
automation is a key part of the process.
by 卡塔尔世界杯常规比赛时间
matching pricing (what an accounting firm figures it can charge) with value (what a client things a service is worth) is always a challenge. a firm may think its capability in compliance is worth a lot, but if the client has nothing to comply with, it puts no value on compliance services.
armed with the latest technologies, accountants can do more than ever – faster, better, and cheaper. but too many accountants are missing the biggest opportunity that technology creates, according to judy trepeck, long a leading figure in the profession.
in her conversation with steven sacks, trepeck, currently senior vice president for customized training at the michigan state cpa society, outlines how cpas can go beyond basic accounting to provide more value-added services. it requires experience, talent, ambition, and, maybe most of all, intuition.
^ click to play the podcast
trepeck provides a framework for any accountant to add advisory services to their menu of offerings.
some of the key takeaways and the full transcript:
the payroll segment lost almost 15 percent of its jobs in the latest data collected by 卡塔尔世界杯常规比赛时间 research. in some consolation, though, those who are left are seeing record new earnings.
in this report, 卡塔尔世界杯常规比赛时间 highlights:
current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
average hourly wages for key segments
typical hours worked per week
trends concerning women in the accounting workforce
the tax and accounting industry has quickly added back about half of the jobs lost in the covid-19 shutdown – just in time to finish the hyper-extended tax season, according to the latest 卡塔尔世界杯常规比赛时间 jobs report. but what happens next is anybody’s guess.
in this report, 卡塔尔世界杯常规比赛时间 analyzes:
current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
average hourly wages for key segments
typical hours worked per week
trends concerning women in the accounting workforce
i use the word “equitable” because i have charged three completely different fees for the same result. “equitable” refers to the value delivered and charged to the client. but it’s not “equivalent.” and the difference can determine your pricing strategies.
with many accountants now working in uncharted waters helping clients get through the covid-19 crisis, the pricing question is especially important. read more →
profession loses four years of job growth in the first month of the coronavirus recession, reversing years of steady gains.
by beth bellor
crushed by the covid-19 pandemic, the tax and accounting profession has fallen below 1 million employees for the first time in two years – way below, and that may be just the tip of the iceberg, according to 卡塔尔世界杯常规比赛时间 research.
client billing can include hourly billing, but it can also include flat-fee, retainer-based and/or value-based billing. most people use one of these four methods. some use all of them or even a hybrid. read more →
one of the most common questions i get from practitioners adding tax resolution services to their service offerings has to do with fees. many practitioners see the benefit of offering flat-fee service options, while others choose to stick with their existing hourly fee model.
these are some example of how i quote fees when running a high-volume tax resolution practice. these scenarios do not represent any one particular client i’ve had. rather, they each represent dozens of similar situations i’ve worked on. these scenarios are the norm if you’re focusing on 941 representation. for completeness, i’ve also added a 1040 scenario as an example. read more →
especially when attempting to use flat-fee pricing, many accounting professionals get caught up in doing anything to win new clients. that’s a mistake. read more →
we all have our own styles. many have different styles for different things. over the years i’ve developed an individual style for negotiating on behalf of clients that i have been very successful with, which i am sharing with you now.
when entering a negotiation, it is very important to have clients clearly articulate their thoughts about what they want. this takes time and patience, along with some prodding and challenging. but if it’s done right, clients will be clear about what they want. read more →
client billing can include hourly billing, but it can also include flat-fee, retainer-based and/or value-based billing. most people use one of these four methods. some use all of them or even a hybrid.
let’s take a closer look at each of them: read more →
lamentations on the billable hour: jamey johnson’s “the dollar.”
nuke ’em: kill timesheets before they kill the profession.
by ed kless
the litany of “challenges for the profession” repeats the narrative that has been well documented and continues to grow for over the last decade:
while there are more people graduating with degrees in accounting, fewer of them are sitting for the cpa exam. this is leading to fewer new hires for firms.
the new hires they do have are “millennials” who desire a challenge and think they should be made partner sooner rather than later.
attrition, especially at the mid-career level, is over 10 percent and is mostly initiated by the professional, not the firm.
the loss of people in the middle and bottom of the pyramid is eroding the traditional economic model. non-equity partners are increasing and funding for partner buyouts is disappearing.
cries of “we must become more efficient,” and/or, “we must embrace new technology,” and/or “we must hold people more accountable,” reverberate in meetings.
compliance work continues to flatline and while new offerings are growing revenue, they are not growing fast enough. worse still those that do this work are often not even cpas!
presentation after presentation is viewed on the modern equivalent of the campfire, the conference room projector. “our profession is sick, even dying. we might have cancer. we really don’t know, but it is bad.” it’s true, the profession does have cancer. the good news is, we know the cause and it is curable.
it is called “a timesheet.” it be must cut it out completely before it kills.
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the right clients will be willing to pay fair prices.
while there are more people graduating with degrees in accounting, fewer of them are sitting for the cpa exam. this is leading to fewer new hires for firms.