james graham: drop the billable hour and you’ll bill more
firm poised to double in size with cfo services.
the disruptors
with liz farr
pricing, fees & billing rates
surge pricing: what works for uber could work for cpa firms
limited supply puts you in the driver’s seat.
by bill penczak
four considerations for effective client culling
2023: the year “cull” was no longer a four-letter word for cpa firms.
by bill penczak
it finally happened.
for at least the past dozen years, i’ve heard cpa firm partners’ bold talk about culling their clients in order to ease staffing issues, focus on larger, more profitable engagements, or rid the firm of the pita clients, which has nothing to do with animal rights and more about protecting their people from those who are a pain ____ _____ _____ (complete the next three words on your own, and you can skip wordle for today).
more: partner accountability: the only two things that really matter | how to boost profits by (omg) sharing the upside | dustin verity: keep an open mind and constantly learn | secret to success? a growth and abundance mindset | the six essential kpis for managing partners | your marketing sucks: six reasons why | nine smooth moves to build client satisfaction
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a recent study was published that indicated only 1 percent of cpa firms could adequately staff their engagements. and while more firms are migrating to offshore models to get work done, more are actually culling clients, but without a measured process for doing so.
here are some suggestions for successful extrication of clients who are wearing down the profitability and the morale of firms:
keep clients from “balance due” shock
with just a little advanced marketing, you can get paid year-round and have more satisfied clients.
by frank stitely
the relentless cpa
when i talk with prospective clients in any medium, i lead with tax planning. i don’t care if i’m meeting them, calling them or emailing them. i lead with tax planning. the number one complaint clients have about cpas and tax preparers is a lack of planning. they get tax returns and nothing else.
more: stop clients from performing “favors” | who needs fall tax planning? clients … and you | get clients to bring tax docs early…yes, early | why time tracking still matters | make fewer mistakes, increase revenue and capacity | six ways to create a millennial-friendly firm
the fun part is seeing the reaction when i mention planning. i tell them that they can know the results while there’s still time to change the results. tax season is no longer stressful because they know the answers in advance about refunds and balances due.
read more →
who needs fall tax planning? clients … and you
avoid balance-due whining sessions and earn additional revenue.
by frank stitely
the relentless cpa
you’ve surely had this conversation a million times during multiple tax seasons, most often in april. you give a client a tax return with a $20,000 balance due.
client: i didn’t expect to owe that much.
you: how much did you expect to owe?
client: about $5,000.
more: it’s ok to say no to clients (even the large ones) | control your time: avoid ambush meetings and calls | train your clients before they train you | don’t let clients dictate tax workflow | how small firms can win the talent wars | do you know your turnaround time?
here’s where my conversations may differ from yours a bit.
tax pros are expanding and earning more
income tax prep prices hit $248 for individuals, $604 for business returns.
by 卡塔尔世界杯常规比赛时间 research
it’s okay to say no to clients (even the large ones)
working with “smaller” clients can often be more rewarding – and profitable – than “big” clients.
by frank stitely
the relentless cpa
there’s a reason you aren’t actively training clients to allow you to work efficiently. you’re afraid that you’ll lose clients.
i guarantee that you will.
more: control your time: avoid ambush meetings and calls | get clients to bring tax docs early … yes, early | why time tracking still matters | make fewer mistakes, increase revenue and capacity | six ways to create a millennial-friendly firm | do you know your turnaround time?
clients have trained you to be inefficient. they’ll resist retraining. some of them will leave and infect someone else’s practice.
the reason you fear losing clients is that you fear you can’t replace them.
stop sending the wrong message to audit teams
audit is becoming further commodified.
by alan anderson
transforming audit for the future
instant download:
“the new manifesto for accountants.“
the value of what we provide to clients has declined until it has become a commodity. that, in turn, drives our fees down.
the lack of innovation means that our clients can’t tell the difference between the audit we do and one done by the firm down the street. none of them provide relevant information or any value to our clients.
more: three fundamental questions to ask in audit | how auditors can beat ai | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
if our clients don’t see the value, then the audit is only being done to meet a regulatory or banking requirement, and in that case, the cheapest option that meets that basic requirement is the one they choose.