client accounting services

fine-tuning the subscription fee model

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how cpa jamie lopiccolo’s subscription pricing models manage client expectations and the firm’s cash flow.
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the new fundamentals: thriving in disruption

james (jamie) n. lopiccolo, cpa, cgma
lopiccolo

jamie lopiccolo, the managing member of a small midwest firm, has been employing a subscription-based model for more than four years to invoice clients for services rendered. in addition to positioning the cpa as the client’s partner for success, it also encourages those who employ the system to provide maximum value in each client interaction, rather than focusing on getting as much money or billable hours as possible. catch another conversation with lopiccolo here: sell service, not hours.

more: blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  |  accounting nerds, unlock your super powers  | private equity vs. the cpa firm partnership the fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue

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the approach is to both manage expectations by the client and ensure a normalized cash flow for the firm. additional benefits include a more strategic approach to dealing with new clients because they are getting the full picture of their business’s needs.

more takeaways:

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client wants vs. needs

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woman driving a sports carhow cas fills both.

by hitendra patil
client accounting services: the definitive success guide

what some clients feel is an absolute need, other clients may feel it is not. people may need to book an uber or lyft ride, but some of them may want a premium ride.

more: clients’ new expectations | 8 ways to create your cas practice | the big money in cas for small firms | what cas is and isn’t | do you value your cas value? | the mindset you need for client accounting services
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some of your client accounting services will be the premium ride your clients will want. for some clients, your premium services will be the need. (you want such clients.)
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clients’ new expectations

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businessman pressing virtual "automation" buttonthey see what can be automated.

by hitendra patil
client accounting services: the definitive success guide

we know that cas generally constitutes three key service segments:

  • after-the-fact financial statement preparation, i.e., “write-up,”
  • business transaction processing and
  • outsourced cfo and controller services.

more: 8 ways to create your cas practice | the big money in cas for small firms | what cas is and isn’t | do you value your cas value? | the mindset you need for client accounting services
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.
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8 ways to create your cas practice

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here’s the how.

by hitendra patil
client accounting services: the definitive success guide

whether you are thinking of offering client accounting services, have already started offering it, or you want to grow your cas practice or make it more profitable, some proven steps will make your cas practice shape up in the most optimized way. if you have already started offering cas, these are the steps that you will revisit from time to time.

more: the big money in cas for small firms | what cas is and isn’t | do you value your cas value? | the mindset you need for client accounting services
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there are eight steps to get started in cas and make your cas practice better. the following details are just a bird’s-eye view of the important aspects of how to create your cas practice. read more →

the big money in cas for small firms

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businessman ogling money over another's shoulderyou should see more investment and more referrals.

by hitendra patil
client accounting services: the definitive success guide

the cloud makes it possible – no, it makes it inevitable – for smart business owners to focus on their core business and let professional accountants take care of accounting, including transactional work (to be done accurately).

more: what cas is and isn’t | do you value your cas value? | the mindset you need for client accounting services
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this new possibility gives rise to cas opportunities for accountants to work in collaboration with business owners in real-time.

cas is one of the fastest-growing new revenue segments of many top 100 firms, but perhaps the even bigger cas opportunity is more relevant and more available to smaller accounting firms.

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what cas is and isn’t

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businessman looking at question mark sketch on the wallthe clients buy more services and are “stickier.”

by hitendra patil
client accounting services: the definitive success guide

client accounting services (cas) is the new revenue segment you cannot afford to miss.

if you are an accounting firm owner/partner, you do not want to miss the emerging, growing, and profitable opportunities in client accounting services.

more: do you value your cas value? | the mindset you need for client accounting services
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

before we get to why, to ensure that we are on the same page, let us agree on a description of what cas is.

how is cas different than what i am doing now?

in a brief survey that i conducted, one of the most common questions i received from accountants (from firms of nearly all sizes) was, “how is cas different than what i am doing now?”
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do you value your cas value?

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four empty metal bucketsfour ingredients to consider.

by hitendra patil
client accounting services: the definitive success guide

“why did i start my accounting firm/practice?”

if you are the owner of your firm, print this in a bold, big font and post it somewhere in such a way that you can see it, even if it is just in your peripheral vision, every moment when you are working at your desk.

more: the mindset you need for client accounting services
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are a partner of the firm or an employee, print the following question to post it where you can see it all the time:
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the mindset you need for client accounting services

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woman executive coaching a male employee across deskwho is leading?

by hitendra patil
client accounting services: the definitive success guide

it was the 10th of may, 2012.

over dinner on that quiet mid-spring evening, at a classic traditional italian restaurant, i met the owner of one of my largest clients, only after about five years of providing services to his firm. his firm had chosen a particular niche industry to serve and only that. he was doing well – over $3.5 million in annual revenue, growing consistently, and employing 39 staff members. in any given week, two new clients were being onboarded via a very detailed process, moving clients’ accounting databases and processes into his firm.

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

he would not take on any new client unless the client handed over all of the accounting work responsibilities to the firm.

all or none.
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essential kpis for your cas practice

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portrait of a young pensive businesswoman in officeplus, how to tailor your offering.

by hitendra patil
client accounting services: the definitive success guide

“i am not a good salesperson.”

i have lost count of how many accountants have told me this over the years. but i also learned that what they really mean is that they do not have a well-defined, structured sales process.

more: how to cas: first, break bad habits | how much cas profit per person? | five reasons the top 100 loves cas | look backward for your cas processes | make sure your differentiation is truly different | is it time to outsource? | your firm’s cas team: who and how many | two tech approaches to cas | when to start building your cas tech stack | stop derailing cas
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this post is not about fundamental sales skills. that is beyond our scope today. this post is more about how to develop and execute your cas sales process, pitch and supporting collaterals that can help get you more cas sales, including:

  1. how to define your cas sales process
    • four stages necessary for a sale
    • seven things you need to know about your sales process
  2. the cas sales pitch
    • thee key recommendations
  3. the cas sales collaterals
    • 11 items for your tool kit
  4. your existing clients as your cas salespersons
    1. how to provide client references
    2. daft template of the introduction email
  5. the cas sales process performance measurement
    • 10 kpis
    • 3 objectives

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cas pricing: money in the middle

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businessman and tablet with the word "pricing" above.consider your pricing tiers carefully.

by hitendra patil
the definitive success guide to client accounting services

when your prospects shop for client accounting services, what they find out about pricing methods and trends defines their expectations. if you follow very different approaches to price your cas offering, it will take significant effort on your part to educate the prospects (and existing clients) about why you are pricing cas the way you are.

more: how to cas: first, break bad habits | how much cas profit per person? | make sure your differentiation is truly different | two tech approaches to cas | show your priciest cas package first | how cas drives virtual cfo billings | the roi on identifying clients for cas
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as they say, it’s easier to ride the horse in the direction it’s going. it is good to first conform to the perceptions of prospects when it comes to your cas pricing. once you ride the horse, you can direct it to the destination you want to take it to. once you conform to the pricing method (not the dollar value) expectations of the prospect, their anxiety and perception of risk (what value will they receive in the price they are willing to pay) reduce. after that, they are more open to evaluating the choices you present to them.
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how to cas: first, break bad habits

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woman and man meeting in an officeyou’re providing more than reports.

by hitendra patil
the definitive success guide to client accounting services

a successful client accounting services practice requires increased interactions with clients. your usual non-cas methods of client communications are not sufficient to meet the demands and expectations of your cas clients. you must leverage new tech tools to reach out, communicate and collaborate with clients more frequently.

more: how much cas profit per person? | five reasons the top 100 loves cas | look backward for your cas processes | make sure your differentiation is truly different | is it time to outsource? | your firm’s cas team: who and how many | two tech approaches to cas | when to start building your cas tech stack | stop derailing cas | show your priciest cas package first
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

some accounting software can help you automate client notifications (by email/text) based on customized triggers set up in the software. similarly, automated payroll software can keep clients informed automatically. mobile apps of core accounting software are becoming a necessity to deliver client service and communications.

why?
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cas or caas? getting clarity

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cpa judy trepeck explains why client accounting services (cas) should really be called client accounting and advisory services (caas).

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if providing value-added services is the motivating factor, then why not identify, define and structure it so cpas understand what they can deliver and so clients will understand what to expect from their cpa?

with steven sacks
the new fundamentals

key takeaways: read more →

how much cas profit per person?

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survey reveals the top four pricing strategies.
price and value balanced on scale above a tablet computer

by hitendra patil
the definitive success guide to client accounting services

pricing your services correctly to ensure reasonable profitability is a significant decision you will make in your client accounting services practice.

more: five reasons the top 100 loves cas | look backward for your cas processes | make sure your differentiation is truly different | is it time to outsource?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

our survey results revealed how cas firms price their cas offering:

  • the topmost method of pricing cas offering was fixed/flat fee, which 41 percent of the respondents used.
  • the following most common pricing method was a mixed method of pricing (a mix of hourly, fixed, and value pricing), charged by 36 percent.
  • hourly billing was used by 33 percent.
  • about 28 percent used value pricing.

read more →