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what do clients – or, as ed kless prefers, customers – want from their accountants? it’s not the tax return or the financial statement but the outcome for the customer, which is most often peace of mind.
to remain relevant in disruptions like online tax preparation and automated bookkeeping tech firms like pilot, accountants need to consider other ancillary services they can provide above and beyond those basic services.
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“when you bill by the hour, when you have to measure your time, and when you tell the customer, ‘pay attention to my efficiency because that’s what i’m going to charge you,’ then they start looking at your efficiency instead of your effectiveness, which is the wrong thing to be looking at,” kless explained.
additionally, kless said cpas who are “too busy” need to raise their fees.
he said, “one of the mantras in pricing is innovating for growth, pricing for profit. when an organization wants to grow, the focus has to be on innovating, creating new things to offer, not necessarily what we used to be called rainmaking, which is getting more customers.”
kless maintains that accountants or cpas should strive to be the first person called, no matter what the customer wants, whether it’s super bowl tickets or a recommendation for the best medical team in an emergency. but experimenting with adding additional services or converting to a subscription-based business model will not be possible for firms that remain wedded to the timesheet, which, kess said, quoting ron baker, is cancer of the accounting profession.
get clients to accept your new pricing philosophy
a client who does not contribute to your bottom line is not a client.
once your partners are sold on the new pricing philosophy, you will need to communicate it to your clients. there are five ways to get clients to understand and accept the new pricing methods. each of these methods is discussed below.
more: getting partners to accept a new pricing philosophy | when to use 11 alternative pricing methods | make the value curve work for you | how to leverage demand in your pricing | make the most of your marketing mix
believe that clients will accept a new pricing method: if you don’t believe it, you can be sure that your clients won’t either. it is not unusual for physicians, stockbrokers and attorneys to change billing methods. actually, most of your clients will understand what you are doing if you clearly communicate with them. there is a truism that good client relationships are based on trust. the clients trust that you will do the right thing for them. if they lack this trust, no matter what pricing method you employ, you will have problems with your client.
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getting partners to accept a new pricing philosophy
they have to be on board before clients.
once you have decided to adopt an alternative pricing philosophy, what do you do next? changing your firm’s pricing philosophy is really a three-step process.
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first, you need to consider several factors before suggesting a change. second, you need to get your partners to agree that it is a good idea, and third, you need to educate your clients so that they accept and understand the new approach. the steps are not easy, but they are possible. and, remember, change does not occur overnight.
when to use 11 alternative pricing methods
plus why.
there are many ways to price professional services. alternative pricing methods in the legal profession have received much more attention than in the accounting profession. in fact, entire publications have been issued by the american bar association on this particular topic.
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i am aware of at least 14 different approaches to billing that attorneys can use under different sets of circumstances. obviously, each method has advantages and disadvantages as well as marketing and operational implications. i maintain that several of these methods can be used by accountants and consultants in accounting firms when pricing their services.
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12 subjective factors for pricing your next engagement
standard rates too often leave you short.
accountants face only two major restrictions in determining their fees – the restriction against contingency fees under certain circumstances and the taking of commissions or referral fees. we have also seen that for the most part, accountants bill their time based on a cost-plus method.
more: ethics question: commissions and contingencies | make the value curve work for you | how to leverage demand in your pricing | make the most of your marketing mix
we don’t have to go far to find a source that suggests “that no business can survive and grow in the marketplace unless it is profit-oriented and motivated,” and “time charges at standard rates should only be the starting point for determining the amount to be billed. the real criteria is the value of the service to clients.” the source for these words of wisdom is none other than the aicpa management of an accounting practice handbook. the handbook goes on to say that “standard rates should not represent a maximum that can be billed for services; rather they should represent a minimum.”
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