352 search results for mendlowitz

preparing for a value pricing opportunity

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even if the first one gets away.

by ed mendlowitz, cpa, abv, pfs
author of implementing fee increases;
the 30:30 training method; and tax season opportunity guide.

question: i just heard from a client we hadn’t heard from in seven or eight years and he says he has an “emergency.”

here’s the story: he had started a business eight years ago and he used us for a couple of years until some big money was raised and they switched to a big four firm. he also stopped using us for his personal return switching to the big four firm.  then, just last week, he called us to ask for assistance in evaluating a multimillion-dollar termination package.  he needed to meet with me right away since he did not want the offer to slip away.  he then asked what the rates would be and could he have a discount since he was once a good client (he was – seven and eight years ago!). the asking for a discount left a bad taste in my mouth.

ed, how should i handle it? i feel like i could bill $2,000 to $3,000 and i want to do the work. is that the right price?

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staff training starts with doing something

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ed mendlowitz, cpa, abv, pfs
author of “the 30:30 training method“

question: thanks for the training memo. although i requested your memo because i know i need help with improving efficiency and the like with my practice, many of your thoughts and ideas i have already thought of but simply did not implement them.

response: i think you hit part of the nail on the head in what you wrote – you’ve had many of the ideas and “simply did not implemented them.” you need to make changes or things stay the same. read more →

collecting past due fees

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ed mendlowitz, cpa, abv, pfs
author of “implementing fee increases“

question: client didn’t pay his bills to me, doesn’t return my phone calls, and his secretary keeps sending me the tax notices he gets with notes of “when are you going to take care of them?”  i tell her that i need the client to call me before i can do any more work and she ignores this and keeps sending me the notices and other tax correspondence he gets. i don’t want to tell him i am dropping him because then i don’t think i’ll ever be paid.  every year he goes on extension and he usually pays me half of what he owes when he sends me his tax info, but the past due amount has really accumulated to about three year’s fees.  what should i do about getting paid? read more →

the low-ball pricing game is for losers

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when to let the next accountant take the losses.

ed mendlowitz, cpa, abv, pfs
author of “implementing fee increases“

question: a client of 10 years was paying a fixed fee that was now a little less than half of our time charges. also, there had been a gradual scope creep with additional services being forced on us without any extra fees. the cpa had not received an increase in six years because of the client’s constant complaining that the fee was too high. the client just told us they had a quote from another firm that was half of ours, and said if we didn’t match it, they would leave us. what should we do? read more →

how to turn client surveys into new revenues

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download the sample client satisfaction survey.

by ed mendlowitz

question: is there any value to sending clients a survey?

response: yes.  our firm sends a survey with every deliverable to a client.  we want to know what they think and how they feel about our service.

i think your best friends are the clients that complain.  this gives you an opportunity to correct any deficiencies or exceptions.

one time a long time very good client put on the survey that we were great but our fees were high.  i immediately met with him, reviewed our charges, had the time runs and details of everything extra we had been doing beyond the scope of our engagement, and the value to the client.  in the following year he recommended two clients to us!  i don’t believe we would have gotten the referrals had he not complained.

here is a sample of a survey we’ve used: read more →

nine reasons you don’t want to launch a niche

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if you’re thinking about getting into financial planning or business valuation, think again.

ed mendlowitz cpa the practice doctor q and aby ed mendlowitz
author of the tax season opportunity guide and how to increase your billing rates

question: can you recommend a specialty i can get involved in to generate more revenue for my practice?

response: my discussion with the cpa indicated that his practice consisted of a large individual tax return practice and many monthly business clients.  he thought financial planning or business valuations would be a way to expand his services and make more money.  it did not seem he had an intellectual interest in these areas. read more →