own your expertise and price it accordingly – yes, even in audits.
by alan anderson, cpa
transforming audit for the future
those firms that value the chargeable hour above all risk losing their best team members. the ones who want to think, innovate and come up with creative ideas that add value to the client and the firm will leave.
more: give advice while remaining independent | stop mixing up your v’s and losing your best people | how to upgrade c and d clients | can a service center model solve audit staffing shortages? | move to advisory and assurance with relevance | use eight audit exit items to deepen client relationships | know your three audit w’s | planning lays the foundation of audit relevance | are you correctly identifying the relevance intersection?
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when audits are billed out on a flat-fee basis, is an hourly rate still relevant? tracking time isn’t a revenue system if it does not impact what the client pays you. the billable hour is nothing more than a cost accounting system. production is what the client pays for, so measuring that, plus instituting measures for accountability, more closely mirrors what brings money in the door.
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