{"id":117247,"date":"2023-10-25t12:20:29","date_gmt":"2023-10-25t16:20:29","guid":{"rendered":"\/\/www.g005e.com\/?p=117247"},"modified":"2023-11-29t10:50:38","modified_gmt":"2023-11-29t15:50:38","slug":"surge-pricing-what-works-for-uber-could-work-for-cpa-firms","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/10\/25\/surge-pricing-what-works-for-uber-could-work-for-cpa-firms\/","title":{"rendered":"surge pricing: what works for uber could work for cpa firms"},"content":{"rendered":"
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limited supply puts you in the driver\u2019s seat.<\/strong><\/p>\n by bill penczak<\/em><\/p>\n the serenity prayer states, “grant me the serenity to accept the things i cannot change, the courage to change the things i can, and the wisdom to know the difference.” keep that in mind for a moment.<\/p>\n more: <\/b>four considerations for effective client culling<\/a> | partner accountability: the only two things that really matter<\/a> | chase birky: overcoming paralysis by analysis<\/a> | o.d. lanier: stepping into advisory<\/a> | are you too generous with your write-offs?<\/a> when preparing tax returns and financial statement audits, one of the biggest challenges cpa firms face is either late or incomplete client information.<\/p>\n one tax firm client spends an inordinate amount of time tracking down client documents, repeating requests for documentation and other low-value tasks that suck the spirit from their people and cause additional and unnecessary labor costs to the tax prep process.<\/p>\n on the audit side of the house, firms often find their people sitting on the bench on many monday mornings, playing on their phones instead of billing their time, because the pbc documents are incomplete, late or non-existent.<\/p>\n and unless your firm is one that has implemented value billing with provisions to recover those lost costs, your utilization and ultimately your profitability suffer.<\/p>\n many firms will chalk that dynamic to \u201cthings i cannot change\u201d in the serenity prayer parlance. my modest proposal is having the courage (and a method) to change the things you (actually) can.<\/p>\n if you\u2019ve ever tried to hail an uber immediately before or after a sporting event, you are likely painfully aware of the company’s surge pricing model. the normally $16 ride surges to $26 at peak times and limited supply … because they can.<\/p>\n it is supply and demand, pure and simple. so why shouldn\u2019t cpa firms take the same approach, as they have a limited supply (people at key filing deadlines)?<\/p>\n here\u2019s how this surge pricing might work, for example, for 1040 returns: the typically high-volume, high-margin-but lower-fees-per-client tasks that fuel revenue and profitability for smaller cpa firms:<\/p>\n so, what\u2019s to prevent clients from requesting an extension in an attempt to circumvent the surge pricing? the problem is the firm is still likely to have to track down client documents through multiple phone calls, emails and other pleading. there\u2019s still a cost to that, and i would suggest setting a firm deadline (april 30, for argument\u2019s sake). and if the client still doesn\u2019t provide the required documentation, the surge starts over again.<\/p>\n while this might cause consternation on the part of some clients, you probably don\u2019t want those kinds of chronically tardy clients anyway. plus, those clients might become the core of your client-culling process, which many firms are doing these days. and while clients grumble, i would suggest that they have the power to control what they do and when they provide what firms need to serve the client\u2019s needs.<\/p>\n firms have the upper hand in today\u2019s public accounting market. and some will demonstrate the courage to change the things they can, lest it drives them to drink.<\/p>\n
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