value

aynsley damery: adding value is the only way to stay in business

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rethink the 80:20 rule, because the 80% are likely stealing from you.

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

aynsley damery wants accountants to think more deeply about their work. the ceo for clarity said we need to think about what clients want and deliver it to them, but as simple as that sounds, the problem is he doesn’t “think many accountants truly understand what their clients are looking for.” clients who have started their own businesses are looking for a combination of “money, time and freedom.” however, damery said, we’re selling them dashboards, kpis and cash flow forecasting without explaining why that’s important and what that’s going to do for them. “clients are looking for an advisor who’s going to listen to me, understand my hopes, my fears, my vision, what the challenges are, and be able to be there to support me,” damery said.

more: erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | 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  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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“our clients don’t understand numbers, yet we give them plans with the numbers, and … it doesn’t help,” he said. instead, damery said cpas need to help them understand what they need to do “to make a difference and move their business forward. and that’s not about giving them the answers. that’s about asking the right questions.”

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wanna know what clients say about you?

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if they can’t communicate your value, referrals will be tough.

by russ alan prince

accounting services are commodities, but that does not mean that accountants are inherently fungible. without question, some accountants are better than others.

that said, a large majority of accountants are unable to differentiate themselves from their competitors. many times even when they are more capable, they blend in with the morass of mediocre accountants.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
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the reason is simple. very few accountants are proficient at communicating their value to their clients. think of your situation. what value are you providing your various clients? now, if those clients were asked what value they were receiving from you, how much alignment would there be?
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three amazing cpas who want to do tax returns for free

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creating awesome value to become the go-to business strategist.

by hitendra patil
pransform inc.

as part of my role in calling on cpa firms, i meet with as many as a hundred in a month. but three of them absolutely blew me away. let me tell you why.

they all share one common factor in their thinking, which is creating awesome value for their clients. all of them provide the same standard services to their clients that an accounting and tax firm would. what happens beyond those standard services is what separates them from the rest of the world. and they use a simple trick to create awesome value. read more →

lowballing and why it (usually) doesn’t work

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ed mendlowitz cpa the practice doctor q and aplus some exceptions and how to pull them off.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

i actually received the same question from two people in one day. these calls were from two cpas i speak to a lot, have a lot of respect for and who have successful firms with other partners and a good number of staff. 

question:  (1) i lowballed a fee to get a client ($2,000 a month), got the client and the time was running twice what i charged them ($4,000 a month). i asked for an upward adjustment four months later of halfway between the time and the fee (an additional $1,000 per month). they dropped me and went back to their prior accountant, who was charging less than i was ($1,800 a month), but who didn’t do anything close to what i was doing. i feel the client knew it was a lowball and took advantage of it. what did i do wrong? read more →

why the average fee doesn’t matter

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ed mendlowitz cpa the practice doctor q and anot all data is relevant.

by ed mendlowitz
the practice doctor

question: what is the average fee that your firm charges for a review? assume the company is approximately $10 million in sales and $3 million in assets.

answer: what is the average size suit men wear? this might be nice to know but it is not relevant to any specific situation. read more →

readers sound off: value pricing vs. hourly billing

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bullhorn
reader sound-off

the gloves come off.

in his recent q&a column, 8 times when hourly billing trumps value pricing, ed mendlowitz addressed a question about moving completely away from time-based billing but noted that as much as he liked and suggested value pricing, he did not believe it could be used in every situation.

our readers’ opinions were both strong and divided. read more →

14 ways to switch to value pricing

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ed mendlowitz cpa the practice doctor q and aby ed mendlowitz 

question: how do i switch to value pricing?

response: there are a number of ways. ron baker’s books tell how to do this. so does dave cottle’s but in a different way. i believe most firms do some sort of value pricing and that is when a fee is determined in advance with the client. i’ve written previously on this and have presented programs for cpa firm management groups, but here is a descriptive checklist to use as a guide: read more →

pricing, billing, costing: don’t blame clients

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communication negotiation pricing istock_000020509177how good communication habits can head off problems.

by ed mendlowitz
implementing fee increases

professional fees are typically billed based on time. yet, clients want outcomes and place a value on results, which doesn’t necessarily relate to time spent.

ingrained habits are hard to break away from. for ages, many professionals quoted jobs by providing hourly rates and possibly a range of expected hours. some projects are open-ended in the sense that no one knows where it will take them and what will be uncovered once work commences. this might include a forensic investigation, litigation where the discovery process becomes acrimonious, unraveling transactions in a complicated bankruptcy, a first-time audit of a multinational corporation or a tax audit for a reasonably sized business.

however, for most work, there is an understanding of what will need to be done and the approximate value to the client. this could include an annual audit, tax return, setting up a cost accounting or internal control system or a transfer price study. read more →