{"id":122803,"date":"2024-03-04t12:00:53","date_gmt":"2024-03-04t17:00:53","guid":{"rendered":"\/\/www.g005e.com\/?p=122803"},"modified":"2024-08-29t23:53:44","modified_gmt":"2024-08-30t03:53:44","slug":"end-tax-season-meetings-with-clients-seriously","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/03\/04\/end-tax-season-meetings-with-clients-seriously\/","title":{"rendered":"end tax season meetings with clients … seriously"},"content":{"rendered":"

\"\"<\/strong><\/p>\n

clients who want to meet should be more than willing to pay for that meeting.<\/strong><\/p>\n

by frank stitely<\/em>
\nthe relentless cpa<\/i><\/a><\/p>\n

what did dorothy and her friends fear in the wizard of oz? \u201clions and tigers and bears, oh my!\u201d dorothy feared the wrong things if she was a partner in a cpa firm. we don\u2019t see much wildlife in our offices during tax season unless you count fast-food delivery people and the occasional crazy client.<\/p>\n

more:<\/b> get clients to understand firm processes … or say goodbye<\/a> | train now before it costs you down the road<\/a> | keep clients from \u201cbalance due\u201d shock<\/a> | it\u2019s ok to say no to clients (even the large ones)<\/a> | you train your clients, whether you mean to or not<\/a> | business owners face one of three exits<\/a> | how small firms can win the talent wars<\/a> | do you know your turnaround time?<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

we should fear the events that destroy our priorities and drain hours from productive work. meetings and phone calls and emails, oh my! from a practice management standpoint, let\u2019s look at why these communication methods are so destructive.<\/p>\n

<\/p>\n

the numerator in our lean six sigma equation that calculates turnaround time is wip (work in progress). wip is time invested in projects times billing rate.<\/p>\n

quite simply, meetings, phone calls and emails add time to wip, increasing wip and turnaround time. is that necessarily bad? yes, if the time is wasted.<\/p>\n

how many tax season meetings go as follows?<\/p>\n

client: \u201chere is one of my w-2 forms. i don\u2019t think it\u2019s right. i can\u2019t figure out how they got box 1. that\u2019s not my salary.\u201d<\/p>\n

you (with bored indifference): \u201cthere are additions and deductions from your salary that affect taxable income, such as your 401(k) contribution.\u201d<\/p>\n

client: \u201chere\u2019s an interest form. i wonder what interest rate i\u2019m getting on this. that doesn\u2019t seem like much interest on $100.\u201d<\/p>\n

you (with even more indifference): \u201clet\u2019s just get all your forms, and then we can talk about them. (you say this hoping the client will forget about all of this by the time you are done.)\u201d<\/p>\n

client: \u201chere\u2019s my mortgage interest. do you think my interest rate is too high?\u201d<\/p>\n

you: \u201cno.\u201d<\/p>\n

client: \u201chere\u2019s my bag of business receipts. let\u2019s go over each one. \u2026\u201d<\/p>\n

i got a headache just writing this. how much value did anyone get from this meeting? it’s pretty close to nothing. the client wasted time driving to your office only to waste your time handing over one document after another. after one hour invested, this tax return is still at square one.<\/p>\n

if this meeting took an hour, you added one hour to wip, accomplishing nothing. it\u2019s like a baseball pitcher throwing two balls to a batter on the first two pitches. you are financially behind on this tax return project from the very start. not only did you suffer through the waste of a needless hour on this project increasing its wip, but you didn\u2019t get to spend time on something more productive, like picking at navel lint.<\/p>\n

a few years ago (pre-covid-19), i wrote an article called \u201cthe annual tax meeting is dead. clients killed it.<\/a>\u201d one reader commented that his clients found the meetings very valuable. he made recommendations to clients about their tax situations.<\/p>\n

i responded that if these meetings were truly valuable, move them out of tax season and bill for them. then, he would find out how valuable the meetings are to clients. clients will pay for them if they are valuable, which is a big win in extra revenue for the off-season. if the meetings aren\u2019t valuable in clients’ eyes, he would find out that the meetings are for him to bask in his knowledge, not for clients, and a waste of time.<\/p>\n

one of the basic lean six sigma tenets is that activities must deliver value to the client or be eliminated.<\/p>\n

you cannot eliminate all meetings, but you can eliminate the pointless meetings to gather tax documents.<\/p>\n

what about the clients who insist on meetings to deliver tax documents? think about that $200 the meeting is costing you in billings. if you have 100 pointless meetings and your rate is $200 per hour, you twiddle away $20,000 in real american money. if your firm has six preparers, you are wasting six figures. worse, other work gets delayed, and your turnaround time increases.<\/p>\n

the clients who insist on meetings should compensate you for that time. will they? of course not. these are primarily high-maintenance clients to start with. once you start tracking costs to projects, you\u2019ll be a lot less accountable to them. you\u2019ll see the dollars going out the door.<\/p>\n

i suggest billing extra for tax season meetings. have i done that yet? no. i have largely eliminated the meetings. i am happy to replace the clients who want meetings with clients who despise needless meetings. they are more affluent and younger.<\/p>\n

my experience is that clients who want meetings are also lower-dollar clients who are resistant to fee increases. i love trading low-dollar clients for high-dollar clients. that\u2019s how tax seasons are won.<\/p>\n","protected":false},"excerpt":{"rendered":"

clients who want to meet should be more than willing to pay for that meeting.<\/strong>
\n\"\"<\/a>
\nby frank stitely<\/em>
\nthe relentless cpa<\/i><\/a><\/p>\n","protected":false},"author":1362,"featured_media":122805,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3120,3002,2246],"tags":[3807],"class_list":["post-122803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pro-member-exclusive","category-special","category-busy-season","tag-stitely"],"acf":[],"yoast_head":"\nend tax season meetings with clients ... seriously - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2024\/03\/04\/end-tax-season-meetings-with-clients-seriously\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"end tax season meetings with clients ... seriously - 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