![\"\"](\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/05\/canva_cpat_stopsellingtime-1600.jpg\")
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if you’re billing by the hour, you\u2019re selling yourself short.<\/strong><\/p>\n by jody padar<\/i> amazing things happen when you stop thinking about what you\u2019re selling and focus on what clients are buying.<\/p>\n many of the things clients don\u2019t value are compliance-related like:<\/p>\n <\/p>\n but much of what they do value is less defined, though of higher value to their business lives:<\/p>\n <\/p>\n these high-value services are focused on results. clients want to be able to rely on your expertise, education and industry knowledge to deliver those results. they want someone knowledgeable to bounce ideas off of. they want to know what\u2019s happening with financial regulations and if they\u2019re doing things the right way. when it comes to taxes, they want to be sure they aren\u2019t paying too much, and they are always interested in ways to make their business more profitable or efficient.<\/p>\n most clients aren\u2019t astute enough to look at the numbers and really understand what they mean; that\u2019s not their background or education. they want and need your support to make sense of all those numbers and all those forms.<\/p>\n your clients want to buy peace of mind, and your knowledge can help give it to them.<\/p>\n notice how time is not considered when discussing what clients want to buy. in this new client-centric model, the value of time is dwarfed by the value of deliverables, insight, services and communication.<\/p>\n the collaborative, aligned relationship you and your clients want can\u2019t be measured or valued by time increments.<\/strong><\/p>\n in fact, if you\u2019re beholden to the billable hour, you and your clients will be less aligned because of the adverse incentives of the billable hour. most clients resist answering the phone if they know the meter is ticking. you might as well shout your opinions into the wind. all your knowledge about financial planning, business metrics, tax planning, valuations or anything else becomes meaningless when your relationship with your clients is expressed in the number of hours you work rather than your value to them.<\/p>\n time has no inherent value.<\/p>\n your time could be spent having an in-depth conversation with them, but it could just as quickly be spent trying to hunt down a paper receipt. the billable hour attaches the same value to these two distinct activities. if you don\u2019t know what they want, they will let you focus on compliance work while they consult with someone else more focused on learning what they really value.<\/p>\n by removing the fear of the ticking clock, you and your client can talk freely, building trust and reliance. ultimately, your client wants to be able to disclose all the intimate details of their personal and business financials so you can come up with the best plan for them and their business. this takes time, which is free. the deliverable and advice, however, are not.<\/p>\n so, why are we spending so much time selling time if that’s not what our customers are buying?<\/p>\n i contend that firms have to shift what they\u2019re marketing, how they\u2019re marketing it and how they\u2019re pricing it to be more aligned with clients.<\/p>\n in the history of accounting, a client has never said, \u201ci want an hour of time.\u201d<\/strong><\/p>\n they want deliverables and services. they want a compliance document or industry expertise. they want to know that what they\u2019re paying for is good so they can sleep at night knowing they\u2019ve shared personal information with someone who can help them facilitate growth, success and compliance.<\/p>\n as a cpa, you are in your client\u2019s financial underwear drawer. you\u2019re that trusted.<\/strong><\/p>\n how many conversations have you had with your client in which you\u2019re told confidential details as one of a handful of people who actually understand what’s happening in their business? being in the financial underwear drawer is the definition of an intimate and reliable relationship.<\/p>\n it is an honor to hold that spot. it\u2019s one of the great things about being a cpa. clients trust us enough to ask us for advice and share personal issues concerning their finances with us.<\/p>\n when you think of clients as individuals, you think about wealth management or financial counseling. when you think about their businesses, you think about things like profitability and how they can fix their margins or adjust their business. you may be even more valuable to clients when their businesses have problems. when business is going well, clients can afford to be sloppy. when business is not going so well, they really need to make the right decisions.<\/p>\n if nothing else, covid-19 proved we are the financial first responders who kept businesses alive. it\u2019s important to remember that’s what we’re selling, not just the tax return or a financial statement, and certainly not time.<\/strong><\/p>\n as accountants, we help our clients price services and products and help them keep their businesses going during tough times. if we could only turn that acumen and market understanding on ourselves, think of how well we would do. all we need to do is understand our value in the eyes of our clients, and know what it takes to meet a deliverable and how to scope our services.<\/p>\n","protected":false},"excerpt":{"rendered":" if you’re billing by the hour, you’re selling yourself short.<\/strong>
\nradical pricing \u2013 by the radical cpa<\/i><\/a><\/p>\n\n
more:<\/b> why pricing is so disruptive<\/a> | the radical pricing model: start with $25k<\/a> | three critical factors drive the value pricing trend<\/a> |\u00a0accounting disruptors are heading your way \u2026 with deep pockets<\/a> | the convergence of trends makes pricing changes imperative<\/a> | stop looking for talent that does not exist<\/a> | advisory work must be priced by value, not hours<\/a>
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\nby jody padar<\/i>
\nradical pricing – by the radical cpa<\/i><\/a><\/p>\n","protected":false},"author":1333,"featured_media":124687,"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":[2274,3120,2278],"tags":[4037,4278,3958,4281,4013,721,4283],"class_list":["post-124686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pricing","category-pro-member-exclusive","category-radical","tag-billable-hour","tag-billing-rate","tag-cpa-billing-rates","tag-fee-structure","tag-jody-padar","tag-pricing","tag-pricing-rates"],"acf":[],"yoast_head":"\n