Almost every CPA I mentor tangles themselves in a web of confusion and wrestles with the same beast. The confusing nail biting beast that I am referring to is pricing.
It really pains me to see fellow practitioners struggle with pricing and not setting, or getting, the fees that they deserve. And realistically, when approached properly, setting your fees can be one of the easiest things you’ll ever do in your practice.
One of the biggest problems we face as a profession is that practices have taken their capital and commoditized it into a one-dimensional billing rate, but this is a SERIOUS mistake.
As CPAs, we have three basic ways to price our services: hourly, fixed fees or value-based hybrid pricing.
Hourly billing sets the tone that your services aren’t much different from any other CPA or bookkeeping firm. This hourly billing gives no incentive to be more efficient than your competition or get your work done faster, so you’re actually losing revenue.
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About Salim Omar
Salim Omar is the author of The Million Dollar CPA Firm. He is also a successful business owner of Straight Talk CPAs, an accounting firm, and President of CPA Marketing Genius. He has a passion for helping CPAs engage in personal growth and professional development. While he is not working he enjoys trying an eclectic fare from an Indian restaurant or catching up on some reading on the Florida coast.