What does your pricing model look like?
If you’re like the majority of Accountants, I already know the answer.
Most charge after the fact. Time based billing in arrears.
If you’re charging by the hour, (to get to the price) you’re assuming that the rate and time were correct.
If I’m right, I’m sorry to inform you that you’re going about it all wrong. Not only are you overworking yourself, but you’re also getting paid much less than you deserve.
It’s simple, really – neither the time nor the hourly rate are ever correct!
Pricing based on multiplying the hourly rate with the time it took to complete the project after it’s over makes no sense whatsoever. It causes a bunch of inefficiencies and waste and creates a go-slow mentality that’s killing your productivity & efficiency.
Don’t you want to simplify your processes as much as possible? More importantly, don’t you want to get paid for your intellectual property fairly? If so, you must switch to an upfront pricing model.
You need to charge based on the project and tell the client exactly how much they need to pay – in advance of doing the work.
This way, you’ll be value-driven rather than time-driven. And your clients want value, not your time.
When you adopt upfront pricing, you can (if you chose to) get paid for the full scope of the project at once. Then, all you have to do is finish the job in the least amount of time while paying attention to the quality.
You’ll get the same, if not an even larger amount of money for less time and effort spent. And if you maximize your efficiency, the time difference can be massive.
Who wouldn’t want to work less for more money?
To know what other firms are charging download a copy of the Menu of Services: A Complete Price Guide for 429 Accounting Services & Packages https://www.robnixon.com/menu-of-services/