Firm Management
Guide to Creating Sustainable Value in Your Practice
Sep. 05, 2017
“How do I make my practice more profitable?” ~ By Chandra Bhansali, Ph.D., CEO and Co-founder, AccountantsWorld.
This is perhaps the most acute strategic challenge facing professional accountants like you. Most firms spend over 80% of staff time on core services like tax, accounting, audit and payroll. These are all either compliance services, or services that are considered commodity services by clients. That makes it very difficult for accountants to “price their way to success” by raising rates on those services. Moreover, the fees that you and your peers have traditionally been charging for these services have already set a precedent for the “right” fee for these services in the minds of your clients. That’s naturally going to be very hard to change.
So if greater profits aren’t achievable simply by changing our rates, what’s the alternative?
Fortunately, there are simple techniques that virtually every CPA firm—large or small—can use to make their practices significantly more profitable. And you can accomplish this growth without increasing your fees, or adding any clients or staff. What’s more, you’ll also become a better advisor to your clients’ businesses while you’re raising your bottom line.
Download the free Guide to Creating Sustainable Value in Your Practice.