Currently, the vast majority of accounting firms bill their clients at an hourly rate. With an increased workload and tedious documentation, this hinders communication with their clients. Oftentimes, clients fear that when it comes to communicating with their CPA, they will be charged more for any question they ask, for any phone call they make, or for any email they send. This disrupts the flow of communication, leading to unhappy clients.
Tom has discovered that switching to a “flat fee” billing structure immensely increases the happiness of his clients and his CPAs. Charging a bigger fee at the beginning instead of charging by the hour enhances client/CPA communication as the client can ask questions without fear of incurring increased charges. This makes the CPA better informed, which means they can provide better advice and save their clients more money.
Changing to this billing dynamic also decreases documentation and it reduces the CPA’s client load, as not everyone will want to pay a flat fee.
One owner of a CPA firm associated with Tom changed her billing structure to a flat rate and immediately lost 10% of her clients. Sounds scary right? Quite the opposite! She doubled her revenue by the end of the year, spent less time doing documentation, and felt 1,000 times happier because she had become a better advisor due to the enhanced communication with her clients.
By switching to a flat rate billing structure, you too can have better clients, a better practice, and a better life.
Want to learn more about how to get better clients, a better practice, and a better life? Book a call with us today and see if joining TFW Advisors® is right for you!