Jackie Meyer, Founder of Meyer Tax Consulting, discovered she made 35% more revenue after adding tax planning services AND after cutting 60% of her clients.

Unbelievable!

You’ll hear everything today in this 36-minute interview.

On this episode of the Growing Your Firm Podcast, David Cristello and Jackie Meyer unpack:

• How to prove your ROI to your accounting clients
• The power of “urgency planning packages” to save you stress and time with client emails
• How to add 35% more revenue with tax planning services

ADDITIONAL LINKS:

• Meyer Tax Preparation & Accounting
• Chuck Bauer – business coach
• Accounting Biz Brokers (ask for Kathy Brent)
• Email Jackie herself (cpa@meyertax.com)
• [BONUS]: New concierge service offered by Jackie Meyer and Chuck Bauer. Free 15 minute call here.

Proving Your ROI To Clients Immediately: 

Jackie Meyer, Founder of Meyer Tax Consulting, is one of the youngest female CPA firm owners in North Texas. Now, 7 years later, she’s made a massive shift in her business.

See, when Jackie first hung out her shingle, she welcomed every small business owner onto her client list. Any 1040 that needed doing, Jackie took over in the Southlake, TX region. As you can imagine, this got overwhelming fast. Multiple, low-paying clients calling and email at all times of day & night. Not to mention, Jackie started a family of her own. She had the American Dream of an up-and-coming business plus a beautiful family.

It didn’t feel like that at the time.

Not until 2016 did she realize where she should focus her attention. Jackie sat down with her business coach, Chuck Bauer, saying “I’m frustrated.” Jackie was juggling everything at once.

Bauer calmly asked: “Who do you love working with as a client? What do you love doing with them?”
Just like that, a light bulb turned on in her brain. She knew all along who her favorite (and well-paying) clients were. She knew it was local executives, CEOs, and upper management folks who needed help. 

This was an easy choice for her because of these executives:

1. Highly valued her services (they love and follow their accountants to the ends of the earth)
2. Have a nice sized cashflow so not to push back on fees
3. Plus, they are smart — Jackie learned from them as they learned from her

This was a no-brainer decision for her! Jackie became a Certified Tax Coach through the American Institute of Certified Tax Coaches. Then, she got to work focusing on her ideal client.

Her ideal clients wanted to pay less taxes. Since Jackie had helped some of her favorite clients in the past, she was able to put together a “package.” For example, if she uncovers she could save $100,000 in taxes, she’d charge a percentage of that ($15,000 in this case) and the clients would be more than happy to fork it over. 
Compare that to negotiating with small businesses over $350 tax returns. Prove your ROI and clients will come running. More on this later.

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The Power of “Urgency Planning” With Clients:

Another struggle Jackie had with clients was their time-suck. The problem most accountants have is an expectation problem.
E.G. A client sends you an IRS notice they got. The client sees it as “urgent”, you don’t as you see these notices all the time. Client wants immediate answer. On the flip side, you need to finish their tax returns, so you request documents. Client doesn’t see it as urgent and sits on the email.

That’s why urgency planning is paramount to get your life back.

Here’s how Jackie pulls it off: 

• Whenever you send an email, start with either a: E = EMERGENCY (answer asap), U = URGENT (answer in next 24-48 hours), NU = NOT URGENT (answer whenever)
• Clients now know how to filter their emails from you. You do as well.
• Whenever a client doesn’t send you an email with one of these ‘codes,’ kindly remind them and get back on track.

DAVID’S TIP:  Give your customers the words they need to respond to you. Starbucks names their coffee sizes, e.g. ‘vente,’ You must do the same with your clients so you’re both on the same page.

Jackie received ZERO complaints about switching to this system. In fact, many clients now appreciated it. If a client didn’t embrace the change, Jackie made the decision whether it was worth keeping the client.

This time management strategy allowed her really to expand her tax planning services.

How To Add 35% More Revenue With Tax Planning Services:

After cutting some clients and figuring out who her ideal client was, it was time to focus her business.

First of all, tax planning consulting is the EASIEST way to show ROI to a client. Hands-down. You are doing a tremendous service to your clients. A service they understand — it saves them money.

One client, she saved $150,000 in taxes. Naturally, this client was a cheerleader for Jackie’s firm. She asked if he would be the “guinea pig” for her new packages she would roll out to executives.

After getting excellent feedback, she put together 3 different packages: Basic, Pro, Elite. Each came with an onboarding fee (key to get money upfront) plus monthly maintenance.

As mentioned, you see a huge shift in revenue doing a value price based on the ROI vs. a straight hourly billing system. For example, a regular $3,000 tax client would typically turn into a $10,000/year tax planning services client. Sprinkle in a $500 onboarding fee and $200 monthly fees, and the lifetime value of a client is exploding.

One thing that is interesting to note —- no clients asked: “Why haven’t you been consulting us on tax planning before?” Jackie was already doing a great job with tax returns etc. Now, she was completely focused on the goal of ‘saving’ on tax, which allowed her to focus the client as well.

The Magic Sauce = FIRE CLIENTS:

To make room for her profitable clients, Jackie had to take a contrarian approach … she would have to fire clients. Jackie’s fully committed to working with executives and thus small business owners aren’t the best fit for her.

She will instead refer them out. At one point, she sold off 60% of her client base. In one instance, another firm owner was going to buy them but backed out at the last minute. This really threw a wrench in the long-term plans.

Luckily, a business called Accounting Biz Brokers swooped in and lent a hand.

Rather than simply giving away leads for free, Jackie makes a tidy income referring out clients that aren’t a fit. “You do a more a disservice firing them than selling them.,” Jackie says to those who think it’s “wrong” to sell leads. With selling, you can do hand-holding until the old client is fully integrated into the new firm. Simply dropping the client leaves them stranded at sea.

Well, after cutting 60% of her client list, she is up 35% in revenue!

It really is incredible.

Jackie’s advice if you’re ready to do the same: Don’t get stuck in the grind. Follow your passion in this space! It’ll work itself out!

HAVE YOU HAD A ENLIGHTENING MOMENT AS JACKIE DID? HOW DID YOU ACT ON IT? DID IT INCREASE REVENUES? Comment below with your thoughts.

Related Articles:

1. The Ultimate Blueprint To Drive $100M In Non-Traditional Revenue & Services
2. The Million Dollar Opportunity Missing From Your Accounting Firm
3. A Curated Directory of 100+ Accounting Resources & Tools

I’m continuing our series on the new book, “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit”, 

This book is on Amazon right now and hit ‘best-seller’ status in various categories when it landed! It’s not some cheap ebook either. This is a 180-page manual to truly catapult the growth of your accounting firm.

This is Part II of our series where I, David Cristello, talk more freely on key pieces of the book.

In this special episode of the Growing Your Firm Podcast, I discuss:

• How to onboard new clients to set you up for future success
• Steps to make sure each client doesn’t become a headache later
• The art of setting expectations with your fresh, new client

Why Having Steps to Properly Onboard New Clients is as Critical Than Ever

I hammered home in Part I of this special series that before you begin scouring the city for new clients, you must have processes in place for efficiency purposes. Nothing cripples the growth of an accounting firm more than faulty processes.

Remember, the worst your process is, the less clients you can take, the more staff you must hire. Loss of revenues, increase in cost. That’s not what we’re looking for. In Part

I, I gave some tips to nail down your processes and really open up the floodgates to productivity.

Now, when you’re changing up your processes and (now) onboarding new clients, it’s easiest to do test runs on new prospects. The reason is simple. These new clients don’t know how you work, so you’re not changing anything up for them.

The key we do this is because: we don’t want to bring in new clients into a broken system.

The right processes save a lot of time and money. One of my past guests, Stacy Kildal, was able to trim down her entire client thanks to the right processes mixed with a seamless onboarding experience.

Now, she has a waitlist to work with her!

She also finds clients are willing to pay more for her services.

Who Should Onboard New Clients in my Firm?

Normally, I suggest having a partner onboard the client with the accountant taking care of the day-to-day processes sitting in. Who does your onboarding right now? 

Clients want to feel connected to your firm. An emotional attachment they take home and assures them when they sleep at night that they picked the right firm.

Putting together the right onboarding process sets the stage for referrals and client retention. Remember, when a new client walks into your door, they are still second-guessing they made the right decision.

Onboarding Steps to Turn New Clients Into Great Clients!

You need a game-plan whenever you step into the “ring” with a new prospect. You’ll also need a spoonful of confidence. Your first onboard meeting with a new client is just as important as selling the product. Confidence projects authority. You may have heard me talk about the sales call in past episodes. In sales, confidence is the ingredient to getting what you want. On a sales call, if you keep control of the conversation, you’ll have the upper leg when it comes close time.

Even if they already agreed with working with your firm, you’re still selling the same process and the same value.  When they walk in the door for the first time, know they are second-guessing their discussion to work with you. The faster you relax them, the easier to set expectations.

In an onboarding meeting, you must set expectations upfront. Some examples are: when you receive work (add fine for late), or cap on how many calls they may get, etc. Get real concrete in these explanations or else you’ll end up in disagreements later.

Here are two expectations you should set as a general rule:

1. We, the firm, are not a bean counter. Our goal is to help grow your business. We will help in all aspects.
2. Treat all our team members with kindness and respect, no questions asked.

Doing this onboarding process really spotlights your firm as being professional and organized.

Another key piece to this onboarding meeting, you want to understand what the client values and what they can expect from you. First, every client may value things differently. Some may value promptness in work product, others may just need a few extra phone calls. You must talk to their *want it* side to get a sense of what they value most.

Major point here: This does not mean creating specialized, custom packages for each new client. No, remember, we want processes to be seamless throughout the firm.

Different strokes for different clients will only cause a mess. The point of finding ‘what a client values’ is so you’re able to overdeliver. If clients expect work in 2 weeks and they value punctuality, deliver it in one week.

On the flip side, you must demonstrate what you (and the firm) can expect from you: How do you communicate with clients, what’s your timeline for getting work back to the client, what are the rules of engagement…etc.

Tactics to Implement With Your Onboarding Process: 

Listening during your onboarding meeting is essential to hitting all these points above. After the client tells you what they expect, parrot back to them all the points so they know you’re listening and you have the correct info. This is what I call “sprinkles on the ice cream!” 

New clients will be unsure you’re the right person until you add the sprinkles. Meaning, you’ve demonstrated you understand their needs and showed them the confidence you will solve them.

Stacy Kildal, like I mentioned, has a waitlist to work with her. Here’s her onboarding process:

• First, she does a ‘quick review’ of a client’s book. She charges them right away from this (a few hundred bucks) because the client won’t value her review if it’s free.
• After she goes through the books, she eliminates those who aren’t a good fit. Very short life cycle for some!
• She’ll send over the rest of her suggestions to the new client. If they like the changes, she will move forward.

That brings us to our last crucial piece for a successful onboarding…deliver value upfront. Instead of worrying about where to bill your time for the first meeting…think about laying the groundwork for a long relationship with the client in front of you.

That will pay more dividends than any billable hour.

IF YOU FIND THIS PODCAST FORMAT HELPFUL OR NOT HELPFUL…
SEND AN EMAIL TO David@jetpackworkflow.com and let me know your thoughts!

On July 25, 2017, our book “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit” was released on Amazon. Hardcover copies will be available in the coming weeks.
With this book, we plan to add even more value to your accounting firm besides just workflow processes.

• Page 52: Actual scripts to move clients into the more profitable fixed and value pricing model

• Page 89: Top 2 crazy good strategies to get new clients in your firm this month

• Page 136: Step-by-step process to meet and close new prospects (scripts and blueprint included)

• Page 220: Building out 6-figure profit centers this year to double your firm

For a limited time, you can grab a discounted copy. Click here to get your copy.
Related Articles:

1. How To Implement Value Pricing with Ron Baker
2. How to Predictably Win New Clients Every Month
3. Are you missing out on your most profitable clients?

We’re doing something a bit new here up in Pittsburgh for the new podcast this week!

Our new book,  “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit” was released on Amazon. And I’ve been getting emails like crazy about the value it’s provided.

It’s a compilation of 100+ episodes of the Growing Your Firm Podcast, over 300 articles on this site, plus the tens of thousands of accountants interacted with since the foundation of Jetpack Workflow that’s brought this book to fruition.

It’s not some cheap ebook either. This is a 180-page manual to truly catapult the growth of your accounting firm. I talked with my team and we felt having a series discussing and diving into important elements of the book might provide added value for the price of the book.

And that’s why…I discuss:

• The one law that could double employee efficiency
• The actual job activities for everyone in your firm
• How touch points could bring in more revenue streams without signing a new client

MAKING WORKFLOWS ‘WORK’

You may think this is Deja vu…but it bears repeating…when you have the right workflows in place, two things happen:

1. Efficiency jumps up
2. Employee capacity floodgates burst open

Then, you’re fully maximizing your assets (team members) and getting the most bang for your buck. The problem is this takes planning, time and patience. When work is constantly landing on your team’s desks, something like ‘workflow’ gets bumped in the meeting schedule to next month.

When you shift your mindset about your service offerings…things change. Rather than think you provide a limited scope service…what if you looked at your offerings as a PRODUCT-BASED BUSINESS.

You’re packaging up services like a product and trying to do the job as efficiently as possible. The way to do this is by having an ‘assembly line’ method, as recommended to us by Jeff Borschowa. 

A regular product manufactured goes through the same checkpoints until completed. This is how your service offerings should be. If you can’t trust the process, how can you trust the staff to complete it?

EVERYONE’S EXACT ROLE IN THE FIRM:

The way to kickstart this workflow process is defining roles in the firm. When each person ‘does their job,’ the machine runs like clockwork.
Let’s start at the top. We talked with Rob Nixon about this and he gave us pretty straight answers on what each level should expect.

PARTNERS/OWNERS:
– 60% business development, 30% high-value client work, 10% team building
– Everything else gets delegated down

MANAGERS:
– Implement systems that Partners pass down
– Find the cracks in the system and update as needed
– Onboarding new clients (more than actual client work)
– Spread out capacity

PRACTITIONERS:
– Voice of firm for small clients
– Foot soldiers doing the compliance work and delivering most of the services
– Quality touch points with clients

ADMIN STAFF:
– Paperwork and make sure completed work goes out
– Answering phones
– Everyone above Admin SHOULD NOT be doing non-revenue activities like scanning, sorting, etc.
Practitioners should not be spending time scanning in new client documents. I talk a bit about touch points on this episode because it’s so important.

POWER OF TOUCH POINTS WITH CLIENTS:

You should do these touch points forever after. There is tons of business sitting inside of your firm you haven’t tapped into yet.
Touch points give you access to these missing revenue streams. Scheduling time with clients to discuss their overall business allows you a ‘behind-the-curtain’ peek at what they need help with.

Know this — your clients don’t know all your services. For you, offering payroll as a service is a no-brainer. For clients, they may have zero idea you offer payroll. It’s not a no-brainer for them.

Again, build touch points into your calendar and don’t skip them. Set time in down months to take a swim in the deep end with your clients.

TURNAROUND TIME ON PROJECT WORK:

Turnaround time on a client’s project is a great starting point to measure how to boost efficiency and employee capacity. For many accountants, they can get a million returns out the door on April 15th if they need to.

Yet, without those ‘hard’ deadlines, imagine how much work gets backed up in workflow.

Decreasing turnaround time raises your client’s expectations of your firm. Right now, so much time gets wasted going back-and-forth with clients on missing documents and questions.

Instead…

ONE LAW TO DOUBLE EMPLOYEE CAPACITY

If employees worked under “Parkinson’s Law”, they would double employee capacity.

See, you’ve probably heard of good ol’ Parkinson’s Law and probably used it a time or two. Parkinson’s Law means time will expand to allow us to get a task done.

In school, you needed a paper done by 9 am Monday. You busted your hump Sunday night and got it done. That’s Parkinson’s Law in full force.
Create internal deadlines and make your team accountable to this. Wasted back-and-forth with clients is REACTIVE.
Reacting to problems leads to client dissatisfaction. Set deadlines once client work walks through the door.

BENEFITS OF INCREASED CAPACITY:

You may be putting off workflow issues to focus on other tasks like compliance or marketing…but, workflow opens up capacity, which makes clients happier, who then refer more to you.

Better workflow opens up space in your team’s calendar to fill with another high-profile client.

Get your workflow fixed by sitting down with your team and getting a global picture of it. From a prospect calling up through delivering a tax return. Every step in the process needs to be scrutinized. Damien Greathead recommends, when in doubt, ask the admin team who know everything!

IF YOU FIND THIS PODCAST FORMAT HELPFUL OR NOT HELPFUL…
SEND AN EMAIL TO David@jetpackworkflow.com and let me know your thoughts!

On July 25, 2017, our book “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit” was released on Amazon. Hardcover copies will be available in the coming weeks.
With this book, we plan to add even more value to your accounting firm besides just workflow processes.

• Page 52: Actual scripts to move clients into the more profitable fixed and value pricing model

• Page 89: Top 2 crazy good strategies to get new clients in your firm this month

• Page 136: Step-by-step process to meet and close new prospects (scripts and blueprint included)

• Page 220: Building out 6-figure profit centers this year to double your firm

For a limited time, you can grab a discounted copy. Click here to get your copy.

Related Articles:

1. How He Grew from 2-10 Employees in 1 Year…While Working Abroad. The Josh Zweig Interview
2. Double Your Bookkeeping Revenue by Cutting 30% of Your Clients & How to Hire the Perfect Partners [Case Study]
3. 7 Ways Accountants Can De-Stress After Busy Season Burnout

On July 25, 2017, our book “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit” was released on Amazon. Hardcover copies will be available in the coming weeks.
With this book, we plan to
 add even more value to your accounting firm besides just workflow processes.

• Page 52: Actual scripts to move clients into the more profitable fixed and value pricing model

• Page 89: Top 2 crazy good strategies to get new clients in your firm this month

• Page 136: Step-by-step process to meet and close new prospects (scripts and blueprint included)

• Page 220: Building out 6-figure profit centers this year to double your firm

For a limited time, you can grab a discounted copy. Click here to get your copy.
———————————————————————————————————————

The Rookie Mistake Firm Owners Make:

Are you seeing more clients come signing on the dotted line, but profits remaining stagnant?

It’s a common problem especially for firms making less than $50 million per year which is most firms. The answer you’d think would be to find more clients, hire more staff, and update your numbers and see what changes.

It’s a dangerous treadmill that leads to burnout and unhappy employees.

What’s the mistake these owners make?

They work on the billable hour model Now, we’ve discussed other methods of pricing before (value pricing and fixed fee). But, today is more important than ever to bring up.

As the workforce gets younger, they are looking for more freedom and less time at the office. Unfortunately, with billable hours, employees are rewarded for spending more time in their seats.

There’s no reason for employees to innovate, use new technology, or do their work faster to  make room for new clients.

The Mindset You Need To Start:

If you’re on a billing system right now, it would be downright foolish to make a drastic switch. You must do it slowly…starting with your mindset.

See, there are dozens of firms out there who charge much more than you doi. They’re doing it not from billing their time but their value.

The first step is understanding and believing in the value you provide. You’re not a bookkeeper or a tax preparer anymore. You’re a business consultant helping your clients 10X their business.

See how much a mindset shift this is. Because trust me, if you only look at WHAT you’re doing and not WHY it affects your client’s businesses, your employees are doing the same.

We are in the information age. Every piece of information is online somewhere. Your clients know this, but don’t have the time to find the valuable intel they need. They lean on you…you can hear it in their voice.

“Hourly billing doesn’t fit the knowledge economy.” —
Ron Baker, value pricing prophet

You’re worth far more than just your time.

Doctors bill thousands of dollars for a few minutes of their time. Because they bring real, life-changing value. Whether you agree with the healthcare system or not, it doesn’t matter. That’s not the point.

The point is you have an expertise that is valued whether you know it or not.

The worst part of billable hours is how it hits your clients. They’re afraid to give you a call because they know they’re on the clock when you pick up the phone.

If you’re afraid of ‘wasted time’ it’s the risk you have to take to grow a company. Large companies, like Apple, take risks spending billions to develop the next iPhone. They’re rewarded with billions.

How do I have this conversation with current clients?

You’ll want to start with your most trusted clients first. Tell them you are looking at your current service offerings and there might be some extra ways you can add value for them.

Also, describe how you are moving pricing models to be more efficient and get work out to them much faster. Show vulnerability that you are growing but also how it will benefit them as your client.

Next, simply go through similar value-digging questions. You’ll learn more about your clients this way, plus you can ask for referrals at the end. If you’re still uncomfortable,
call up your most trusted client and simply ask, “Hi Mr. Client, we are making some changes in our pricing and service offerings. I am trying out a new way to present to clients. Can I have 20 minutes of your time to try it out on you and get your feedback?” This trial conversation could lead to more sales when your client says, “I didn’t know you did that!”

Action Steps

1. Ask yourself, do I firmly believe I’m worth more than other firms? You must have a “Yes” to this answer.
2. Recognize the differences and benefits between fixed pricing and value pricing as opposed to the dreaded billable hour.
3. Look at all your current service offerings and rank them by revenue. Are there profitable ones you could bundle?
4. Practice the value conversation with a client and prospect.
5. For your next prospect, offer at least three options to them based on the format addressed above. Judge the results and adjust

In the book, Double Your Accounting Firm, I go into much deeper detail on how to use this specific roles and turn them into a well-oiled machine.

Your first order of business to double your firm is to pick up a copy of the book.

Click here to get your copy.

After you do, it really helps when you leave a review on the book. It’ll make it much easier for other accounting firms to find the book. It’s an easy way for you to pay it forward.  

Our book “Double Your Accounting Firm: Lessons Learned on How Top Firms Grow Faster, Build Stronger Teams and Increase Profit” was released on Amazon. Hardcover copies will be available in the coming weeks.
With this book, we plan to add even more value to your accounting firm besides just workflow processes.

• Page 52: Actual scripts to move clients into the more profitable fixed and value pricing model

• Page 89: Top 2 crazy good strategies to get new clients in your firm this month

• Page 136: Step-by-step process to meet and close new prospects (scripts and blueprint included)

• Page 220: Building out 6-figure profit centers this year to double your firm

For a limited time, you can grab a copy FREE. Click here to get your copy.
———————————————————————————————————————

The First Step to Double Your Firm

Talking about workflow processes isn’t as “sexy” as getting clients, closing deals, watching cash pour in.
Here’s the rub — if you don’t have the workflows in place…
You can’t bring in new clients without

• Chaos and overworked employees
• Hiring brand-new employees (fast and under-vetted)
• Work falling through the cracks
• Current clients getting neglected
• You will work day and night

Take care of the ‘less sexy’ stuff first.

Workflow efficiency leads to capacity opening up. Meaning, your employees aren’t spending time on things you don’t need to. Instead, they have open slots in their daily schedule to fill with new clients.

I get it…

When you’re first building an accounting firm, you’re simply trying to stay afloat. Little workflow and capacity issues get smoothed over and everyone moves on.

Multiply those problems as your team and client base grows, then the crack forms. I heard from a Top CPA Firm those cracks usually start appearing around 50 employees…then 100…and so on.

If you could head off trouble to save potentially hundreds of thousands in billables, I bet you’d take those steps.

Why doesn’t an accounting firm?

1. It’s not a priority. Accountants are always playing ‘catch-up’ and thus improving the processes and future-think gets pushed down the ‘to-do’ list again and again.
2. It’s difficult to discuss as the conversations can get uncomfortable.
3. It’s not fun. Doing tax returns and closing deals sound fun. Not worrying about workflow.

But, let’s play pretend…what if you did have more efficient workflow and capacity wasn’t stretched as far as it can go:

Double Your Firm by Doing Your Job!

Suddenly…you have more time on your hands. You actually have a moment to plan ahead on how to grow the business. ‘Work ON the business…not IN the business.’ as the famous Michael Gerber says in his book, The E-Myth Revisited.

If you have the time, it means you’ll also have more profits. Profits to invest or share the spoils with your team. (They’ll like that.).

In order to get your team on track…you need distinct roles for everyone on your team to double your firm. You must create an ‘assembly-line’ mindset.

In an assembly-line, every person has 1-3 jobs. And that’s it. There isn’t someone doing 500 things at once. That’s inefficient.

The Exact Roles for Every Employee & Partner in Your Firm

Instead, each position of your firm should have set duties. Partners have their role, managers, associates, then administrative.
OWNERS/PARTNERS:

Normally, Partners have worked in the industry for many years and are experts in the field. Hourly rates are normally over $200.

Generally, a Partner should be focused on:

• Business Development
• High-level, High-ROI client work
• Team-building

According to Rob Nixon, international speaker, and CEO of Panalitix and CPA advisor, it should be broken down like this:

• 60% business development
• 30% client work
• 10% team-building

The point here is that Owners/Partners are doing HIGH-ROI activities for the firm. Everything else needs delegation down the chain.

MANAGERS:

Managers are responsible for correctly implementing the systems passed down from the Partners. Managers must discover the small cracks before they become big and approach Owners/Partners to alert.

Managers focus on:

• Client work
• Onboarding clients efficiently
• Training the system/process
• Team-building

Managers will normally bill between $125 – $250 per hour. Most of their time should be spent on onboarding new clients correctly and efficiently, hammering home the processes, and team-building. Client work itself should be in more of a ‘review’ role, not preparer except in very specific circumstances.

Their main objective, contrary to popular belief, is to keep the process. Trust it and implement it. When a Manager gets too involved in the weeds, they lose sight of this objective.

Like Partners, Managers should delegate a bulk of the client work down the line.

ASSOCIATES/PRACTITIONERS

These are the foot soldiers. They take a box of receipts and turn them into tax returns. They will also be the voice of the firm for smaller clients. Partners should handle

High-ROI clients.

Most new clients should move from Manager to Practitioner in one fluid motion.

Thus, they focus on:

• Quality client work preparation
• Touchpoints with clients

Associates normally charge between $60 – $120 per hour.

ADMINISTRATIVE STAFF:

Administrators don’t normally bill for time or fees. They’re on a straight salary. They handle all the paperwork to get to the client.

Their duties include:

• Paperwork efficiency from team to client
• Sending out completed work and information to clients
• Scanning
• Scheduling
• Answering phones

The Administrative staff takes care of administrative work…associates and above should not be doing admin work. It’s a waste of cash-producing time.
Administrative help will normally cost around $40,000 in salary. Associates should start around $50,000 for the 2+ experience.

If you save a CPA 200 hours a year from admin tasks, at a base rate of $100 per hour, that’s $20,000 in additional revenues for the firm. Because the CPA will now be working on billable work. If you have 5 CPAs, now you’ve added $100,000 in revenues.
Hiring an admin for $40,000 in exchange for $100,000 in revenues is a smart investment.

Start with learning automation.
In Chapter One of Double Your Accounting Firm, I go into much deeper detail on how to use these specific roles and turn them into a well-oiled machine.
Your first order of business to double your firm is to pick up a copy of the book.
Click here to get your copy.
After you do, it really helps when you leave a review on the book. It’ll make it much easier for other accounting firms to find the book. It’s an easy way for you to pay it forward.  
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