Time tracking and the V.B.T. (Value Billing Taliban)
by Frank Stitely, CPA
Stitely and Karstetter
I have long been a true believer in value billing. Five times a day I kneel towards the east and pray, “I am not selling time. I am selling expertise.” However, I just can’t follow with the end of the prayer which goes, “Time trackers are evil. We must stone them.” Time tracking is essential to value billing, done profitably.
More unconventional wisdom from Frank Stitely, CPA: Who’s Missing in Action From Your Workflow Processing System? | How to Make an Extra $72,000 by Working Smarter
Let’s invite some people to leave our discussion. If you are a coach, consultant, or some other type of CPA advisor, who has never owned an equity position in a CPA firm, please exit stage left. Yes, I know you have decades of experience observing CPA firms. I have decades of experience watching professional football. That doesn’t qualify me to coach the Redskins. Veteran poker players know that playing someone else’s hand is easier than playing your own when big money is on the table. If you’re a CPA firm employee, please stay. Some day you’ll need this information. But sit there silently until we are done.
There are three reasons time tracking is important:
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