When Fees Don’t Keep Up With Cost Increases

Ed Mendlowitz CPA The Practice Doctor Q and AIt’s not too late in the year to make changes.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: My expenses have crept up greater than my fees. What should I do?

MORE PRACTICE DOCTOR Q&A: Lowballing and Why It (Usually) Doesn’t Work | When Is It Time to Merge? | What Goes in a Client’s Permanent File? | Why the Average Fee Doesn’t Matter | No More Printouts at CPE Programs? | How to Apply Value Pricing to Bundled Services | 6 Ways to Take a Client Beyond Tax Prep | 18 Ways to Blow a Partnership Opportunity | When Experience Doesn’t Add Up | 8 Times When Hourly Billing Trumps Value Pricing | 6 Ways to Know What You Don’t Know | 10 Do’s and Don’ts for Making Small Business Clients Happy | Client’s Difficult Daughter Balks at Bill | 6 Simple Steps to Impress a Prospect

ANSWER: Very important to increase fees at least enough to keep up with your increasing costs. Here is a story I have told dozens of times at speeches. This is one of the things I wrote that I really like. In case you wonder, I have given a copy to Freddie.