THE RADICAL CPA

Profit Sharing Can Boost Your Accounting Firm

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Pay for performance.

By Jody Padar
Radical Pricing – By The Radical CPA

As long as you’re changing how your firm operates, you should also look at how your staff is compensated. If your customers are paying for value, shouldn’t your teams be paid on the same basis? Once your firm turns to a value paradigm, the people delivering the knowledge work – your staff – are your most valuable asset and should be compensated as such.

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It’s all about alignment. Clients pay on value. Staff should be compensated on value. There are proven ways to make sure this alignment takes place.

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Are You Offering Time or Knowledge?

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Five areas for grounding new metrics other than time.

By Jody Padar
Radical Pricing – By The Radical CPA

It may sound ridiculous, but the only people who are married to timesheets are professional services firms staffed by people who spend their professional lifetimes building their knowledge. Every other company in the world has figured out how to sell and price products or services without relying on timesheets.

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Why do professional services firms believe you should sell knowledge in increments of time? Ron Baker, an accounting visionary and author of “Firm of the Future,” once asked, “When you’re a knowledge worker, should you be selling your time?” I don’t think so.

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How ‘Productizing’ Services Benefits Clients

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They can be delivered more promptly and consistently.

By Jody Padar
Radical Pricing – By The Radical CPA

Now that you have hopefully standardized your services, it’s time to look at productization. Productization is the packaging of intangible services to make them feel tangible. You put everything you will do for a persona into an offering that resonates with them because it’s customized for them. It’s then clearly priced so the buyer knows what they get for their investment.

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This is just as useful for your clients as it is for your staff. Clients appreciate it because they know exactly what they’ll get and what to expect. Staff appreciate it because, unlike in traditional firms where there are at least four different ways to get to the same deliverable, this model has one pathway for each deliverable and service product, making it both efficient and traceable.

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Four Keys to Client Tech Stacks

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How to build the ideal connected system.

By Jody Padar
Radical Pricing – By The Radical CPA

Clients use the client technology stack to run their day-to-day businesses. The stack they use depends on their niche or vertical. For example, law firms use Clio, while e-commerce businesses rely on Webgility, among others.

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The next tech layer is data aggregation. All the data feeds will land here, and you can determine what to do with and how to organize this information based on KPIs or other metrics around which you’re building their business success.

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