THE RADICAL CPA

How Client Data Comes In Is Critical

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Standardization starts here.

By Jody Padar
Radical Pricing – By The Radical CPA

Why is McDonald’s easy to price and why is their product so consistent no matter where in the world you are? You know that if you get a Big Mac in Chicago or one in New York, it will taste and cost the same. This is because of standardization, and you shouldn’t underestimate the role digitized data plays in maintaining this consistency.

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Your firm can standardize and price just like McDonald’s does, if you have the right tech infrastructure, in addition to standards related to both clients and workflow.
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Standardized Practices Empower Your Firm

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Six steps to take.

By Jody Padar
Radical Pricing – By The Radical CPA

The accounting profession will never resemble an automotive production line, perhaps for no other reason than we don’t look good in steel-toed boots. We’ll never be widget producers and, from my viewpoint, that’s a good thing. However, our position among the professional class shouldn’t blind us to the benefits of standardizing many of our services.

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Anyone who has been an accountant for any length of time has certainly seen enough to eliminate the need to reinvent the wheel every time they start a new engagement. An entire firm has even more institutional knowledge to draw from. You can develop reliable and repeatable recipes for different services and deliverables by capturing this institutional knowledge. This is standardization, and it makes your service offerings more efficient, cheaper, consistent and predictable – all good business practices. You’ll be able to predict with better accuracy the time frames required for new projects, and you’ll be able to scope out exactly what will be required to bring the project to a successful conclusion. READ MORE →

How Automation Boosts Staffing

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And four ways it pushes the paradigm shift.

By Jody Padar
Radical Pricing – By The Radical CPA

When you have three people in your firm, each doing things their own way, you won’t be able to standardize until you get them all on the same page. Technology makes it easy to do that.

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Technology is spurring innovation and driving automation – and that’s reshaping the future of accounting. Automation is simply using technology to complete tasks that are typically done by humans, and it will help you standardize by providing:
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Do You Understand Your Clients’ Goals?

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What about their weaknesses?

By Jody Padar
Radical Pricing – By The Radical CPA

It’s up to you to recognize the client persona most suited for your firm, but you’ll want to start by defining your customers’ needs. So, what do people really want, and how can you figure it out?

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Certainly, you can engage in expensive research, from questionnaires to focus groups. But, in reality, most of the clues you need will come from your knowledge of the people you work with within that group.
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How to Create Client Personas

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They’ll help you build service packages.

By Jody Padar
Radical Pricing – By The Radical CPA

One drawback of the hourly pricing model is its one-size-fits-all nature. Every client is charged the same rates per hour, with the only difference being the number of hours each uses.

But the world isn’t made up of identical people working in identical businesses and driving identical cars to and from their identical homes. Thank goodness!

MORE by Jody Padar
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Clients are as different as you or me, but we can group them into buckets called personas based on shared values or traits. In a client-centric firm, it helps to understand these basic personas so you can more efficiently meet each client’s needs. You probably have a handful of personas in your firm right now. You just haven’t seen them as a grouping because, in your bill-by-the-hour model, it doesn’t matter who they are.
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