On today’s bonus UNCUT episode, Rob Brown of the Accountants Influencers Podcast interviews Geraldine Carter on advanced pricing and negotiation strategies for accountants and CPAs. Discover some of the misconceptions accounting professionals have when it comes to pricing, why they are scared to raise their prices and the many benefits of better pricing for accountancy firms.
Geraldine is the founder of She Thinks Big Coaching, where she helps accountants and CPAs get out of the accounting rut. Her clients routinely double their margins in 6 months or less while working fewer hours. With a degree in engineering from Cornell, she is the co-founder and CFO of a company where her cashflow forecasting models resulted in millions of dollars for climate change efforts.
Key takeaways include:
＞ Why pricing is such a contentious subject for accountants and CPAs, and why it shouldn’t be
＞ How billing and pricing are not the same thing, and the key problems with hourly timesheets
＞ How an engineering background brings clarity and logic to what can be an emotional subject like pricing
＞ What accountants and CPAs misinterpret when it comes to pricing and value
＞ Different pricing strategies accounting professionals can use in their practice
＞ The concept of ‘value’ and how to quantify intangibles with accounting clients
＞ A conversational framework to encourage a client to articulate what an accounting service may be worth to them
＞ The benefits for accountants to give their clients levels, menus and options to better price services and outcomes
＞ How accountants can arrive at a client fee from say a $250,000 uplift in their business – the ROI conversation
＞ What CPAs and accountants are really looking for to think and act differently with pricing
＞ How automation can be an accountant’s friend or enemy depending on their blend of advisory and compliance services
＞ Thoughts on the various pricing tools available for accountants and CPAs
＞ The benefits of varying finance payment options for accountants providing advisory and project services to clients
＞ Whether compliance work for accountants should be priced differently to hourly billing
＞ Why accountants should NOT be scared of putting up their prices, but what makes them so fearful
＞ Why clients of accountants and CPAs pushback with price increases and how to counter this
＞ Blunt advice for accountants in larger firms who don’t have the authority or influence to change pricing approaches
＞ What accounting practices need to do and change with pricing to increase revenues
＞ Helping accountants make the decision to price differently with your best or your worst clients to start with
＞ What happens when CPAs and accountants get better and more confident with pricing
In her free time, Geraldine can be found mountain biking forested trails or running after her two small children in her hometown of Ketchum in Idaho USA.
NOTE TO LISTENERS:
This is a full-length interview (usually 20-30 mins long) from which the highlights show earlier in the week was taken. You can listen to this on a previous episode.
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