Building the Premier Accounting Firm

In today's episode of Building the Premier Accounting Firm, Roger Knecht and Jonathan Stark discuss the pitfalls of hourly billing and the significant benefits of shifting to value-based pricing for accounting firms. Learn how to transform your business model, increase profitability, and build stronger client relationships by focusing on client outcomes rather than billable hours. This episode offers practical strategies for making this critical transition and leveraging your expertise effectively. In This Episode: 00:00 Introduction to the Podcast 01:21 The Problem with Hourly Billing 03:31 Discovering Value-Based Fees 06:25 Fixed vs. Value-Based Pricing 09:11 Understanding Value-Based Pricing 12:25 The 'Why Conversation' in Pricing 16:16 Transitioning to Value Pricing 20:54 Project-Based Value Pricing 29:19 Upfront vs. Commission-Based Pricing 37:07 Delivering Outcomes, Not Deliverables 38:49 Mindset Shift for Accounting Professionals 43:36 Transitioning to Fixed Pricing 48:31 Client's Perception of Value 53:46 Pricing Easy Work 55:19 Podcast Conclusion & Resources Key Takeaways: Identify how hourly billing negatively impacts firm profitability and motivation for efficiency. Understand the distinction between fixed pricing, deliverable-based pricing, and true value-based pricing. Implement a "why conversation" with clients to uncover the true value and urgency of their desired outcomes. Transition away from hourly billing by starting with project-based, value-priced offerings. Leverage client testimonials and past successes to inform future pricing and marketing strategies. Featured Quotes: "Hourly billing is causing all of these problems that we had been wrestling with." - Jonathan Stark "If you're not taking any risk, then you're not going to get any reward. You're not going to make any profits." - Jonathan Stark "If things feel hard and tedious, find the easy things that deliver a lot of value and set your prices based on the value of those things." - Roger Knecht Behind the Story: Jonathan Stark recounts his epiphany in 2005 when, as VP of a software firm, he discovered that hourly billing penalized efficiency and rewarded slowness. This realization prompted a personal quest for a better pricing model, leading him to discover value-based fees. His initial struggle to convince his boss highlighted the deeply ingrained nature of hourly billing, yet his eventual success led to doubling his income and significantly improving client relationships, experiences he now shares with other firm owners. Conclusion: Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: Are you ready for a change, both personally and professionally? Then accept and participate in the Accountrepreneurs Challenge. This is a FREE opportunity to apply best practices and make this the best year yet in your career. Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This conference is one you don't want to miss. Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: "Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses. "in the BLACK, nine principles to make your business profitable" – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles. "Your Strategic Accountant" - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions. "Your Profit & Growth Expert" - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve. Follow the Turnkey Business plan for accounting professionals. This is the proven process to start and build the premier accounting firm in your area. After more than 40 years we've identified the best practices of successful accountants and this is a presentation we are happy to share. Also learn the best practices to automate and nurture your lead generation process allowing you to get the bookkeeping, accounting and tax clients you deserve. GO HERE to see this presentation and learn what you can do today to identify and engage with your ideal clients. Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center. It's here you can become a: Professional Bookkeeper, PB Professional Tax Preparer, PTP Profit & Growth Expert, PGE Next, join a group of like-minded professionals within the accounting community. Register to attend GrowCon and Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business. The Accounting & Bookkeeping Tips Facebook Group The Universal Accounting Fanpage Topical Newsletters: Universal Accounting Success The Universal Newsletter Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company's Value. For Additional FREE Resources for accounting professionals check out this collection HERE! Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss. Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe. Also, let us know what you think of the podcast and please share any suggestions you may have. We look forward to your input: Podcast Feedback For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777

Join us this Wednesday for a new episode where Roger discusses the mindset around pricing with Jonathan Stark.

Listen as two expert salespeople share their insights; the key elements needed to close the deal and get the clients you deserve. Debra and Roger offer actionable steps that any accounting professional can take to comfortably use to get the next new client. This is an energetic conversation that you are sure to enjoy and use to improve your sales processes. Get ready to take some good notes on topics ranging from: Identifying and using your Inside Voice – your inner voice Sales make the work go round, consider it first things first when it comes to your business. Sales are the things that makes money move, why? Because "nothing happens until you make a sale"! How to use ROI, Return to Investment when making an offer? Listen to Debra as she shares a role play example that you don't want to miss. Does your offer make sense, for example would you buy from yourself and is the offer related to the desired outcome that the potential client stated? Are you ready to play the confidence game and extend the "no-brainer-offer" What are the 3 common objections and what are they really? Buying Signs! What can you do to creating trust or build rapport and why is it important? And so much more 😊 This is a fast-paced discussion that you may find yourself pausing or even rewinding to take good notes and apply in your business. In the end, anyone and everyone can be comfortable offering their services with confidence. Selling doesn't need to be scary. So, sit back, listen in, and enjoy this conversation with Debra and Roger. Your Host: Roger Knecht, president of Universal Accounting Center Our Guest: Debra Angilletta Debra works with Accountants & Bookkeepers who want clients to see their value, charge more for their services, but are struggling with sales calls. "Sales Mastery" is her personal (and proven!) online e-course that shows you how to become more consultative so that you can become the go-to-expert and get the right clients to easily say "YES" to your offer. Spending the last 30 years in the sales trenches having over 20,000 sales calls, she knows EXACTLY what works (and what doesn't!) when it comes to showing your value vs talk about it. Debra is still active in the sales trenches - closing business for her company as well as other multi-million-dollar companies which include Profit First Professionals and Nemo Media Group. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: Take advantage of Debra's offer to receive the "6 Secret Questions To Close More Sales + Get Paid Your Worth" This is a tool you want to have at the ready to help you get the clients you deserve. Get a FREE copy of this book all accounting professionals should use to become the Business First Responder that Roger mentioned. This is a must have addition to every accountant's library to provide to have the premier accounting business today: "Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – the how-to-guide e-book for accounting professionals Be sure to also check out the additional training available to help Sell with Confidence as you apply Strategic Selling principles in your business. Lastly, Debra and Roger also mentioned their work with Profit First Professionals which is based on the book by Mike Michalowicz, Profit First. Learn more what you can do to offer CFO related advisory services as a Profit & Growth Expert using the Universal Business Builder engagement process. For Additional FREE Resources for accounting professionals check out this collection HERE! Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss. Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe. For more information on how you can apply these principles in your business please visit us at www.universalaccountingschool.com or call us at 801.265.3777

Welcome to another episode of Building the Premier Accounting Firm with Roger Knecht. In today's episode, Roger discusses the critical role of ethics in accounting and business with Arun Kumar, founder of Ultim Quest Knowledge. They explore how ethical practices contribute to long-term success and prevent financial pitfalls, offering insights for accounting professionals, bookkeepers, and tax preparers building premier accounting firms. In This Episode: 00:00 The Importance of Ethics in Accounting 04:43 Defining Ethics in Accounting 11:12 Rationalizing Dishonesty and the Slippery Slope 19:56 Consequences of Ethical Lapses and Fraud 32:02 Warning Signs and Incentives for Unethical Behavior 39:17 Closing Thoughts and Resources Key Takeaways: Build a strong ethical foundation for lasting business success and reputation. Understand the broader impact of accounting ethics on the economy and public trust. Identify red flags and management pressures that compromise ethical behavior. Shift compensation models to non-financial metrics to promote integrity. Address errors and potential fraud promptly to avoid escalating issues. Featured Quotes: "The people who are succeeding in the long term… have a very strong ethical foundation." — Arun Kumar "Our role as CPAs and accountants is to protect the public interest." — Arun Kumar "The most dangerous person that you could hire is an unethical accountant." — Arun Kumar Conclusion: Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: I have created a few freebies that your audience might be interested in. The Smarter Accountant Quiz can be found at https://thesmarteraccountant.com/ The Smarter Accountant's Cheat Sheet For Better Time Management can be found at https://thesmarteraccountant.com/cheat-sheet/ The article I wrote and published on dealing with Cancer - "Cancer is a C - The Tool That's Helping Me Deal With My Cancer Diagnosis and Treatment" can be found at https://thesmarteraccountant.com/cancer/ Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: "Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses. "in the BLACK, nine principles to make your business profitable" – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles. "Your Strategic Accountant" - Understand the 3 Core Accounting Services you should offer as you run your business. help your clients understand which numbers they need to know to make more informed business decisions. "Your Profit & Growth Expert" - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve. Learn what it is you can do to become an author, leveraging your expertise to market your services effectively and get the clients you deserve. This is a webinar you don't want to miss. Learn from Mike Capuzzi what a Shook is and how you can use it to position yourself as the Premier Accounting Firm in your area. This is a must-see presentation so get ready to take some great notes. In addition to becoming an author, see what you can do to follow the Turnkey Business plan for accounting professionals. After more than 40 years we've identified the best practices of successful accountants and this is a presentation we are happy to share. Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center. It's here you can become a: Professional Bookkeeper, PB Professional Tax Preparer, PTP Profit & Growth Expert, PGE Next, join a group of like-minded professionals within the accounting community. Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business. The Accounting & Bookkeeping Tips Facebook Group The Universal Accounting Fanpage Topical Newsletters: Universal Accounting Success The Universal Newsletter Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company's Value. For Additional FREE Resources for accounting professionals check out this collection HERE! Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss. Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe. Also, let us know what you think of the podcast and please share any suggestions you may have. We look forward to your input: Podcast Feedback For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777

Join us as we revisit this conversation from 2021! Have you ever asked yourself the question, "am I enough, good enough" or "am I deserving"? These self-sabotaging questions that conjure up self-doubt and even the imposter syndrome in business may be common, but they don't need to persist. Let's discuss the emotions many individuals experience as they start and build their accounting business. This can range from insecurities that may include social anxiety, depression, imposter syndrome and beyond. It's more than understanding and identifying them, let's also discuss coping and dealing with each. Listen as Robyn and Roger explore the mind, the thoughts we experience when starting and building our accounting businesses. Learn what you can do to be in business for yourself but not by yourself. There is no need to experience this journey alone and feel as if you are re-inventing the process when running a successful accounting business. Don't miss this important and powerful discussion! Consider this, are you at peace with yourself as you work to help others? Wow that is a great question to ask. Then enjoy the conversation as Robyn and Roger discuss other relevant topics that you'll find interesting. Sit back, get a drink and listen in. Your Host: Roger Knecht, president of Universal Accounting Center Our Guest: Robyn Mons Robyn Mons is a certified Life and Weight Coach. As a professional, wife and mother, she understands the challenges that come with balancing these three and the mental blocks that keep you from taking the action you desire. Robyn believes that your brain is the most powerful tool you have on the planet and that learning how to manage your brain is the most important thing you can do to create the lasting results you want in your life. Using the latest, cutting edge tools in the industry combined with her ability to connect and lead with compassion, she has helped many people succeed in achieving goals beyond what they thought possible. Her greatest joy is to watch her clients grow and evolve into who they most want to be in the world. Robyn currently lives in Riverton Utah with her husband, Tyler, 4 kids ranging in ages 9-20 and her codependent pup, Dirk the Doodle. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: Learn more about the coaching offered with Universal Accounting Center and Robyn Mons to help you have the confidence to run the premier accounting firm in your area. Meet the Universal Accounting Team! Take the next step to receive what you want in business. Also, join us for GrowCon to work ON your business and become the premier accounting firm in your area. Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe. For more information on how you can apply these principles in your business please visit us at www.universalaccountingschool.com or call us at 801.265.3777