Advice on Modernizing Your Firm
Modernizing your firm can sound like a daunting task – but it doesn’t have to be.
Last week, QuickFee founder Bruce Coombes joined Brannon Poe (founder of Poe Group Advisors) for the Accountant’s Flight Plan Podcast.
In this episode, they discuss universal truths for the accounting profession and share helpful insights for modernizing your firm right now.
Watch it here or download the episode on Apple Podcasts or Spotify.
4 Key Takeaways from the Podcast
Here are 4 ways to stay on top of the current accounting trends and maximize your firm’s value right now, according to Bruce Coombes and Brannon Poe.
1. Fixed price billing packages
Fixed price billing packages are a great way to get paid faster and show your firm’s value upfront. Clients also prefer this model because it’s simple. As Brannon Poe said: “If you can get the pricing right in a practice, and you can get the billing model right in a practice, it just has a ripple effect throughout the whole firm.”
With the complex tax codes in the United States, you may not be able to apply fixed price billing across your entire practice yet. But wherever you use this pricing model, you’ll see increased cash flow (and fewer collections.)
2. Finding your accounting niche
Specialization gives staff the opportunity to become experts. Your firm also gets a strategic advantage in the marketplace and protection from automation in the long term. “Experts in something tend to be more profitable, less stressed, and offer better services to their clients,” said Bruce Coombes.
3. Cutting down on receivables
It’s hard to sell an accounting firm with high receivables. If you can free up that working capital, you’ll have a much simpler path to selling your practice one day.
Many top accounting firms also spend thousands of hours on manual processes and collections each year. By using the right tools and automating your billing process, you can redirect that valuable time into business advisory and marketing services – in other words, the work that your top partners actually want.
Here are 2 solutions we offer to help accountants cut out collections:
- Pay Over Time: Delight your clients with payment financing flexibility and the option to pay over 3, 6, 9, or 12 months. Your firm gets the full invoice amount upfront.
- Connect: Stop wasting time chasing payments with our billing and workflow automation, saving hours of unbillable time every week.
4. Retaining top talent
“If we need to keep an eye on our people, they’re probably the wrong people,” said Bruce Coombes. In a competitive job market, the best team members look for firms where they can be self-sufficient and creative. So once you’ve set the right pricing models, found your accounting niche, and eliminated the manual processes, it gets easier to attract great team members.
About Poe Group Advisors
With Poe Group Advisors, Brannon Poe pioneered a consulting-based approach to accounting firm sales. Called The Seamless Succession™, this approach helps firms maximize their value.
Operating throughout the U.S. and Canada, Poe Group helps sellers navigate the sale of their accounting practice. They also work on the other side of the equation, helping buyers find a business that matches their skills and talents.
In 2020, Poe Group also began an 8-week online workshop, The Accounting Practice Academy™. This workshop helps firms reduce owner hours, increase fees, and create the ideal client list.
About QuickFee
It can take up to 70 days for accountants to receive payment for their work. This can lead to high aging receivables and tough conversations with late-paying clients.
QuickFee’s online payment solutions help you get paid faster. Trusted by over 30% of the IPA Top 400, our secure platform allows you to offer online ACH and credit card payments and financing options, without the hassle.
Contact us today to learn more about our payment solutions for accountants and start modernizing your firm.
