More and more CPA firms are finding ways to take their service platform and billing past traditional compliance and into value-added services. Each practice should have people who are oriented toward and comfortable enough to provide those services and – ultimately – succeeding at expanding into value-added will require a modified goals and bonus structure.
As you plan ahead for busy season, consider these four targets to get the most out of your services.
Client Impact. What results will make the biggest impact on clients? Monitor the achievement of the plan and reward for the accomplishment.
Efficiency. The more efficient, the greater the client (and employee) satisfaction. Select areas to improve. Create bonuses based on the areas of and contribution to the improvement.
Project Value. Determine fixed value pricing for certain deliverables. The more impactful. the more valuable. Reward people for providing more valuable projects.
Profitability. Streamline procedures and re-engineer staffing for enhanced profitability – which allows greater flexibility in the nature and level of value billing. Motivate your team to upgrade engagement profitability.
The most frequent level of contact with clients is often during tax season. The more the clients appreciate your services, the greater the value. Take time to scope out impact and efficiencies ahead of the season. The more you achieve in these areas, the greater the value-added services will become to the satisfaction of clients, staff and owners. The more value-oriented the team, the more valuable they will be to you and the greater your capacity and inclination to reward them with bonuses and other benefits.
Concentrate more on generating a value-added culture and there will be plenty of dividends to go around.