It’s go time!
Here are some of the messages we are receiving..
“Didn’t lose as much business as we hoped.”
“Should have raised my prices more.”
“Fired a lot of clients but took on a lot of new better ones. Mistake made. Wanted more relief.”
We wish you priced every job like it was March 9th. Eg from a place of abundance and knowing you create big value.
As you know, there’s a lot of press around the lack of accounting students and people leaving the profession. The 150 hour rule seems to be the “new thing” related to supply. Here’s a link from the March 6th, 2023 WSJ about the 150 hour rule.
I would argue that’s not the real issue. The real issue is the business model of accounting firms which accounts for low pay to educated accountants.
Let’s unpack. Aspiring lawyers are willing to do the extra 3 years because they know when they graduate and pass the Bar exam their first job will pay North $100K (120K and higher in lots of cases). The rewards reflects the risk/efforts. We can’t say the same about accountants.
Why?
Outdated business model that includes tedious work and long hours with crappy pricing.
CPAs are the most trusted advisor yet charge far less than attorneys. In fact, most CPAs love when an attorney is involved on a project because it allows them to charge more or look inexpensive.
Let’s focus on the right things. Increasing value and prices will increase profits which should flow downstream. This will help solve the supply issue.
Let’s price all year like its March 9th.
Good luck with the deadline!