Episode 119

Smarter Pricing Strategies for Accountants & CPAs

Published on: 10th September, 2020

Tim Williams roams the globe in search of “next practices” in the world of professional services. As the founder of Ignition Consulting Group, he teaches leaders of professional services firms the principles and practices of effective positioning and pricing strategy. His assignments have taken him literally around the world, where he has worked with advertising agencies, law firms, accounting firms and business associations on every continent.

Tim is author of two books, the latest of which is “Positioning for Professionals: How Professional Service Firms Can Differentiate Their Way to Success.” He is serves as one of LinkedIn’s global influencers, where several hundred thousand followers regularly read his articles on positioning and pricing strategy. Shownotes:

  • Why law firms are to blame for the billable hour and charge out time sheets
  • Why getting pricing right is so critical for profitability in accounting firms
  • The four factors that improve margins in an accounting firm
  • The biggest reason professionals like accountants struggle with pricing
  • Why most professional firms don't actually have a revenue model but a cost structure, which is not the same
  • The ideal revenue model that represents the future of pricing for accounting firms
  • The difference between creativity in accounting and creativity in pricing accountancy services
  • Why the billable hour is a sub-optimal way of pricing for accountants
  • Why costing is a science but pricing is an art
  • The different pricing options available to accountants and the merits of each
  • The major problem with the term 'value pricing'
  • Evidence that the world is shifting towards a subscription economy
  • The main reason why an accountant should always offer a client options
  • How accountants have ceded power to buyers over the years by educating them wrongly on pricing
  • One of the worst things accounting firms do when it comes to pricing
  • Are you selling activities, efforts and inputs or outcomes, results and outputs?
  • What it means for your accounting firm if your prospects or clients are shopping or choosing you on price
  • An excellent metric to decide whether your accounting firm is pricing correctly
  • How accountants can change the dialogue around pricing with existing clients
  • Tips for pricing outcomes or results that are out of your control or influence
  • How your positioning in the marketplace affects your ability to price optimally
  • Shout out to pricing experts Ron Baker and Mark Wickersham
  • What accountants must consider to avoid becoming trapped on the 'hourly rate treadmill'

Tim Williams on the Accounting Influencers podcast with BD Academy founder Rob Brown

Although Tim started his career on New York’s Madison Avenue, today he finds it much more rewarding living in the Rocky Mountains, where he spends his spare time in Utah’s red rock country hiking with his wife and two Airedales. Contact Tim here:

Website and blog

LinkedIn

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.