One of the biggest benefits of a fixed fee billing model for my firm has been the ability to eliminate accounts receivable. A Typical Invoicing Process for Hourly Billing When you bill by the hour, the usual process is to perform the work and then send an invoice for it. Invoicing may start on the first [...]
You really don't want to miss QBConnect this year- It's going to be better than ever (and it was already pretty awesome). But don't just take my word for it, here are just a few of the great things you can do during the three-day conference: Take a deeper dive into QBO New this year, there [...]
Managing client support is vital to your profitability on fixed fee engagements. What is client support? Client support refers to the work performed by your firm when communicating and interacting with your client. It may also extend to communication with your client’s business associates – their customers, vendors, employees, partners. Regular, dependable communication with your client [...]
As cloud-based solutions have grown in popularity and capability, many accounting professionals are finding that they streamline work – which can directly affect profitability, especially as we move towards fixed fee billing. Furthermore, clients are adopting cloud solutions on their own because of their obvious benefits, and therefore if we want to stay relevant and to be [...]
You did it! You made it through another busy season (mostly) unscathed. As you slowly wean yourself off coffee/chocolate, this is a great time to sit down and think about what you want to do differently next time around. What were your biggest challenges during Busy Season? What bumps in the road (or major potholes) did [...]
Imagine if your accounting firm were a restaurant. Would it run smooth as a top or would everything be total chaos? Let's pretend you're following your dream of owning and running the best diner in town. You've found the perfect old diner car, restored it, hired the best fry cook you know, and even found some waitresses with beehive hairdos that [...]
This is part five of a five-part series on Workflow in your Accounting Practice. Over the course of this series I’ll walk you through best practices in setting up a workflow system for delivering Client Accounting Services (CAS) and the benefits you can expect once you have it up and running. In the first four blogs [...]
