Is tracking your hours decreasing your productivity and profitability? According to Geraldine Carter, the answer is most likely yes. In their conversation, Brannon and Geraldine break down how the hourly billing model takes you away from providing real value to your clients. Conversely, getting your hours down and doing away with the hourly billing model altogether could be the key to raising your bottom line.
This podcast touched on:
- Hourly billing vs value pricing.
- The impact of private equity on the accounting industry.
- Why hiring won’t solve the problem of overwork.
By refocusing on the value you can provide to your clients rather than on the hours you are billing them for you can increase your revenue while simultaneously lowering your hours. The key to building the business you want and living the life you want lies in refocusing your firm so that you can make meaningful changes. Listen in to learn how you can gain capacity, think critically, and make moves to live a life with balance.
If this conversation inspires you to start improving your practice, check out Accounting Practice Academy. We have a workshop that focuses on improving your cashflow to above 50% and reducing your owner hours to under 2,000 annually.
You can listen to the podcast on the player below or watch the latest episode here!
Time Stamps:
- 0:38 – Introduction of Geraldine Carter.
- 1:44 – Private equity firms in the accounting space.
- 5:50 – Why are so many CPAs overworked and what is the solution?
- 15:31 – How to price upfront without hourly billing.
- 19:40 – Why hourly billing is a trap.
- 35:38 – Geraldine’s new book – Down to 40 Hours [https://geraldinecarter.com/book]
- 38:22 – Wrapping up
Getting in touch with Geraldine:
Geraldine’s Website: https://geraldinecarter.com/
LinkedIn: https://www.linkedin.com/in/geraldine-carter/
