How to Stop Undercharging in Your Firm w/ Michelle Weinstein

Roger Knecht and Michelle Weinstein discuss how accounting professionals can overcome undercharging, set firm boundaries, and increase revenue. Learn strategies to value your expertise and implement sales processes for a thriving accounting firm.

In This Episode:

00:00 Introduction to Michelle Weinstein
01:10 Michelle’s Career Journey & Lessons
06:05 The Birth of The Abundant Accountant
09:50 Stop Undercharging and Valuing Services
12:33 Engagement Letters and Scope Creep
17:51 Establishing Boundaries for Your Firm
23:15 Payment Methods and Avoiding Receivables
30:03 Overcoming the Fear of Raising Prices
36:41 Valuing Expertise and Practical Advice
41:13 Key Takeaways and Closing Thoughts

Key Takeaways:

• Define clear boundaries to prevent scope creep and protect your valuable time and knowledge.

• Implement a structured sales process to properly qualify clients and get paid premium prices.

• Understand and communicate your worth to confidently raise fees and attract high-value clients.

• Utilize engagement letters to outline included and excluded services, facilitating future upsell discussions.

• Shift from hourly billing to recurring or value-based payments to eliminate accounts receivable issues.

Featured Quotes:

• “If you can’t sell and you can’t enroll, and you can’t help people see your value, then what is all of that technical knowledge really worth?” — Michelle Weinstein

• “We have to eradicate the under-earning and being appreciated disease in this industry.” — Michelle Weinstein

• “Your inventory is what’s in your head. It’s your most valuable asset and we have to protect that.” — Michelle Weinstein

Conclusion:

Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger’s team here.

Sponsors:

Universal Accounting Center

• Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

 

Offers:

Get a free strategy session with Michelle. Register here: https://theabundantaccountant.com/theabundantcall/

 

Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant’s library to provide quality CFO & Advisory services as a Profit & Growth Expert today:

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• “in the BLACK, nine principles to make your business profitable” – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles.

• “Your Strategic Accountant” - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions.

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Next, join a group of like-minded professionals within the accounting community.  Register to attend GrowCon and Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business.

 

• The Accounting & Bookkeeping Tips Facebook Group

• The Universal Accounting Fanpage

• Topical Newsletters:

• Universal Accounting Success

• The Universal Newsletter

 

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Remember this, Accounting Success IS Universal.

Listen to our next episode and be sure to subscribe.

 

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For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777