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Grow a Tax Practice With the Help of a Profitability Assessment

Most tax and accounting firm owners fall into the trap of overpromising, overdelivering and underpricing their engagements. The ripple effects of this behavior lead to hiring too many staff and too quickly, all while witnessing diminishing profits each month.

If you’re making less than 50% net profit margins when you add net profits and owner salaries on a cash basis, chances are your firm may not be able to scale profitably. Check out our profitability assessment guidelines and begin to identify how to take back control of your tax and accounting firm, and finally start making a solid profit on each new engagement signed.

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Firm Owners Profitability Goals

Revenue

$250,000

Employees

0

Net Profit

70-80%

Revenue

$500,000

Employees

1-2

Net Profit

60-70%

Revenue

$1M

Employees

3-4

Net Profit

50%

Rinse Your Tax and Accounting Clients to Generate More Revenue & Profits

Rinse Your Tax and Accounting Clients to Generate More Revenue & Profits

Most firm owners struggle with being able to negotiate great deals with their clients or staff. They fall into the trap of:

Add a client. Add staff. Add revenue. Add more work. 

We’ve figured out how to break this cycle. It’s a four-step process called The Rinse that you can start to implement immediately and begin to take back control of your firm!

Become a Profit Center,
Not a Cost Center

Most small business owners view their accountants as a cost center. Because of that, they constantly want to chip away at your fees or ask more of you for the same fee.

We have transformed our clients into profit centers by showing them how to help their own clients increase sales, gross margins, net profits and the overall value of their businesses. Each engagement starts off by making or saving their client money, instead of just providing a compliance-based service.

Become a Profit Center, Not a Cost Center
Actually Provide Value to Your Clients

Actually Provide Value to Your Clients

The key is to provide tangible and specific value to the client from the very first engagement so they recognize your worth. This allows you to charge more for every single engagement you offer in the future. You may think that the next new software or process will save you but no matter how good your process is, charging a company doing $2M in annual revenue just $750/month won’t work. Doing tax preparation for $350 won’t work either.

If you don’t have a bare minimum fee on all clients, then you’ll never grow a tax practice no matter how efficient you get. 

So how do you break the cycle?

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Implement the 4-Step Profit
Assessment (the Rinse) to Grow a Tax Practice

  1. Create actual specific and tangible value for a new client 
  2. Add them as a new high-paying, high-margin client 
  3. Immediately go back to your two lowest-margin clients and renegotiate the fee
  4. Rinse and Repeat!
Implement the 4-Step Profit Assessment (the Rinse)

Our Clients Say It Best

Hear from tax and accounting firm owners who have had their profit assessed, and have implemented “The Rinse.”

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Struggling Accountant Increasing Revenue with Accounting Firm Software

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Profitability is one of the keys to help grow a tax practice. Request a demo to learn more about how we can help.

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