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How Accountants Can Move from Compliance to Advisory Services

Hey, so it’s literally 3:57 in the morning. I’m going to Atlanta for a day trip. You could see it’s still dark outside. But I want to do this video for those of you guys that are out there, if you’re watching this right and you’re thinking, “Andrew, there’s no way that these people pay $650 for tax prep, these people pay $300 a month for accounting. How will somebody pay $2,000 a month or how somebody’s going to pay $5,000 for a tax plan”. This is about moving from compliance to advisory service. 

What you have to understand is that your mentality, you’re on the side of charging for compliance and you haven’t made that switch to charging to advisory services. I want to show you this image here in a second. I had a call with one of my clients this week that it was really interesting because he has made that switch.

He’s someone that is charging for tax planning. He’s charged a higher fee for monthly recurring accounting, controller and CFO services. But he said, “Andrew, I get that. I charged for the tax plan, but how do I charge for quarterly tax planning? How do I charge for implementation? Are they really going to pay for that?” I showed him and I said, “You’ve already done this. You’ve already moved from compliance to advisory pricing, but did you think you were done? There’s layers to what you can do.” I’m going to show this real quickly. So you can see here, this is the exact slide I built for him, you could see he was on compliance pricing, move to advisory pricing. That’s always the first step. When you make that mental shift, you start charging on value, you start actually getting the client a bigger result as well as not just charging for the same compliance…actually getting the client a bigger result.

Then you can see here, we then had a conversation because he was being nervous about going up to these other levels of value. So, we talked about charging piecemeal for implementation, charging for quarterly tax planning, charging for a high price combined engagement where you’re combining tax and accounting. So, what you have to understand is that each of these layers is an additional layer of value that you can provide to the client. But you’re going to feel like, “Can I really do that?” We’re going through a pricing change in our business right now where our team is thinking, “Oh my gosh, can we really change our prices like that? Like can we really do that?” And so you know, you always have that psychological moment, but he had that same moment when he was going from charging for tax prep to tax planning and now there’s additional layers.

That’s not even all of the ways you can charge higher value. That was just to his specific case. So, if you’re thinking you can’t do it, the question I’m going to ask you, the same question to him, how many times do you ask for it this week? This last week, For this video on Monday, this last week, how many times did you ask somebody for $2,500 or $4,500 or $7,500 for tax planning instead of just signing up another $650 business return. How many times did you ask? None, right? That’s what he said. How many times did you ask for the implementation? How many  times do you ask for the quarterly? Oh, well none. If you don’t ask, they’re not going to say yes.This is the first step in moving from compliance to advisory service.

One of the things I’ve found in business, I’m not sure if you’ve noticed this too…if you don’t ask for money, people typically don’t give it to you. I don’t know if you had that same experience I’ve been through, but typically if you don’t ask them, to be honest, I have had a couple instances where people do just come out of nowhere, but it’s pretty rare. I think you would agree with that. So, if you’re not even asking, the chance is basically zero. Literally just ask for it. You’ll be surprised what comes through. If you’ve been thinking about adding advisory pricing, moving from compliance to advisory or if you’re doing it, but you’re like, “I feel like there’s better way to do it, I feel like I could charge more.” If you’re kind of combining things together at a low price, I’m going to put a link below to sign up an application with us. 

Compliance to advisory service is the best move you can make. We’ll walk through basically 300 slides of what it is to work with us. So me, myself,  or my team will get on the phone and we’ll go through and figure out exactly what your pricing is, what it could be like, what you could do with existing clients versus brand new people. The call will be worth it even if we don’t decide to work together. So I’ll put a link below the video and I will see you on the other side.

 

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AccountingTax.com by Andrew Argue is now Corvee