{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Business Strategy for CPA's","title":"116 From Hourly Billing to Flat Rate for Cares Act Documentation","html":"","width":"100%","height":180,"duration":1373,"description":"My guest today is Erica Goode. \nErica is a freelance finance professional, working with a small handful of clients, focusing on financial forecasts while staying out of tax as much as possible. \nMany CPAs choose hourly billing when they don’t know how long it will take. \nThis pricing methodology - if it can be called that - leaves your client without a clear price. \nWhile it may seem like the safest option, if the project takes much longer than you anticipated, either your client is left with the high cost of your unanticipated work, or you eat the hours. If you split the difference, you are likely both left with a sour taste. \nBy simply setting the price at the maximum length of time you might take, you\n Provide a clear price to your client, so they can make an informed buying decision\nForce yourself to actually think through how long it might take, to ensure it’s worth it to you\nAre motivated to be expedient in your work. \nPricing new and one-time projects is difficult. Consider these strategies when setting your price:\n Set it at the maximum amount of time you think it might realistically take - Scope Creep always happens, and setting the price at the top end of your window gives you margin for the extra follow up communications. \nSet it just shy of the maximum, knowing you will work more quickly once the price is set, and give your client a “good deal”\nSet the price 15% above the maximum, and give your client the best possible service. You could argue this last strategy is also an excellent deal. \nWhen you share your price, pay attention to their reaction. \nIf it was an immediate Yes, you know there may have been room to go up. If there is a pause, you are likely in the right range. If they say no, recognize they just saved you from either sending a higher-than-desired bill, or eating your hours. In this case, no is not a bad thing. \n \nGetting your pricing right is the single most important change you can make in your business. \nIf you still bill by the hour,...","thumbnail_url":"https://img.transistorcdn.com/AZFvbY29RNsC20PTchqbqXsFoNMjM1040wmYivreg-g/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9lZmE1/ODU2OWRkNzA4ZDQ2/ODg2YmEwYjYzNmEw/NjkzNC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}