The Potential Consequences of Hourly Billing

I ran into this still shot from a video I did with Mike Bailey in 2011. (If you haven’t seen the video yet, click HERE.)
Homeless CPA

Three Definitions of Value Pricing

On page nine of Implementing Value Pricing, Ron Baker defines value pricing as “the maximum amount a given customer is willing to pay for a particular service, before the work begins.” An alternative definition is “a simple concept that causes otherwise intelligent professionals to lose their $#!t.” Or even better, “the concept that Ron Baker has been able to stretch into a 300+ page book at least four times.”

Podcast: Vietnamese Dongs Illustrate that All Value is Subjective

Ed Kless interviews Greg Kyte about his recent blog post for the Thriveal CPA Network. Greg began dabbling in the foreign currency market about a month ago, and he now sells Vietnamese Dongs for up to 200 times their listed value on the foreign currency exchanges. If the value of currency is subjective, then the value of anything is subjective, including your professional services.

Click HERE to read Greg’s blog post for Thriveal.

Billable Hour Scratch & Win

Customers hate being billed by the hour; however, they have also become desensitized to it. They consistently experience the downside risk of their billable-hour relationships and either don’t know or don’t believe that an alternative exists.

Golden Practices Ranked Among Top 25 Accounting Publications

To see the list of the top 25 accounting journals and publications click here.
To see a joke about the top 25 accounting journals and publications watch the video below.

The Billable Hour is Like Pampers Pull-Ups …

In my effort to lead the charge to laugh the billable hour out of existence, I humbly offer my August 2011 Accounting Update.

Five Hours of Free Business Advice for Veterans

In the following video, our G. Robert Newhart Non-Value Added Fellow, Greg Kyte, explores (among other things) the Veterans Fast Launch program. His deep and insightful analysis of “donating hours” to charity exposes the inadvertent injury inflicted upon the very people that are intended to be helped by this program.

Billing Your Time Is Like Pissing In Your Pants

As the G. Robert Newhart Non-Value Added Fellow, I hope you enjoy the following Accounting Update complete with a jab at the billable hour.

Post your billable hour comparison to this thread so we can laugh the son-of-a-bitch out of existence.

Bury the Billable Hour (Before It Buries You)

The following video is a cautionary tale of one man whose life was ruined by the billable hour.

The World of Knowledge

In response to Rita Keller’s post titled “The World of ‘I Don’t Have Enough Time.'”

CPA firms SHOULD BE all about KNOWLEDGE. So…

Sell your knowledge.
Track your knowledge very carefully.
Always try to balance your knowledge.
Leverage your knowledge.
Leverage everyone’s knowledge.
Work almost entirely for knowledge, especially this time of year.
Wear your knowledge as a badge of honor … “I had 200 CPE hours last year.”
Feel guilty if you don’t know all of your family’s SSNs: kids, spouse and so on.
Judge the efforts of your team based on their investment and/or acquisition of knowledge.
Know thyself.

With knowledge being so valuable in the CPA firm world, isn’t it amazing how stupid we can be? Partners meeting over and over again to talk about how to get people to fill out their time sheets. Asking a committee to diagnose poor realization rates.

Here’s advice from Ron Baker that I would like all of you in the CPA firm management world to take to heart:
Bury the billable hour – and the horse it rode in on.