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An essential part of any accounting business is communicating effectively with your client about your services so you can be paid appropriately for your work. This course will show how to determine fees, when and how to increase costs for long-time clients, charge for extras, timing when to bill, and asking for payment. We will also explain how to show the client the benefit and value of your services to get paid what you should. We will also discuss how to bill extra for one-time-added services so the client doesn’t think that their overall fee structure is permanently altered and how you can adjust fixed fees to accommodate for continuing scope creep. We will also explain ten different billing methods (including reverse-value billing) and ways to identify special situations that might occur in this process.
You will learn what value-pricing is and the difference between value-billing, and how and when to use it. We will identify the best engagement letter language to use, including sample situations and practical applications that might arise in your clients’ dealings. We will show you how to bundle services and what many smaller practitioners are doing that leaves money on the table. Ed believes that everyone attending this program will adopt practices that will result in more significant revenues for their firm.
Learning Objectives:
- Determine why pricing, billing, and collecting fees are three separate functions and the unique characteristics of each that you should follow
- Recall ten pricing methods and why you should not lock your practice into one method
- Determine the meaning of value-pricing and why it is useful, and when it cannot or should not be used
- List 17 factors to consider when determining what to charge
- Identify language for engagement letters that will help define the engagement
Edward Mendlowitz, CPA
WithumSmith+Brown, PC
Partner
[email protected]
(732) 828-1614 x5616
Ed is a partner in Withum’s East Brunswick, NJ, office and has over 40 years of public accounting experience. He is a licensed, certified public accountant in New Jersey and New York. He is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations.
A graduate of City College of New York, Ed earned his bachelor of business administration degree. He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA), and the New York State Society of Certified Public Accountants (NYSSCPA). Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which joined Withum in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 16 books, Ed has also written hundreds of articles for business and professional journals and newsletters. He is the contributing editor to the Practitioners Publishing Company’s 1998/1999 706/709 Deskbook and the AICPA 2004 edition of The Management of an Accounting Practice Handbook. He is on the editorial board of Bottom Line/Personal and Tax Hotline financial newsletters. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the Lawler Award recipient for the best article published in 2001 in the Journal of Accountancy.
Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in NJ, and many more. For 11 years, he taught financial analysis courses, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the MBA program at Fairleigh Dickinson University.
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