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Accounting firm owners should ditch hourly billing for fractional CFO retainers. At $50/hour, you're incentivized to drag out work while clients want to minimize costs. A $7,500/month retainer aligns both sides to focus on results instead.
Accounting firm owners should ditch hourly billing for fractional CFO retainers. At $50/hour, you're incentivized to drag out work while clients want to minimize costs. A $7,500/month retainer aligns both sides to focus on results instead.
If you own an accounting firm, I'm going to show you exactly why you want to be a fractional CFO firm. By the hour, you're getting paid an hourly rate. Sometimes it's as low as $50 an hour, or significantly less. If you're a fractional CFO, you're getting paid by the month you sell retainers and on hourly work creates an adversarial relationship between you and the client. That means, as you guys are acting like this because they're trying to get you to work the least amount of hours as possible, you don't get paid more unless you work more. Whereas fractional cfo, you're incentivized to work as little as possible to get them good results. It's 50 bucks an hour or 7,500 bucks a month.
