165 A Guide To Renewals in Accounting Firms

Many of us are smack in the middle of renewal season, sending out a whole ton of renewals to clients. Maybe you're an overachiever, maybe you already got them done. We've talked about renewals in a bunch of different places, but I wanted to do sort of a roundup episode of my journey through the various myriad different ways I did renewals. From old timey word files, like as old timey as you would expect to super cool automated, relatively slick stuff by the time I was at the end of firm running. So we're talking about that, we're talking about some, some pricing hacks as well and how we set up the options that we give clients while we're doing those renewals and how those actually become a big driver of profitability for your firm. So I just made a whole ton of notes. I want to share a bunch of ideas with you on, on maybe small improvements you can make to the process so that we all come away with a couple new ideas. Come on in, let's talk renewals. I think renewals have felt largely administrative, or at least that's how we think about them when they're actually a massive driver of profitability. Like that is when oftentimes you're putting pricing in front of clients. Like it is a, a big, it is a big time in the cadence of your firm because it's defining the work that you're going to do for clients oftentimes for the rest of the year. And it's not the only opportunity, but a opportunity to change the, change the status quo, change what you're going to do for them, maybe introduce them to new things that would be valuable to them, that sort of thing. But it is one of those things where it's a ways down the list of what we think about. And so we get to the end of doing renewals and we're like, oh man, this is totally. Would have gotten better if we did it this way or that way next year. And then you get to next year and you're like, dang it, I didn't spend any time to make that better, did I? That was definitely my experience, especially coming off in the US like the extended tax deadlines. The end of the year comes up so fast because you're just wasted out after the extended tax deadlines. That is if you're pushing a lot of stuff up to that deadline. I never did that. And then you go straight into year end tax planning and you're back in January, like straight back into the worst part of the year. And you're like, what the heck just happened? So I started and background on my firm was it was an 80 year old tax practice and as legacy as you would expect for something like that. So our process was, I think we had cameco for our liability carrier. So. So we would log on into the cameco website, check out whatever the year's engagement letters templates were. There was one of the partners whose job it was every year to review the changes to this year's engagement letter templates alongside our own engagement letter template, which was the cameco one with like a few little revisions, as if we're making it better and then merge those two things. And that was a big deal when we got the new engagement letter templates. And, and they are, those letters are like wildly inelastic and they kind of assume that you do the exact same thing for everybody, which none of us does, especially as we're starting to productize more and getting more explicit about the specific service offerings we do and how those differ for different clients because it's beneficial for the way we set up our processes and that sort of thing. We've talked about that. But if you just lift whatever your liability carrier gave to you, and that's the engagement letter you put in front of everybody, that's not really like accurate. Right. Or it includes a whole bunch of stuff that it doesn't need to include. But that was what we did as a tax practice. We had like a generic tax organizer. We would pump those things through Microsoft Word, I believe. And this is. How long ago is this now? I think this is 16 years ago, 17 years ago, when I started and those suckers got mailed out on paper with the organizer. And honestly, a lot of firms, like this is, is still reality. And there is an ease and a simplicity to this approach where if your clients are used to you literally paper mailing them things every single year, as long as you keep doing that, it doesn't require you teaching them anything new. And that's attractive. It really is. And so in my firm journey, when I, when I ultimately bought into the firm, bought out a couple of the partners and started, you know, climbing that mountain of how do I change something that's been done the same way for, honestly, decades, like unchanged. And that was the way the staff did it, that was like the cadence that the admin team was on. Like, that was just what they did. Nobody even told them. Like, that was just how things operated. When you get to that point where you're like, okay, I'm gonna be the One to stick my neck out and be like, hey, everybody, why don't we do this in a way that you don't understand? And it's completely different for reasons that probably only I understand. Like, to get to that point, there's probably a number of you listening who are like, on that tipping point, where do I climb that mountain right now or not? And for the skinny jeans, you know, cool, progressive firms among you, you're already there. Good for you. One thing that's always lost in thought leadership around accounting firm running, in my opinion, is what it looks like to migrate a firm from A to B versus what it looks like for me to go out and start my own firm tomorrow and just set that as the standard from day one. There's a lot of people that run legacy practices who, if they started a new firm from scratch tomorrow would do so many things differently and like, do like so many more of these kind of aspirational, new agey approaches to things. The reason they're not there right now is they can't figure out how to get from A to B. They have a business and they're struggling with how to get it from A to B. And let me tell you, I hear you, that's hard. And to divorce yourself from what you have and to lay down the lawn to do all these things, like, in a tactful way, that's really tricky. I'm not going to, I'm not going to sugarcoat that for you. For me, when it came to revamping that renewal process, I don't. The biggest bit of wisdom I'd have for you is try to build incentives into that new process. Try to incentivize getting your clients to lean into that new process so you can absolutely put your foot down and be like, we're no longer doing it the way that we used to do it, and we're just doing it this new way. And that's how it is. You don't like it, tough turkey, boy. Don't say tough turkey, boy. For me, that incentive looked like, hey, for the first time, we're gonna give you your pricing up front, but you just gotta go use this other system. So when we switched to, we switched from just sending out, mailing engagement letters to. To sending proposals out before or at the time of renewal, like, before we start doing the work. A huge driver in what made that successful. I think it was successful. All things being relative, a huge driver in what got people to go out and do that step was the fact that they could go out and See the price for it ahead of time. And that year it coincided with some pretty serious price increases. This was like beginning of COVID or maybe the year before COVID It was coinciding with a good number of price increases. And we could genuinely tell people, like, hey, we want you to know what we're going to expect you to pay us, assuming your work's the same as it was last year. Just like in good faith, like, we want to tell you that now. Now we all know the pains of not of going through an entire project and it being clear at the end that you are not on the same page on pricing. And now the client doesn't want to pay you for all that work that you just did. So as a rule of thumb, generally best to get that price upfront anyways. But for clients, we were kind of like, sorry, we're having to increase prices a lot due to. Due to all these different reasons. We're actually paring down our client list a lot. Please go out here, see the proposal for this year. If that sounds good to you, accept. And that got at the time, we would do about 2,000 engagements a year. And this was a client base that was the full spectrum of clients from a bunch of different partners, a ton of legacy folks, people who would come into the office and do stuff and in person, like all of the trappings of a traditional tax practice in the US that you would expect. And we got over 50% adoption on that first year. Like the first time we were putting that stuff out, which for me, as far as I was concerned, was a massive success, because that meant we had their payment details on file as part of completing that proposal process made means we didn't have to track them down for engagement letters or anything else. And it meant as soon as the work was done, they had already authorized us to pull payment. And this is maybe the single greatest upside of modernizing your renewal process is the ability to virtually eliminate invoicing. And I've talked at length in the past about how did we actually do that from a practical standpoint, get from hourly billing everyone to upfront pricing everyone, when we didn't even know the scope yet, we didn't even know how things were coming in on a large volume of projects, well over a thousand engagements. How do you do that in a way that's not wildly time consuming? I've talked about how we've done that in the past, but the holy grail here is you're getting everybody their price up front so that you don't have the risk of somebody being unwilling to pay on the other side of it. And you completely eliminate the invoicing process and having to chase people for payment at all. Because as soon as the project is done, basically our firm, we set up a, a threshold where like we were still tracking time and the project needed to come in like within a pretty wide window of our expectation of how much time we're going to. We. It was like a 30% cushion or something like that. If it was over this threshold, it would have to go back to the partner or the signer to review it and have a scope conversation with the client client. But over 90, I think it was like 94% or something of projects were able to go out the door and were within that threshold of what we expected to bill for them. And so that means the moment the project's done, we pull funds. Like there's no admin work around chasing down money. And for hourly firms, the big, big thing is no work is going into invoicing. The partner is not consuming a huge percentage of their time saving, sitting down and making a bill and doing that whole, you know, hokey pokey. And that saved the time of like literally thousands of invoices that in the past would have been prepared by the partners in the firm. They didn't have to do any of that stuff anymore. Totally out the window. And when you don't fixate on exactly what you build them last year and get super, super granular about how every single client and project is billed individually and you think more about it more on a portfolio basis. Is the business making the same money? Are these different, like cross sections of our business still as profitable as they were last year? You're able to obfuscate and like eliminate all these super granular little project by project things that you don't need to do anymore. You know, people often ask me, Jason, who is this episode sponsored in part by? Well, today this episode's sponsored in part by Live Flow. Did you Hear the news? LiveFlow just launched a consolidation product. You actually might have seen it on the main channel recently. We did a whole demo day of it. LifeFlow's automated multi entity consolidations. It's beyond simple to use. 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So where we used to get stuck in the past was on a just a way too granular of a basis, like splitting hairs on how we build things when it's like ultimately what matters is the entirety of the business. And are these different parts of the business still as profitable as they were before? If so, how do we eliminate as much of that granular nonsense stuff that nobody really cares about as possible? And for us, the key to getting there was revamping that renewal process. Getting proposals in people's hands up front, where they had to provide payment details in order to accept the proposal and then to pull that money automatically when the project was complete. I won't make light of that and say like, if you run a large firm right now or you run a large number of projects, that that is trivial or super easy, but it is worth doing. If you're still stuck on that, think about small scale ways you can start to step into that. I'm generally not an all or nothing guy because that's really high stakes. There's people who will tell you you have to do the exact same thing for all of your clients. I think when that's the case, you actually end up being too slow to change because any change is super high stakes. Because you then project that change onto all of your clients and if it's the wrong decision, that's a total mess. Find a way if you're still figuring out the renewal process using new tools for that sort of thing, just like working out what's going to be best for your team and your systems. Find a smaller scale way to do it with like 1099s or you know, standalone engagements for annual tech reviews or tax planning. If you do tax planning for clients in the fall, what is like a smaller scale subset of projects where you could start that new renewal process with in a more bite sized way. The beauty here with these systems now is when you have the payment information saved in the system, that renewal just got way easier and lower friction for the client next year. It's easy to get stuck on people or clients who will never comply With a new process. This isn't just around renewals, but anything like in general. And we're thinking about portals or working with clients a different way. It's easy to fixate on the people who are in your client base right now who that just won't work for. And the notion of making a change that they are incapable of adapting to feels like giving away money. Like comes with the same pressures and stresses of firing those clients basically because you know that it just won't work for them. And you got to know what your firm is and like how procedural and locked down it is. Like, we were pretty on the white glove end of the spectrum, so we were happy to accommodate folks. I never got so extreme as to say like, the people who don't use computers can no longer be clients. Like, no, we had a long list of people who we knew this new process would not work for. And reality is we accommodated them. Like we found a way to work with them that would complicate our processes the least. So oftentimes with us with an in person tax practice that was the people are gonna come in to meet and at that point in time a member of the team is going to basically run through that proposal with them in person. So that ultimately what we have on our end is the same as what we have for all of our other clients. But we're doing that in like a more hands on way. So again, it depends on like, is your client super lockdown? Everybody has to follow a very explosive process or is it more on the white glove end of the spectrum? I've never been so extreme as to say that like you can't accommodate folks within reason. You don't want that to be abused like in perpetuity. But people who don't use computers, for example, if we wanted to keep those clients, I wouldn't really say that's their fault. As opposed to someone who never gives their card out. Like something like that where it's like, buddy, like that's just how everybody does business. Now if you're going to make my life difficult, I'm probably going to be less accommodating of that number of good tools out there to do the job on renewals. And anytime I list tools, I'm inevitably leaving folks out. So sorry. Nuala K N U L A Nuala was part of the ICPA startup accelerator a couple of years back. They're like a. It's like mail merge on steroids. If you want something that is super flexible at a huge volume and Nula is Pretty interesting other tools. Ignition. Go. Proposal, anchor. They're all doing things in kind of the proposal, renewal and payment space. One thing to look out for here, which we kind of touched on with those boilerplate engagement letters. As you are productizing your firm and you're getting more explicit about what services you offer, and as those collections of services may look different for different clients, we're not doing the exact same thing for everybody. You need to be thinking about what exactly the engagement letter is that's going out to everyone. Because if it's one boilerplate engagement letter that is the same, that's going to everyone, like, that's fundamentally not correct. Right? So most of these systems will give you a way to drive what that engagement letter ultimately looks like according to the service items that that client has. So, for example, rather than the proposal, like just having this single engagement letter or terms template, you will associate terms with individual service items. And then when the proposal has, say, five service items on it, the terms or the engagement letter that it serves up is rolling up the terms of those five different services. And that's. That's fundamentally different than giving people a single boilerplate engagement letter and better. Because if I'm doing bill pay for one client and not for another client, I don't want those two engagement letters to look the same. Right? Now, when you are doing that renewal, it is like a golden opportunity to have a conversation about what's changed in terms of the scope of work that you do for them. And I don't care which pricing, methodology, methodology altar you worship at, clients will have the same problem that you do where they don't remember the entire picture anytime, they just, like, sit down to look at a renewal or a contract or something like that. So for the same reason that you suck at getting everything done in a day that you want to get done, because when you sit down and you start your day, you only remember the things that are, like, at the top of your head. In that moment, you forget about the other stuff you have to do. More things come up. By the time you get to the end of the day, you've done, like, half of those things. You better believe the same thing happens if. If you do renewals for clients at the end of the year and you're like, oh, yeah, what did we do for Jim last year? What changed? Absolutely no way you're gonna remember that. So it's super important in whatever your equivalent of a perm file is to track changes in scope during the year. That way, when you get to where you are doing the renewal, you see. Oh yeah, they added another location, you know, for their dental group or they, they did this or that thing that was different than in past years. And you can pull all that stuff together. And for me, that was always information that I communicated to the client because reality is I just don't think they remember all that stuff. So ultimately, should we be pricing according to the value they assigned to what we do? And is that like ultimately the true price? Yes, probably. But in the same way that I can't remember everything, the client can't remember everything either. And what I found was actually putting that all in front of them in one place made them value us more. And so that is the goal here is when I put a renewal in front of a client, how do I remind them of how much value I'm delivering to them? How much tax savings did we get with last year's tax planning? How many tax savings are we still getting from that strategic thing we did three years ago? How much time and man hours did we save them with that technology change? When you're doing that renewal, I think you absolutely should be putting that stuff in front of people not to like show off or la dee da, look at me sort of thing, but because they just won't remember. Now as part of that, we would even put like, we would do sort of a census of the business. Like has revenue changed year over year? Has headcount changed year over year? Because what we would find is we would pull in businesses very early stage and then five years down the road they're five or six times the size and maybe their fees have doubled and that's probably not enough. So we would do sort of the census of what's changed in their business of scope changes. But unless your team is doing a good job of tracking these scope changes during the year, it makes the renewal really hard. And you ultimately give away money when you forget about these things that your client also forgot about and then you're not paying attention to like overall business growth, that sort of thing. Ultimately you end up making less money on that project year over year. Now the best thing I ever did to get people to stay on top of making notes about those scope changes, because where your mind immediately goes if you run a team is like, yeah, I can tell em to do that. But like how do I actually police that and get people to follow through on it? I'll tell you how you make your team do the renewals. And that was like the smartest thing that I ever did. And Solved all of the pain points related to being able to communicate changes in scope and get everybody on the same page and eliminate the good cat, good cop, bad cop of, you know, the staff person talking with client all day. And then like me being the one coming in with the hammer and increasing prices or something like that. You don't want that. Like you don't want them going to mom and dad and getting different answers and, and all that as soon as the staff became responsible for putting those renewals out. And I helped them a lot and putting these things together. And the first year we did this was, was my last year in firm running, but it was a fantastic exercise. I want to support them, but I want the communications and all of that and oftentimes the pain that comes with it to be delivered by the staff person. And this made them pay very, very close attention to changes in scope because they didn't want to piss off the client. Whereas if you're the one that has to have the sticky conversation and the staff person is removed from that, they don't assign the same importance to tracking that stuff. Like that's just human nature. This episode is sponsored in part by the fine folks at Cloud Accountant Staffing. Do you hire accountants? Bless your little heart. Not the best part of the job in my opinion. Not something I ever enjoyed. Well, listen, you can build your accounting dream team with talented offshore accountants in the Philippines that work 100% full time for your firm. Their accountants aren't freelancing or contracting for multiple firms. They're all yours. They work exclusively for you and are incentivized to stay with you and your team long term. They're not going to get swiped. Cloud account staffing is 100% dedicated to the accounting industry and founded by a former accounting firm owner that understands your business, knows your pain points. They had to hire some accountants and they said, you know what, we're going to build our own pipeline in the Philippines, gonna pull in some super talented people and then open that up to other firms. Basically that's the story. I've been talking about a lot about staffing, building more resilient staffing pipelines for your firms. I had staff in the Philippines like totally red pilled me to like, oh geez, like we need to globalize the way that we get our work done. Check these folks out. Link in the show description Cloud accountantstaffing. Com now proposals and what those look like. A lot of people use kind of that three choice framework. I know Lazanus is a big advocate of that. Brandon hall actually online was saying the other day that he's generally against the three option proposal framework because he just wants to tell them what's best for them because he's the expert and he knows better than they do. I can see it going both ways. I'm not super opinionated on like, whether you should just give them a single option and say this is the right path or give them three options. I can tell you right now I'm probably more in the three option camp for two reasons. First is I think three options, I don't think three options gives clients an aspect of choice or flexibility. It's like this illusion of choice and I don't know that everybody always likes the solution being crammed down their throat. And like you saying, here's how you have to do all this stuff, the reality is it's not that concrete. Like, you don't. People have different risk tolerances, they have different appetites for different things. Not everybody has to have the same flavor of dog food. Like, it's not as if, if one client does something slightly different than another, that there's going to be a problem. Like, I don't see it that black and white. And so I'm fine giving them different options, particularly if they feel like they want to have a say in the matter. Or this reality is like, there's going to be times in their business where things are up and they want to invest in the business and that could be investing in more service and support from you. And then times where things are more bare and they can't do that and they want to scale things down. Like, I'm totally fine with that and I actually like giving them some levers to feel like they're in control of that. Second reason why I'm still on the three option train is there are very real pricing hacks you can do to get them to change the perceived value of what they are getting. And this is where relative pricing of different options that you present to them makes a big difference. So the vernacular around this, most people refer to it as decoy pricing. And I'm pretty convinced that when I employ this, like 90% of the time they're picking the option that I want them to pick, but I'm actually getting paid more for them to pick that option. There's a bunch of examples of decoy pricing in the wild. The one that people point to the most. It's this old thing economists did back in the day. They were like an old print publication. They were starting to go online and they Basically gave you three options to subscribe to economists going forward. One was an economist.com subscription that was $59. It's a one year subscription to getting it online. The second option was a print subscription that was $125. So 125 compared to 50 just for the online edition. At 125, you get just the print edition and then a third option where you get both the print and the web option for 1,25. So the same price as just the print option. The pricing is 59 for online only, 1,25 for print only, 125 for, for print and web subscription. To which you're gonna say, well, of course I'm gonna do the third pricing option, right? I would be dumb to not take the third pricing option and leave the online subscription on the table by taking the middle option. Well, what if they instead set up that pricing as, you know, $59, $100, $125. Well, it turns out in a scenario like that, you're actually gonna go backwards in revenue by having that middle option besides something in the middle. So in their case, they a b tested this across their subscribers. And by having the middle option be just as much as the top option, where you would like, feel dumb to not pick the top option where those were the same price, it drove another 30% in revenue compared to where the second option was some price in the middle. And it's not to say make your top two options the same price. It is to say when people look at the different options and what they get for those options, seeing them side by side changes the perceived value of what they're looking at. Because, for example, if the top option is only 5% more than the middle option and you're getting a lot more, more people will buy that top option just because the second option is priced close to it as opposed to if the second option was more priced in the middle. So I would do this quite a bit. We would have, you know, additional service offerings that were not like huge cost centers for us where I wanted to get people into them, stuff like doing an annual tech review because it would actually make our life easier and, and helped us better understand the internal systems of the company. So we actually built a deeper relationship. And if that's your top level service, I'm going to up price the second option to be pretty darn close to that top level service so that the cost to them of going to that next level is actually very cheap. The way Alex Hermosi frames this in his books is you want to make them feel dumb for saying no. And you can absolutely set up your pricing with these three different options where somebody will look at these things, they will detach themselves from, in many ways the reality of how they assign value to these things. As they're deciding between three different options, not fully, but like they're in this kind of little universe where they're deciding between these three things. And you can price things in a way where it's going to be like, oh, it's a no brainer. Like, it's not that much more money to do this thing. And I would do that all the time. People would pick the option that I actually wanted them to pick. And it was as if I was only giving them one option, but I'm pretty sure they were paying me more as a result. Some interesting reading on that online. Again, decoy pricing, if you want to dig into that further. Okay, a few reminders, couple, couple motivational tidbits to send you out the door here. A few reminders on arithmetic to get you over the mental hump of like, like every time you're doing these renewals, you're kind of straddling these pricing decisions of do I do A or B? And the fears are pissing people off and everybody leaving and like, somehow losing more money. The second fear is like, almost always unfounded. So take a firm that's operating at a 40% profit margin. If you increase prices 20%, the basic calculation in your head is, well, what if more than 20% of people leave? I'm going to be hosed. When in reality, if you increase prices 20%, more than 33% of clients have to leave in order for profit to go down. And let's say, actually they do. Let's say you increase prices by 20% and a third of your clients leave. Buddy, that sounds like a win to me. You're doing two thirds of the work you were doing last year and making the same money. Firm handshakes, that's a win. If you're running a Firm at a 40% margin, a 20% increase of price pulls your firm margins up from 40% to 50%. If you're running a firm at a 50% margin, a 20% price increase pulls margins up from 50% to 58.3%. Revenue gets all the attention when we look at this stuff. But ultimately what matters is profit. The old adage, double your prices and go home at lunch. That's only the case in a 0% margin business. If you have expenses, you're actually going home at like 10 or 11 in the morning. So the fear of everybody leaving and not being able to make as much money as you have in the past is like almost 100% of the time unfounded. And last, if you do tax stuff, this actually really applies to accounting stuff. Here is a swipeable quote that you can put in your renewals on your pricing page. Whatever. I've given this way in a number of places. I think this is helpful. Here it is. We don't compete with other professionals on price. You can hire professional support at any price point. And you really can these days with offshore, with productized solutions. You can hire this stuff at any price point. I say our solution solves for four quote, unquote costs. One my professional fees, what you're paying me, two the taxes you pay, three your time, and four your peace of mind. Think of your professional fees as that full outlay. The fees you pay to me, your taxes, the value of your time, the value of your peace of mind. We will devote additional resources to reduce your tax bill as long as it reduces the total outlay of taxes plus professional fees. To reiterate, the true cost of your tax professional is the total outlay of professional fees plus tax spend. This often means that our professional fees will be higher than those of cost first firms. This is in your best interest and minimizes your annual cash outlay. For some taxpayers, cost first works best. Their situation is simple enough to not merit additional effort. At our firm, we only engage clients for whom our tax strategies will yield significant savings. And as soon as your tax situation does not merit it, we will happily refer you out to a lower cost provider. Now, if your clients believe you, then you're no longer competing on price with other firms because you are optimizing your effort relative to the amount of tax savings, time savings, peace of mind. It will yield to your client. And especially in the tax base, we see this all too common. Uh, one person will do the tax return for $2000, the other will do it for $1000. And the $1000 person screws it up. And then they come back to you three years down the road and they have to pay you even more to fix it all. We've seen that a hundred times, right? But that's very hard for clients to understand. Like when they are looking at those two firms. You've seen it a hundred times, but they haven't. So the way I like to think about it is what you're paying. Your professional help isn't just professional fees. It's professional fees plus taxes, plus the value of your time, plus plus the value of your peace of mind. And it may mean that my professional fees look wildly different than someone else's, but it's because all the other bits of that equation are different when you work with me. So this is something that I would put at the very top of my renewal that kind of sets the framing of here's how we price and immediately gets out ahead of like any notion of like, well, here's what my friend pays or something like that. Because we're genuinely telling them, I will refer you to someone else as soon as there is a lower cost way for you to get this stuff done. If you're not a fit for that pocket of type of clients that we are great for, that will tell you. And we did like we would all the time. People would get too small and we'd like probably go to Jackson Hewitt, probably go to Liberty Tax, try to do it yourself on TurboTax. And most of those people would come back because they trusted us and they wanted us to do it right. Boy, January came up fast, right? No, you got this. Before we know it, we're going to be getting into February. Thanks for coming and hanging today. We'll be doing a Q and A on Friday. You got any questions, drop them in the comments. Knock them out then. Bye, Sam.