A short YouTube video by Peter Vander Wall that identifies the most common mistake CPAs make: undervaluing themselves by trading time for money (hourly billing). The speaker recommends switching to value-based or fixed annual pricing to reduce client friction and better capture value.
What's the Most common mistake CPAs make in their business? The most common mistake CPAs make in their business is not valuing themselves. It's trading time for money as well, too. A lot of CPAs attorneys do this all the time too, where they think that an hour of their time is worth X. And if you think an hour of your time is worth X, what do you think the client's going to think? They see that as a transactional relationship and they're going to be nervous to talk to you because they know they're going to get a bill, they're going to get an invoice. And it creates this friction with the client versus implementing value based pricing where, hey, it's a fixed fee per year and it doesn't matter how many times you call me or it doesn't matter how many emails, you're not going to get another invoice. The Number one mistake CPAs make is they undervalue themselves.
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