{"id":472,"date":"2021-09-02T09:00:30","date_gmt":"2021-09-02T09:00:30","guid":{"rendered":"https:\/\/lisacampbellprofitcoach.com\/?p=472"},"modified":"2021-09-01T20:52:36","modified_gmt":"2021-09-01T20:52:36","slug":"determining-value-in-your-firm-what-items-are-included-in-your-fees","status":"publish","type":"post","link":"https:\/\/lisacampbellprofitcoach.com\/index.php\/2021\/09\/02\/determining-value-in-your-firm-what-items-are-included-in-your-fees\/","title":{"rendered":"Determining Value in Your Firm \u2013 What Items are Included in Your Fees?"},"content":{"rendered":"<body><p><span style=\"font-weight: 400;\">Let\u2019s go back to when you created the fees you are charging your clients\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Did you simply look at how many bank statements and transactions were involved each month and throw out a number?<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">If you did, you might want to take a few new actionable steps to change how you charge for your services. After all, there is so much more to the work you do for your clients. Yes, in the beginning, you may have only done the bookkeeping. But then, the scope kept changing, as you learned more about this industry and the work you love. So, now is the time to determine the value of your firm and charge accordingly for every task you do for your clients.<\/span><\/p>\n<p>\u00a0<\/p>\n<h2><b>Create a List of Tasks You Do<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">First, I want you to write down exactly what you do for compliance work for your clients. This list will include items like:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Bank reconciliations<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Closing out the month or quarter<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Complete everything for sales tax filing<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Payroll<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Getting ready for year-end<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>Your list will most likely include other items, but these will get you thinking of those tasks you must do for simple bookkeeping.<\/p>\n<p><span style=\"font-weight: 400;\">At the end of your compliance list, I want you to draw a line across the paper. Anything underneath this line is considered a value add and you should be charging more for those services.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After you have completed your compliance items, you should write down everything else you do for your clients.\u00a0 <\/span><span style=\"font-weight: 400;\">Those items can include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Meetings with clients<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Cash flow planning<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Monitoring AR and AP<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Meetings with clients\u2019 CPAs<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Train clients\u2019 office staff to do certain tasks<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Liaison with different client staff members<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">There are other items that need to be added to your value-adds list too, but those items will have even higher fees. Those items include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">The urgency of the work requested<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">How much work is needed from your team if the client is unorganized<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Turnaround time of regular bookkeeping work<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Does work for a client require you to be available on nights or the weekends?<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">You should not be doing any item on those last two lists for free! While you can charge extra for each one, I recommend grouping them into categories and then creating package fees. Use those package fees for all potential clients and share them with existing clients too.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">Value adds are an excellent way to determine your value, increase your business revenues, and show your clients you have their best interests in mind. I would leave room on your list once you think you have completed it, because you will definitely think of other items you do for clients for a few days. You may even add more to your list over time, as you learn other things that will be helpful for your clients.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">Value-adds are only one of the items we are discussing over in my free Facebook group. If you want to join in on the discussions, you can join my group <\/span><a href=\"https:\/\/www.facebook.com\/groups\/accelerate2advisor\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"<p>Determine which items are included in your fees and which items should also be included in your fees, so you can truly determine value in your firm.<\/p>\n","protected":false},"author":2,"featured_media":478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bookkeepers"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Determining Value in Your Firm \u2013 What Items are Included in Your Fees? - Lisa Campbell Profit Coach<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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