I have often wondered whether the traditional method of providing audited financial statements to clients is really serving them as well as we could be. We print them up on nice thick paper with the firm’s letterhead and spiral bound the package with a tasteful, understated title page, followed by our solemn audit report. Is [...]

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Having lugged around three thick files representing the full permanent file for an audit client for the past few weeks, I’ve come to the conclusion that my firm needs to consider digitizing these things. Perm files for accountants consist of client documents that carry forward year to year. For example, engagement letters are good for [...]

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A post today at VeraSage provided a perfect metaphor for audit planning: Once upon a time, there were two lumberjacks who challenged each other to see which one could cut down more trees in a day. At daybreak, the first one began furiously chopping down trees. He worked up a sweat and by noon he [...]

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It’s all the rage these days on accounting blogs – value-based pricing. You’ll see it everywhere, hip accountants (Who’s a hipper accountant than one who blogs? One who blogs about value pricing!) posting missives decrying the historical basis of hourly billing and extolling the virtues of pricing based on value. What value pricing means to [...]

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There’s a particular blog that only discusses the idea that accounting firms, and indeed all professional services firms, should “trash the timesheet” and implement “value pricing.” The basic concept is sound: Timesheets treat the chargeable hour as the measure of the firm’s services’ value, which distorts its true value to the client and further commoditizes [...]

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