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TAX PRACTICE MANAGEMENT

on the engagement is doubled, the profit actual tax refund that the taxpayer re-
margin and net profit are astounding, at ceives. You can find out more about the
almost 90% (before considering other confusion around contingent fees in this Contributors
fixed and variable costs at the firm). (See Tax Section Odyssey podcast episode.
the table “Comparison of Hourly and There are many benefits of Jackie Meyer, CPA, CCA, is a business
Value Pricing” on page 31.) value pricing: coach and president of Meyer Tax
For an example of how to apply value ■ It is easier to manage cash flow; Consulting LLC in Southlake, Texas.
pricing, take a look at the Pricing Tool, a ■ Clients understand the value of what She is also a member of the AICPA Tax
resource developed by the AICPA’s they are getting; Practice Management Committee and
Tax Profession Better Ways of Working
PCPS that is available to AICPA ■ It is easier for clients to link benefits
members from a Trusted Client Adviser of services provided to the bill they Task Force. April Walker, CPA, CGMA,
Workshop. This tool provides a strategy receive; and is lead manager–Tax Practice & Ethics,
to ap-propriately price your services using ■ It helps ease the burden on staff, with Public Accounting for the Association
the combination of results, benefits, less focus on tracking hours spent on of International Certified Professional
output, skill of personnel, and risk of projects. Accountants, representing AICPA &
service. You can also read more about this Value pricing of services at tax firms CIMA. Ms. Walker is the staff liaison of
pricing methodology from this blog post. brings the utmost value to every cli- the AICPA Tax Practice Management
One of the common concerns often ent. Combining value pricing with tax Committee. For more information
heard from practitioners is where to draw planning is by far the most effective and about this column, contact
the line between value pricing and efficient way to provide exceptional value thetaxadviser@aicpa.org.
contingent fees. In the above example, and reduce the heavy toll that focusing on
the bill would not be considered a con- quantity over quality takes at a firm. ■
tingent fee since it is not based on the

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32 September 2022 The Tax Adviser