Speaking to The Bookkeeper, Businest managing director Rhondalynn Korolak said that in her consulting work with bookkeepers, she often comes across those who tell her that they lack the time to manage the affairs of their own business, despite wanting to improve financially.
“Everyone is complaining that they don't have time to invest in learning about a different pricing structure or they don't have time to work on their business or think about shifting to advisory,” said Ms Korolak.
“I find it fascinating because there is always enough time to do everything that is worth doing and it comes down to priorities.
“The future of your practice, the financial health of your practice is every bit as important.”
Instead, bookkeepers are often afraid of changes because of the potential initial resistance from clients, said Ms Korolak but the reward often trumps the fear.
“It is not about a lack of skills or it being too hard, it is about implementation,” said Ms Korolak.
“If you're thinking about value pricing, there's a real possibility when you put your new prices out there, some people are going to say no.
“If people actually went in when quoting their work and showed the business owner the value of actually getting this done properly, that changes everything.”
In her parting advice, Ms Korolak believes bookkeepers should start to examine the services they provide and value them accordingly.
“I can't tell you how many bookkeepers and accountants I deal with every single day when we take a look at their practice, they do not charge for everything they do,” she said.
“They've got a rescue job and they don't want to tell their client how much it is really going to cost to do all the work that's required to fix whatever is wrong so they under-price it or they do a few extra hours on the side because they feel bad but at the end of the day, they are not valuing themselves.
“If you don't value yourself and don't put the health of your own practice first, how will you be around long enough or survive to help anyone else?”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.