Making the switch to fixed pricing

With several years of CCH Axcess under their belt, Smith & Salisbury PLLC made the leap to fixed pricing… And they haven’t looked back.

The firm initially implemented CCH ProSystem fx Scan with AutoFlow, followed by CCH Axcess Document and Portal, and CCH Axcess Tax. The digital tax workflow increased firm revenue by 22% and firm profits by 29%. But they didn’t start there. They implemented CCH Axcess Workstream and CCH Axcess Practice, and have increased revenue and profits even more.

Taking control

According to partner Chris Salisbury, one of the key steps to making the switch to fixed pricing was referring to the time captured in CCH Axcess Practice in order to develop fixed price agreements for each client. Now, the firm uses CCH Axcess Workstream as its primary tool for keeping track of productivity.

“CCH Axcess Workstream became critical to our workflow processes,” he explains. “It provided the control mechanism to make sure we weren’t working on client returns before we had a signed agreement or got paid. Workstream has been our gatekeeper in this first year of value pricing.”

The benefits are easy to see, according to Salisbury. “I’m excited to say we now have zero outstanding A/R.” He continues, “Not only has value pricing gotten rid of our internal time tracking, we’re no longer chasing money, tracking A/R and sending out statements.”

Engaged employees, happy clients

The firm’s professionals are no longer beholden to time sheets. Instead, they are empowered to monitor their own efficiency. Salisbury explains, “Now all of our professionals have their own book of business. They are responsible to help those clients and projects through the process efficiently—and communicate with them. It creates more of a contact point with the client, rather than just running through tax returns and numbers and forms.”

And it’s not just the firm that benefits from fixed pricing. The clients are happy too. “The fixed value model helps us engage in more one-to-one interaction with clients,” says Salisbury. “We spend time on things that add value.”

Increased value and efficiency

Smith & Salisbury increased revenue by 29% and profitability by 14% by implementing CCH Axcess. Find out more about the firm’s journey.

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall