An AI software that figures out your optimal fee

Lots of exciting AI action this week in the world of accounting including a new initiative that helps accountants command higher fees by charging based on outcomes rather than hours.

An AI software that figures out your optimal fee

Lately I’ve been dropping hints at a new project I’m involved in.

An AI that helps accountants earn more by commanding premium fees based on outcomes instead of hours or services.

Its called Taxplow and we’ve just opened a wait list for early access.

In a nutshell its an AI-powered software that helps you figure out your optimal fee and stop underpricing your services.

While its optimized for full-service accountants and CPAs, the really cool thing is that you don’t even need to offer any tax compliance or planning services.

If you do, great you’ll earn more, if not, you can price your existing services or it will show you how to add tax advisory as an additional revenue stream.

Your choice with a click of a few buttons.

In other words Taxplow will price dozens of services whether you run a full-service accounting firm, a bookkeeping firm or a blend of business advisory services (details later in this post).

Taxplow shows how much your clients may be overpaying in taxes and tells you which tax strategies and how much in taxes they may have been overpaying, and what you can potentially save them (with a detailed strategy including IRS IRC citations).

You’ll also be able to calculate your fee and tax savings across multiple business entities (hello Schedule C, 1120, 1120-S, 1065, and W2!).

Tell Taxplow your capabilities and it computes what you should be charging.

Beyond Tax, Beyond Advisory

It’s not just tax services.

If your practice is more on the Bookkeeping, Outsourced CFO or FP&A side of the house we’ve developed a new way to help you price based on outcomes.

Show prospects how much revenue they may be losing by comparing their profit margin against peer industry benchmarks (which you will help them improve).

The benchmark is based on big data and its smart enough to zero-in on what industries your business clients are in down to the NAIC code level.

What we love most about Taxplow is its ability to generate a client-friendly report in seconds. Including what the recommended tax savings strategies are and your recommended fee.

The client report and proposal is beautiful and reflects a high-level of professionalism and sophistication to your clients.

As I mentioned earlier, it not only works for tax advisors but also for full service accounting firms, CPAs, bookkeepers and financial advisors.

This is due to the fact that TaxPlow calculates fees across a spectrum of accounting and finance related services.

It’s Not You, It’s Me

Taxplow uses machine learning to recommend your firm's optimal fee for tax compliance, tax planning, bookkeeping, catchup, payroll, FP&A, outsourced CFO services, retirement planning, and dozens more (no need to figure out pricing yourself).

Now here’s the really cool thing: It lets you price not only new clients but reprices your existing clients.

The hardest part of repricing existing clients is when they ask you “how is this different from what I’m paying you for now?”.

Or my favorite: “Isn’t this what I’m already paying you for?!”

Ouch.

Gone are the days where we can just send an annual client increase letter and blame the increase on inflation, cost of living, your new Bentley your expenses, etc.

Clients don’t care about what it costs you, they care about what they are getting for their money.

They are looking for every opportunity to compare you to the CPA down the road.

With Taxplow you no longer give them that opportunity. You literally flip the script—its truly a conversation changer.

Its no longer about what you cost but the quantifiable ways that you will help save them money (and time).

In other words you’re now pricing outcomes not hours or transactions.

Its a bit of a mental shift that solves the problem of customers wondering not what you have done for them but what have you done for them lately.

Its all about shifting your practice to outcomes. The more tangible the better.

That’s how you avoid becoming a commodity in the rapidly increasing AI arms race that is doggedly driving down fees in our industry and is becoming a race to the bottom.

Its something that we truly believe in and have designed Taxplow to make this as seamless as possible.

A Path to Deeper Client Relationships

It’s not an overnight thing and will require learning new ways to quantify your worth.

Instead of justifying why clients should keep you each year now you can approach them with data-driven ideas that will separate you from the pack.

Think about it. When is the last time you were able to approach your clients with a statement like “Here’s an idea that I think will save you money.”?

Its a path to deeper client relationships and works amazingly well.

And once you’re there you will never want to go back.

Believe me, been there done that, got the T-Shirt:

Tune in next week for more on this initiative and if you want a sneak peek you can join the wait list today (only accepting the first 25 until the next round opens).

1. The IRS will be providing free tax returns for 2024 [LINK]
   

2. 18 ways to lower your 2024 taxes as a small business [LINK]
   

3. How to get $16,443.18 worth of LinkedIn impressions for free without ads [LINK]