“So, how much does it cost to work with Follow The Wolf?”
This question used to send cold shivers down my spine. I dreaded being asked.
I remember my boss in my first job telling clients, “Well, it’s complicated. There are so many things that go into an engagement, and it’s hard to say. Basically, it depends on what we do for you.” That was how I was taught to answer the question, and most CPA firms answer it the same way. The next step is to retreat into the super-secret pricing chamber, custom-build a quote that may take hours, and then pray the client accepts it.
The problem is this: That is completely unhelpful for business owners like yourself who want to know about pricing before you invest your time talking with an accountant. We find that people want to know as much about working with us as possible, including pricing, before they commit. And it makes perfect sense.
Would you buy something on Amazon if the price on the side read “It depends?” Would you buy an airline ticket if the price was provided when you showed up to get on the plane? How many times do you buy the fish special on a menu that simply says “Market Price?” You want to know the price or idea of a price range before you commit and spend time on something.
So, let’s do this. Let’s talk about what it costs to work with Follow The Wolf. Let’s talk about how we price, why we price the way we do, our proposal process, and how you pay us.
How We Price Our Accounting Services
We do not bill by the hour. The old rules don’t apply here. You will never get an invoice with 9 lines on it for ALL the work we did for you. Once you agree to the engagement, you already know what we’re doing for you. The invoice is merely a reminder of what we are charging you, not a summary of what happened.
You will receive a proposal from us with an annual engagement cost. That cost is divided by 12 and you receive an invoice each month for the same amount. If you ask us to do something outside the scope of the engagement, we will prepare a separate proposal for the work and let you know the cost ahead of time; you’ll never be surprised by an invoice.
Why We Price That Way
It’s our belief that pricing by the hour puts us on opposing sides. You and I want a harmonious engagement where we deliver results.
We don’t sell time, in other words (we aren’t a parking meter). We promise results and deliver. You pay for results.
We also prefer to refer to your monthly payment for our work as an “investment.” We don’t want to just be a line item on your P&L. As a guide that walks alongside you on your journey, we believe you’re investing in your business’ success, not just paying for a service provider. One business owner told us recently that after working with us for a year, his business barely resembled what it was when we started, in the best possible way! We helped him break down his business model and completely change his revenue structure, taking him from a six figure loss the year before to a six figure profit in the current year. That’s transformation, and transformation is worth an investment.
The Proposal Process
You and I will meet and discuss what you want in your ideal engagement with our firm. We will take the information and build a proposal with three options for your approval. Why three options? Too few choices box us in and limit our ability to serve you best; too many options can create paralysis that leads to inaction. There are multiple ways for us to deliver value to you, and we want to make sure you see all of them. The proposal is sent through a browser application called Anchor which makes it easy to read through the options and choose the right one for you.
We believe that value is determined by you, so while we will build a proposal to address what you want and need in a monthly engagement, you get to choose your monthly investment. If you choose a lower option in the beginning and decide that you want more from us, you can always add those additional solutions when you’re ready.
Let’s address “value.” What do I mean by that? Our process of building a proposal that addresses things you value includes our assessment of things such as:
- The Value of Experience – Follow The Wolf works with small businesses and business owners in various industries, with a focus on Professional Service, Fashion/Beauty, and Hospitality businesses. We have seen and dealt with so much over the life of our firm. In your case, this means that you gain the benefit of ALL our experience when we work with you. That can be a huge benefit for you if you want pro-active involvement from us. We are always ready to share our experience with you through strategic planning and tax advisory.
- The Value of Having Someone Else Do It – There are things you are going to eventually have to outsource as your business grows, and we know accounting and financial areas are among the first to go. We would never advise a business to run its own payroll, for instance. But it’s not just the entry and classification of your numbers…it’s explaining everything to you in a way that helps you understand the story of your business as well as your path forward. This isn’t only us “doing it for you,” but also explaining what it all means in our Narrative reports.
- The Value of Partnership – You’re looking for a CPA firm to assist you; that’s why you reached out in the first place. The level at which we engage with your business in this new relationship governs the pricing, which is why we offer options. Hardly any relationship is “one-size-fits-all,” and we want to let you choose the best way to have us work alongside you.
How You Pay Us
Your proposal cannot be completed until you enter your payment information into the application we use for submitting the proposal to you. You can choose ACH or a credit card, and your payments are pulled each month. This way, you get our attention each month without fail. Nothing destroys a good engagement faster than unpaid invoices or late payments. If we pull your payments, that won’t happen.
This is a requirement of each monthly engagement with Follow The Wolf. If you aren’t comfortable allowing us to pull your payment, we are not the firm for you. Why do we say this? If your payments fall behind, we can’t support you; it’s that simple. So, we want to initiate the payments so we don’t ever worry about telling you we can’t help you with something.
Back to the original question…how much does it cost to work with Follow The Wolf?
We offer four types of engagements to our small business clients:
- Monthly Accounting with Strategic Direction
- Quarterly Tax Planning with Annual Preparation
- Annual Tax Preparation
- The First Howl
- Monthly Accounting with Strategic Direction includes monthly accounting (duh), ongoing tax planning for the business and business owner, annual tax return preparation for the business and business owner, forecasting, and business strategy. This is our most popular engagement, and it’s designed to deliver everything you need to bring clarity to the finances of your business as well as provide tax compliance and planning. These engagements generally range from $1,100/month -$3,000+/month, but the options don’t vary based on the solutions we offer. The options vary based on your point of contact within the firm, the date we issue your monthly reports, and our promised turnaround time for responding to your questions.
- Quarterly Tax Planning with Annual Preparation engagements include quarterly tax estimate preparation, quarterly tax planning meetings, and annual tax preparation for the business and the business owner. If you’ve got a great CPA or bookkeeper who keeps your accounting clean, but you need someone for the tax work, this is your path! These engagements range from $500-$900/month, depending on the value we agree to deliver.
- Annual Tax Preparation is a great fit for a business and business owner who only want tax preparation but no planning. Again, you’ve got a great CPA or bookkeeper who keeps your accounting clean, but you need someone for the tax work. These engagements range from $2,250-$3,600/year.
- The First Howl is a series of focused strategic discussions with Jonathan Godwin designed to give you clarity and confidence to navigate your new venture’s monetary and tax landscape. No accounting, no tax preparation or advisory…but a wealth of knowledge from 30+ years of experience working with small businesses and start-ups to ensure your business is fit from the very beginning. These engagements range from $1,250 to $5,550.
Like the wolf, we’re sharp, strategic, and fiercely loyal. In the world of accounting, we cut through the noise with clarity and precision. These are our values as a firm. There is no more important clarity in a client engagement than clarity on pricing, and we hope this has provided the kind of transparency you need to make your decision. Whether you’re untangling financial complexities or pursuing growth, we’re here to guide, protect, and empower you.
Are you ready to join the Pack? Click here to contact us, or if you’re feeling adventurous, check out our Scorecard and see what may be holding your business back before we even talk. We would love to hear from you!