Rapid Revenue Workshop
View Rapid Revenue Workshop Chat
00:01:23 Heyer, Inc.: Miami, Florida – Tax, Accounting, Advisory, Payroll – Looking to outsource some of our work to India 🙂
00:02:01 Bernellc: Bernell, checking in from Bronx, NY
00:02:20 Heyer, Inc.: Ralf Heyer
00:02:37 John M Hicks, EA,CPA: Xenia Ohio, 95% tax, raise fees
00:03:35 Lily Tran, EA, CTC: Hello! Lily from Seattle, WA. We provide coaching, bookkeeping, tax planning, and tax representation services. We prepare less than 100 returns making multi-6 figures. Love to hit $500k – $1M next year.
00:03:38 John M Hicks, EA,CPA:outsourced to Drake Gruntworx only
00:03:42 Terri Palmer: Terri – Indianapolis, IN, payroll, bookkeeping, tax…raising fees is a priority
00:04:44 Denise Mandeau: Please mute yourself if you are not speaking
00:09:14 Denise Mandeau: email@example.com
00:10:13 Heyer, Inc.: story of my life…
00:10:22 Lily Tran, EA, CTC: I feel mommy guilt
00:10:27 victorurena: YES
00:10:29 John M Hicks, EA,CPA: YES !!
00:10:42 Terri Palmer: yes
00:10:56 victorurena: YES
00:11:31 Bernellc: Nasty mood with my friends and family most days.
00:11:37 Terri Palmer: The stress of the last two years has affected me physically
00:11:54 John M Hicks, EA,CPA: yes
00:12:01 Jackie: Yes to all, but definitely the last one.
00:12:18 victorurena: YES, DEFINATELY
00:12:22 Heyer, Inc.: too much stress
00:13:19 Lily Tran, EA, CTC: Year after year, I’m becoming callous and I don’t want too.
00:13:21 Heyer, Inc.: Value Pricing / Flat fees
00:13:39 victorurena: I CHARGED A FLAT FEE
00:14:19 Lily Tran, EA, CTC: Value pricing, recurring payments.. don’t like chasing my clients for payments anymore
00:15:10 John M Hicks, EA,CPA: of course
00:15:12 Heyer, Inc.: FOR SURE!
00:15:14 Terri Palmer: Yes…
00:15:16 Bernellc: yes
00:15:16 Jackie: Yes, and very frustrating
00:15:20 victorurena: ALL THE TIME
00:18:11 Denise Mandeau: Time to stop grinding it out!!!!
00:18:56 Lily Tran, EA, CTC: I’m a workaholic.
00:19:31 John M Hicks, EA,CPA: that resentment is real!
00:20:00 John M Hicks, EA,CPA: I don’t
00:21:01 Heyer, Inc.: 40 hours – I have a staff member that’s all she does
00:21:13 Denise Mandeau: WOW
00:22:38 Heyer, Inc.: 2 Million (Gross) – Currently we are grossing about 1 M; about 1,000 Returns; and 250K of the 1 M is from monthly write up clients.
00:22:57 John M Hicks, EA,CPA: 2,200 returns
00:23:07 Terri Palmer: 400 individual returns; 100 business returns
00:24:02 victorurena: 500 tax clients and 50 Accounting clients grossing about 380,000 dollars.
00:25:34 victorurena: My revenue goal for 2022 is around 494,000.00
00:26:01 John M Hicks, EA,CPA: my goal has always been to grow my client base 10% per year, it’s been 22% ytd
00:26:13 John M Hicks, EA,CPA: never had a dollar goal
00:26:15 Lily Tran, EA, CTC: Currently less than 100 clients making $200-$250k. Revenue goal for 2023 $500k-$1M with less than 100 clients.
00:26:18 Terri Palmer: @Heyer – where are you located? Location plays a key role in pricing
00:26:21 Jackie: I do this part-time. I would like to increase my gross by 50%
00:26:35 Heyer, Inc.: I am located in Miami, Florida and in Fort Lauderdale
00:27:04 Lily Tran, EA, CTC: Love to work part-time too and spend time with my kids.
00:32:38 victorurena: My time with my family. more vacation, more time for me in order to know me more.
00:34:26 John M Hicks, EA,CPA: I hello vacation time
00:35:20 Denise Mandeau:
00:37:26 Michelle Weinstein: Lily – 20 – 25 hours /week is the goal. Works 40 hours or more now. Workaholic. Enjoy watching daughter at ballet and be at sons games. Be more present. Instead of always thinking of work. Leave work at work! Revenue $200-$250k. Goal double revenue and $500k & work part time. Additional money – go on vacation. Went this month on vacation. Has a one way ticket to Hawaii first of April. Has employees and wants to have staff retreats and team building. Do a retreat in Hawaii.
00:38:51 Jackie: My situation is very unstable right now, as I am the primary caretaker for my elderly Mom. I am here for knowledge to implement if and when my situation stabilizes.
00:38:57 Jackie: Am I excluded here?
00:41:07 Heyer, Inc.: 100%
00:41:09 John M Hicks, EA,CPA: yes
00:41:25 Jackie: yes
00:41:25 victorurena: Agree
00:41:32 John M Hicks, EA,CPA: yes , yes
00:42:31 John M Hicks, EA,CPA: that’s us
00:43:04 Tom Hawbaker CPA: I want to convert to a subscription pricing model. Have you helped others do that?
00:45:14 Lily Tran, EA, CTC: When I first talked to Michelle, that was all me because of my confidence level. I learned the right clients will pay me higher fees. I went from charging $197 per hour to $300 for 50 min plus value pricing too.
00:49:33 Heyer, Inc.: 1) Analytical 2) Able to explain a complex topic and dumb it down
00:50:10 John M Hicks, EA,CPA: I don’t have a mic here
00:50:26 victorurena: I am a detail oriented individual.
00:50:40 Denise Mandeau: no problem @john you can just type it our
00:50:44 Jackie: 32 years IRS experience in various parts of the organization which leads to knowledge in resolution situations.
00:50:59 Heyer, Inc.: you sound smart 🙂
00:51:04 Jackie: I am analytical and am a sympathetic listener.
00:51:12 John M Hicks, EA,CPA: ability to make people feel comfortable
00:51:55 Michelle Weinstein: Lily – personable, trustworthy, background in diff industries (non profit/health fitness, out of comfort zone
00:53:48 Michelle Weinstein: Lily – community builder / connect people, social work, mortgage and being able to connect with prospects.
00:54:43 John M Hicks, EA,CPA: yes
00:54:49 Heyer, Inc.: yep
00:54:58 victorurena: yes
00:55:17 Jackie: Yes. Rather intimidating!
00:55:33 Michelle Weinstein: Lily – published 2 books, recognized as top fav accountant in WA state. Forbes, Bloomberg. Gets tons over referral. She gets 100 referrals a year! Learned to say NO! Connect with a lot of professionals.
00:55:55 Jackie: Lily’s list is amazing!
00:57:19 Lily Tran, EA, CTC: I have over 50+ testimonial on my Google review.
01:01:05 Heyer, Inc.: 10K per year
01:01:09 Heyer, Inc.: that was my time
01:03:10 Michelle Weinstein: Undergrad – Time – 4 years – $40k of tuition. Time invested was like a full time job ~ 2080 hours * $20 = $166k
01:03:43 Heyer, Inc.: lets say 1K?
01:05:07 Michelle Weinstein: EA – Investment $1k – Studying passed w/in 5 months. ~20 hours a week * 5 * $20 = $100k
01:08:00 Michelle Weinstein: Certifications: Certified Tax Coach = $8k – Hours = 3 days * 8 hrs (24 hours) + 10 hours for 12 months (120 hours) * $197= $28k
01:09:24 Denise Mandeau: How many of you have to do 40 hours of CE credits a year? times # of years times hourly rate
01:10:33 Michelle Weinstein: 6 years in Biz + 20 years in industry = full time = 26 years in total * $40/hour * 2080 = $2.1M
01:12:15 Michelle Weinstein: Weekly research – 10 hours * $35 * 52 = $18k
01:14:26 Michelle Weinstein: EA – CPE – 50 hours a year. Investment = $4k , 7 years , hourly $35 /hour. = $12k + $28k = $40k
01:15:40 Michelle Weinstein: CPE – $40k, Research $18k, Career $2.1M, Certification $28k, Studying EA $100k, Undergrad $166k.
01:15:57 Heyer, Inc.: 2,440,000 – so far
01:16:54 Michelle Weinstein: Read/Podcast – weekly – 5 hours a week * 52 weeks per year – *$35. = $9k
01:19:33 Lily Tran, EA, CTC: Here’s the book collaboration with other tax pros and financial professionals: https://www.amazon.com/Most-Common-Mistakes
01:19:51 John M Hicks, EA,CPA: never thought of the costs that way
01:19:58 Heyer, Inc.: where did the money go?? Certainly worth more than I expected
01:20:10 Jackie: I wouldn’t have ever thought to put a value on CPEs and reading to keep up on trends
01:20:16 Bernellc: The cost of all the education and experience that I never considered.
01:20:45 John M Hicks, EA,CPA: you dribble it out over a period of time and it adds up
01:20:57 Tom Hawbaker CPA: CPE and previous certifications
01:20:58 victorurena: Very impressive!
01:21:36 Denise Mandeau: time learning about all of the new tax law changes every year
01:22:15 Michelle Weinstein: firstname.lastname@example.org
01:24:59 Michelle Weinstein: less than 100 clients.
01:25:23 Michelle Weinstein: Ind. vs Biz. = 95% are biz & 5% are ind.
01:26:39 Michelle Weinstein: $1500 – biz is starting. $500 for ind.
01:26:47 Heyer, Inc.: wow!!! Love those numbers
01:26:57 Michelle Weinstein: $2995/$3000 for biz for Lilly and $995 for Ind.
01:30:15 Lily Tran, EA, CTC: Thank you so much! This is very helpful! I’m going to sell a tax planning package. I will watch the replay later.
01:33:44 John M Hicks, EA,CPA: best way to communicate to clients
01:33:55 Jackie: How far in advance do you notify them about the increase?
01:34:24 Heyer, Inc.: Yes Jackie, how far in advance?
01:34:26 John M Hicks, EA,CPA: yes
01:34:30 Jackie: yes
01:34:32 victorurena: Thank you so much!
01:35:04 Heyer, Inc.: I do
01:35:11 John M Hicks, EA,CPA: no
01:35:12 victorurena: I do
01:35:14 Terri Palmer: no.
01:35:14 Jackie: I do, and some overdue invoices
01:36:16 Heyer, Inc.: Nope
01:36:20 victorurena: no
01:36:22 Jackie: No
01:36:34 Jackie: no
01:36:34 Heyer, Inc.: Nope, nope, nope
01:36:40 victorurena: no
01:38:26 Heyer, Inc.: yep
01:38:37 Heyer, Inc.: am looking at my AR…not happy 🙁
01:38:51 Michelle Weinstein: what’s your A/R?
01:39:44 Heyer, Inc.: 67K
01:40:47 victorurena: I will hire for more help in my office.
01:46:33 Denise Mandeau: Who wants all of that?
01:47:24 Heyer, Inc.: all the time
01:47:42 Heyer, Inc.: is that an annual fee?
01:48:50 Heyer, Inc.: that is assuming ofcourse they have all the docs
01:49:16 Heyer, Inc.: yes
01:49:16 John M Hicks, EA,CPA: yes
01:49:22 victorurena: Yes
01:52:19 Michelle Weinstein: 1040 – Deadline by March 15, 2023. – Invoice $795!
01:54:16 Michelle Weinstein: Late/Rush Fees will be applied March 16 @12:01am – April 7th @ 11:59pm. $595 Late/Rush Fee.
01:55:55 Michelle Weinstein: Anything submitted on April 8th 12:01 – They will get put on extension for non compliance + $995 extension fee. That’s on top of the invoice that was already paid of the $795.
01:56:52 victorurena: Does it matter the client’s income level?
01:57:38 victorurena: Thanks
02:01:56 Denise Mandeau: For your 1 hour business consulting session please click on this link theabundantaccountant.com/application
SPACES ARE VERY LIMITED – book your call NOW!
02:02:25 Denise Mandeau: theabundantaccountant.com/application
02:02:33 John M Hicks, EA,CPA: yes, I do
02:03:07 Michelle Weinstein: categorize in 3 tranches – Ralf
02:08:10 Heyer, Inc.: nope, looking forward to our call
02:10:03 victorurena: Thank you, i will hear again the recording , and then i will definitely will need your Help.
02:10:21 John M Hicks, EA,CPA: how much we’ve invested in ourselves
02:10:39 Denise Mandeau: We would love to support you Victor! Please take advantage of booking a call with us
02:10:54 Claudine Phillip: Biggest take away is knowing what I’m worth
02:10:59 Jackie: The biggest thing is that there is a systematic way to value yourself
02:11:16 Denise Mandeau: Beautiful Jackie!
02:12:39 Heyer, Inc.: nope
02:12:48 Denise Mandeau: Thank you all!
02:12:51 Heyer, Inc.: Thank you Michelle and Denise, have a wonderful weekend 🙂
02:13:09 Jackie: Thank you for this presentation!
02:13:22 Denise Mandeau: Our pleasure to serve you all
02:13:28 victorurena: My fees is so low , that will work on raising my fees tomorrow. Thank you so much, i really enjoy so much. the presentation