Corbett, Duncan & Hubly to celebrate end of hourly billing
Itasca-based Corbett, Duncan & Hubly, P.C. is celebrating its transition away from hourly billing with an event on Wednesday, July 18 at their offices.
The event, titled “The Clock Stops Now,” signifies the accounting and consulting firm’s abandonment of time sheets and hourly billing that took effect on July 1 of this year. CDH will now price all of its accounting and consulting services up front, and promises not to bill a customer for any work that has not been agreed to in advance.
“CDH believes that difference makers innovate, inspire and improve our world. We want to be true difference makers with our customers, and that means changing the conversation,” said Chief Operating Officer Bernie Lietz. “Instead of just billing based on how long activities take, we are asking our customers what services they value, and then pricing those services up front.”
CDH’s time sheet trashing event will be held from 4:30 — 7:30 p.m. at their Itasca offices, 100 Pierce Road, Itasca. There are plans to record and stream the event worldwide over the Internet.
Value pricing, or pricing-in-advance, as CDH terms it, is an idea that is beginning to take hold in professional services firms, and especially in smaller CPA firms. The culture of accounting and law firms has long been to revere the billable hour — and reward those who maximize those hours. Unfortunately, that can put a firm at odds with the very people it serves. “Customers do not like surprises”, says Lietz, “and they don’t want to be penalized for calling their CPA to ask questions about their business. We feel that this is a win/win. Unless a customer is willing to engage with us in an honest conversation, it’s hard to help them find other ways to grow their business.”
CDH decided to make the change away from hourly billing at a retreat that took place in May of 2011. After a few days of looking at why they are in business, CEO and Managing Principal Bill Hubly suggested the change. There was wide acceptance from the Principal group, and the firm enacted a plan to eliminate hourly billing as of July 1, 2012. Early feedback from customers is confirming what CDH already knew — they don’t like surprises on their invoices, and they don’t want to be nickel and dimed every time they call for help. Determining pricing and payment schedules in advance seems to make sense for everyone.
Corbett, Duncan & Hubly was recently named as one of the 2012 Best Places to Work in Illinois. This is the third consecutive year that CDH has been named to the list. The awards program began in 2006 and is promoted by The Daily Herald Business Ledger in partnership with the Human Resources Management Association of Chicago (HRMAC), the Illinois State Chamber of Commerce, and the Workforce Boards of Metropolitan Chicago, and is managed by Best Companies Group. CDH believes that this different way of operating will also help attract talent to the firm that is tired of “being on the clock” at other CPA firms, where chargeable hours can be the main consideration in determining pay and rewards.
To learn more about Corbett, Duncan & Hubly, P.C., visit www.cdhcpa.com or call (630) 285-0215.