If time is money, why are you giving so much of it away for free? For example, in free ‘discovery’ meetings that go on way too long,
It’s a fair question – especially for accountants who’ve built their careers around billing by the hour. But in a world where fixed fees are becoming the norm, I’m not sure that the old mantra ‘time is money’ warrants the faith some people ascribe to it.
Back when I started in practice and when all accountancy firms and tax advisers, like lawyers, seemed to bill for their time, it probably made sense. But, these days, however you choose to set your fees, I’m increasingly convinced that sticking rigidly to that mindset can hold you back.
There’s a number of reasons for this and if you read on you’ll see why I conclude that, even for accountants, ‘Time is life’ and we should spend it wisely.
You’re not a factory worker, and this isn’t the 1800s
The phrase “time is money” was coined by Benjamin Franklin in the 18th century. Back then, it had a point. Work more hours, earn more cash. This attitude continued for over a hundred years and some law firms, especially, still seem to be wedded to the concept. Work harder and longer hours and you earn more. But this isn’t true for everyone any more.
And, let’s not forget that implicit in this approach is the simple fact that it rewards inefficiencies. The longer you take to do something, the more you earn. That’s not good for anyone, is it?
And today, if you’re charging fixed fees, spending more time on a job also doesn’t mean you’re earning more. Quite the opposite. It could mean your profit margin’s disappearing down the drain.
In modern accountancy, value isn’t tied to time – it’s tied to outcomes.
if every hour has to earn the same, you’ll never have time to grow
Still tracking your day like a taximeter?
That’s fine when your goal is to stay busy. But what if your goal is to build a better practice? A more profitable one? A more enjoyable one?
You need time for the things that don’t appear on a timesheet:
- Reviewing your client list
- Fixing a clunky process
- Thinking about where you’re going (strategising)
- CPD
- Talking to your mentor
- Networking and attending other business events
- Learning something new
- Simply stepping back
If you only allow time for what’s billable, everything else gets shoved aside. And that’s where growth stalls.
Time isn’t just a transaction – it’s a decision
There’s a trap many accountants fall into; even those who no longer use timesheets to record their time. The trap is assuming their value is in the time they spend on clients’ affairs. So if you charge a fixed fee but spend five hours on something that could take one… it feels fairer somehow. Like the client’s getting a good deal.
But actually? That’s bad for business.
Your value isn’t in the hours you work. It’s the outcome. The solution. The peace of mind you provide.
What if you start using a new tech (or even AI-led) solution that enables you to deliver the outcomes the client requires faster than ever. Should you reduce your fees because it now takes you less time? You’d be a pretty unusual accountant if that’s how you operate.
The alternative approach is to embrace the time savings that new tech affords you and to look for ways to increase the value that clients get from you – in terms of, for example, the time you can spend with them, without feeling you need to charge more for this.
Shifting your thinking helps you make better decisions about where your time goes. It’s not about cramming every hour with work – it’s about spending your time where it really counts.
Money lost can be regained – time can’t
You can rebuild savings. Win back clients. Raise your prices.
But you can’t rewind time.
So if you’re constantly working late, skipping holidays or spending Sunday evenings catching up….ask yourself: is this what you wanted when you set up on your own?
Probably not.
You didn’t go solo just to become your own worst boss. You did it to build something better.
Time is life – spend it wisely
If you’re still measuring everything by the hour, even when your fees aren’t, it might be time to update your mindset.
Because that old “time is money” mantra? It might be costing you more than it’s worth.
You’re not the only one navigating this. Loads of accountants are learning to rethink how they use their time – especially those in my Sole Practice Club. It’s a space for smart, supportive conversations about what actually works for modern solo accountants.
And if you’d like to explore your own habits and mindset in more depth, I offer one-to-one mentoring too. No stopwatch. No fluff. Just honest, practical support.
Drop me a message if you’d like to chat. I don’t charge for MY time – which is why I am happy to have such conversations, whether or not you end up becoming a mentoring client or joining the Sole Practice Club. And all of my clients have the right to call me for ad-hoc advice in between scheduled conversations and meetings. My fees are NOT set by reference to specific amounts of time. Instead they are very clearly for for the value of the services I deliver and so that my clients have priority access to me and my brain (in effect).
