Devin doesn't dislike Corvee Tax Planning software, but you'll see in our discussion some enlightening things.
Now, I'm much more critical of this software, because while helping accountants with their business & marketing, I find more and more people who've been sold Corvee with the promised that it will help their business, but I've found that it's not quite the right solution for most accountants, bookkeepers and tax strategists.
Corvee has some flaws not only in it's tax planning approach, but I don't line up with their strategies either.
Watch this video where I talk with Devin about comparing the Feedbackwrench Outsourced Accounting model, vs. the Corvee Tax Planning Model.
Summary of Corvee Approach to Outsourced Accounting Approach:
Corvee Recommends selling tax plans as a route to get out of selling low value, commodotized tax & accounting servcies.
I agree that accountants should ad more value than what's typical in the accounting world.
Corvee teaches to sell businesses a tax plan, casting vision for how much they'll save them in taxes.
I believe that tax planning is about 1/4 of the overall value proposition, and think that when an accountant focuses on selling a tax plan in the way Corvee recommends, it actually leads to non-ideal outcomes.
What Corvee Recommends:
Sell a tax plan for a higher fee.
Use their software to communicate the value
Avoid low margin work by focusing on selling tax plans
What Feedbackwrench Recommends:
Provide a free analysis to find tax planning opportunities
Use simple checklists to find low hanging fruit to save in taxes
Position a full-service, outsourced accountant solution where you handle everything each month
Enjoy high retainer B2B clients compared to the typical accounting firm
Corvee Can Be a Great Tool, but I think that they're misguiding accountants.
When I first encountered the Corvee messaging on Facebook ads & others, I had an uneasiness with the advice because I had tried these types of tax planning engagements before, and I personally learned they miss the mark.
My suspicions have been confirmed over and over throughout the years, as I've gotten to work with scores of accountants who were using Corvee Tax Planning software, finding themselves struggling to land these engagements.
Watch the video for a glimpse into this accountants experience.
Summary of this CPA's Experience with Corvee vs. Feedbackwrench
It was hard to get customers to cough up the large up front retainer
When he did it, they would feel somewhat manipulated
It was a one-time fee, and he felt like he missed an opportunity for a year-long engagement
He switched to approaching it the Feedbackwench way
He landed more clients with the Feedbackwrench outsourced accountant appraoch
Sales felt more natural the Feedbackwrench way
He's enjoying high monthly retainers and he's able to apportion the time and energy needed to provide ongoign service
He's building significantly more momentum, doubled his revenue, and his growth is almost all monthly retainer work
He's focused on building value with a small group of clients
If you're looking for a review of Corvee Tax Planning Software, you're going to find quite a bit from us here at Feedbackwrench. Besides providing reviews on Corvee, we've also been spending lots of time providing CPA Site Solutions Reviews. The reason why we've been so critical of Corvee and CPA Site Solutions, is that we're finding that they seem to almost prey on Accountants, Bookkeepers and CPA Firms, providing solutions that seem to pursue the best interest of the provider, rather than the best interest of the accountant.
Both CPA Site Solutions and Corvee have products that have some merit, they have their place, but we see a massive disconnect between what they deliver and what they promise, and that's probably because both Corvee and CPA Site Solutions have built businesses that are far more scalable than what we've done here at Feedbackwrench.
At Feedbackwrench, we've foregone the scalability in order to deliver solutions that we believe are what we would want.
In fact, our websites, marketing & SEO are the same thing that we use to grow our own business, there's no difference.
I think they've built some really great businesses for themselves, but both operations seem to fall short in terms of the best interest of their customer.
Will Corvee Tax Planning help me get accounting clients?
Will Corvee help you get more accounting Clients? In my experience and estimation, the answer is no, Corvee will NOT help you get accounting clients. Corvee can help you identify tax savings and show the financial impact and opportunity cost associated with the savings, but it won't really help you get any more clients.
I think it's important to understand this, as most business clients assume that their accountant would OF COURSE be providing pro-active tax reduction planning.
What good is a bookkeeper or accountant if they're not helping them take advantage of every tax deduction possible?
Providing TAX PLANNING will help you deliver more value to your client, and it can help you bring in more business, but the software doesn't do much to help you with that.
There are certainly some marketing posts, and content you'll get in Corvee, along with their training, but the fact of the matter is that Corvee doesn't do anything to help you get in front of prospective clients, it just helps you re-orient to a value-focused message when selling to a business owner.
Tax planning should be part of your overall accounting services, and you should be pressing your prospects about what type of tax planning they're currently receiving from their current accountant.
What you don't want to do is spend too much time pushing to close a huge up-front fee for a tax plan (in my estimation).
No, Corvee will not help you get more clients, but they are correct in developing a better value proposition, and even prospecting talking point, that can help you get more clients.
The value comes from the act of tax planning, not from the software itself.
Is Corvee Tax Planning software worth it?
In our estimation, Corvee seems to be worth it in some cases, when accountants are having a great deal of success charging the up-front fees for tax planning.
However, as you'll read in our other articles and videos about Corvee, you'll see that there are some deep flaws with the Corvee approach & overall ROI on the tool.
I do not think that Corvee is as valuable as they claim, and in my estimation, I don't think it's worth it for most accountants.
What I find is that accountants get sucked in to buy it, and then they really struggle to build a scalable and profitable business around it.
Is Corvee worth it in our estimation? No, we do not think that Corvee Tax Planning Software is "worth it".
I don't think it's worth it for small accountants, or even large accounting firms.
That's not to say that it's never worth it.
I think that there are some major flaws in the approach taught at the Corvee offices, and I think that the software is really only two things: a checklist to stimulate your ideas for tax planning strategies, and a tool to communicate the opportunity costs associated with it.
Two Things Corvee is Good For In My Opinion:
Being a checklist for potential tax strategies
Portraying the opportunity costs associated with savings
Those two things can be valuable, but I just think that the strategy itself is flawed, and it's a tool that's ultimately just a simple future value calculator tied to a series of form fields.
Corvee creates a great looking report, but it seems to fall short beyond that value proposition.
Is Corvee tax planning a good software?
It's not a bad software, we just think that it's a flawed strategy and not worth the hefty price. Corvee isn't a bad software, it's just not worth the $1,000 a month in fees that they charge, and we think that the training they get can be helpful, but there's a better way.
Is Corvee Tax Planning a Good Software? We think there are better things to invest your money in.
What's the price of Corvee tax planning software?
How much does Corvee Tax Planning software cost? This is where it gets really hard to find a clear answer until after you've really engaged deeply with their sales process. I've gone through the pricing call and talked to my clietns about the fee, and from what we can tell, Corvee is usually around $1,000 a month.
So what's the prices of Corvee Tax Planning Software? The quotes and estimates we've received have been that the cost of Corvee is $1,000 a month.
Summary of the Above Video:
As the owner of Feedbackwrench, a web design and marketing company that specializes in working with accounting and bookkeeping firms, I recently had the chance to review Corvee, a tax planning software designed for small business owners. After my assessment, I found that Corvee is marketed at a price point of $1,000 per month and is designed to help businesses sell tax plans by identifying areas where they can save money on taxes.
The software is quite impressive, taking into account various deductions, S Corps, loopholes, and other factors to provide a sleek output to the user. Corvee's coaching model recommends that businesses should not focus on doing 500 tax returns but instead charge a fee for the tax plan based on a proportion of the savings that can be identified. This fee can range from $6,000 to $30,000, depending on the amount of tax savings that can be found.
However, I do not agree with this business model. I think tax planning is not something that businesses should pay for but should be a year-round process. Tax planning should be part of an outsourced accounting model where the accounting firm takes on the responsibility of cleaning up a company's books, establishing a pristine chart of accounts, creating a tax plan, implementing it, setting up payroll, and helping business owners make decisions about new equipment, investments, growth, and cash flow.
In my opinion, a monthly retainer between $500 and $9,000, depending on the size of the company, is the best way to approach tax planning. This model allows accounting firms to engage with business owners each month and have significant conversations about CFO, taxes, and other financial decisions. It also allows firms to apply pressure when the business changes up and down and ensures that the tax return is easy to file because everything is done correctly.
Although Corvee is not a bad software, I think it's a little pricey. I believe that businesses should invest in other areas like SEO and marketing, and I consider the basics of tax planning more crucial than using software like Corvee. As garbage in and garbage out, the software's output is entirely dependent on the data entered. Therefore, businesses should focus on finding a long-term retainer client base rather than charging a one-time fee for a tax plan.
To sum up, my criticism of Corvee's business model and software is grounded in my experience as a web designer and marketing specialist for accounting and bookkeeping firms. Based on my assessment, the best way to approach tax planning is to make it part of an outsourced accounting model and charge a monthly retainer based on the size of the business. This approach ensures that businesses have the support they need throughout the year, rather than paying a one-time fee for a tax plan that may not be implemented correctly