3 tips for making more money from annual accounts

Uncategorized Jul 04, 2016

Annual accounts are one of those areas of business where we as an industry often see downward fee pressure.

Why?

Because all too often clients simply don’t understand what we do. All they see is the records they drop off with us and the finished accounts a few weeks later.

Do they understand the blood, sweat and tears that went into producing them?

No.

Do they care? Maybe not.

That said what’s the harm in telling them? It not only helps them understand your role (and therefore your worth) but also gives them greater faith in your capability. And that means you can charge more.

Tip 1 – Show off what you do with a professional looking brochure

A glossy brochure shows you are proud of what you do. It brings an air of professionalism. Package something nicely and people will see it as being better quality.

That alone could win you the business from your rival down the road.

And allow you to charge higher prices.

Explain what you are doing, how you are looking to save them cash and ensure they are tax compliant. That lets them see the value you bring them. 

Tip 2 – Explain and communicate how you price

You probably already know I hate time-based billing.

I’ve said it enough times.

In case you haven’t I’ll say it again. I don’t like it. I believe customers dislike its uncertainty and I think it’s unfair.

Instead concentrate on being different.

Break long-held perceptions…

…Be bold 

Adopt value pricing and explain clearly how you price. Give both a fixed price and a range of options and choices that you offer. It suggests flexibility. It suggests you care. And it puts the client in better control of the process.

Tip 3 – Involve the client in the pricing process

By this point the client is aware of what you can do for them. You’ve shown them your value. Your argument is convincing and their mind is almost made up. But one crucial factor remains.

How much????

Of course you could say “Give me a few days to work it out. I’ll send you a proposal through the post.”

Don’t.

When someone gets a proposal through the post or via email – no matter how great – they are still interested primarily in those two words…

How much?

And that’s the part they will turn straight to, ignoring fancy graphics and convincing arguments as to your worth along the way. 

By then you’ve lost control and, most likely, the client if the price is more than they expected.  Instead involve the client in the pricing process. In the meeting. Face to face and on the day you meet them.

Don’t make them wait.

A software process such as my Cloud Pricing, can help, enabling you to come up with a unique price based on that client’s circumstances. It lets them feel in control, allows them to choose what to add (or take away) to alter the price and demonstrates transparency.

They’ll love you for it. And you’ll be able to show why you really are worth more.

FIND OUT MORE:

Find out more about my top 3 tips for making more money from accounts by watching this video here.

You can watch the video here.

Every month I provide free online training helping accounting professionals get results from value pricing. If you want to get access to that free training click here to register your place on the list of people I invite.

Wishing you every success on your pricing journey.

Mark Wickersham
Chartered Accountant, public speaker and #1 best-selling author of
Effective Pricing for Accountants

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