Some accountants have no idea how to value price auto enrolment

Some accountants have no idea how to value price auto enrolment

An enormous range of prices

One of the things I’ve found in my benchmarking studies is the huge range of prices in how much firms are pricing for automatic enrolment.

I’ve come across many who don’t know how to price it and are doing it for free!  I have heard of many firms charging approximately £500.  I have heard of firms charging £2,000 to £3,000.  And I have even heard of one firm charging £6,000.

So, given the huge range - from FREE to £6000 - it’s very clear that as a profession, we don’t know how to price this opportunity.  It’s very clear that some firms have found a better way; they are more comfortable about their pricing and are getting better results. 

Auto enrolment is such a big opportunity for the UK accounting and bookkeeping professions but we need to have a system to price it properly… otherwise we risk giving it away for free (or too cheap).

Here are 3 things to consider as part of your auto enrolment pricing strategy:

  1. Create a pricing system based on the number of employees, that way the bigger the client the bigger the price.
  2. Recognise that different clients have different wants and needs so create different packages, that way, those client that want more will pay more.
  3. Since it takes 3 – 5 months to properly plan and set up when a client needs to stage we can make use of the powerful chunk it downtechnique when expressing the price

I’ve recorded a short video for you to explain these ideas in more detail.

 

 You can watch the video here.

At the end of the video I mention a powerful piece of pricing software to make the pricing process so much easier for you. 

Click here for a free trial.

 

Wishing you every success on your value pricing journey

 

Mark Wickersham

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

 

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