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Increasingly, bookkeeping is being seen as a commodity. The perception of bookkeeping is that it is of low value.
That makes it tough to get the right prices for your service, and make it profitable.
This is partly because of changes in technology and outsourcing. Recently, Intuit QuickBooks launched their test of Live Bookkeeping service, initially, at really low prices. If those prices do end up being low, that’s going to cause real problems for bookkeepers, CPAs and accountants around the world.
How do we overcome that?
We need to change the perception in the client’s mind.
What you do is a highly valuable service. But, you need to add as much value to your service as you possibly can. If you can add any extras or improve any services to increase the value to the client, they will prefer your service over that of Intuit’s or any other bookkeeper because you are offering so much more.
You also need to learn to communicate that value to the client. Change the client’s perception by changing the language you use to deliver your service. Really emphasis the value of your service by explaining in detail what you do, why you do it and how that will benefit the client.
If clients can really understand the value of the work you do, then they will be willing to pay a premium price for it.
I will be running a webinar on this subject soon. It’s called ‘How to Price Bookkeeping’ and I’ll be teaching you techniques that will help you to increase your prices and grow a profitable bookkeeping business.
You can sign up for that webinar here.
About the Author
Mark Wickersham, FCA – Chartered Accounted, public speaker and #1 best-selling author – is known as the most sought-after profit improvement expert in the accounting community.
Mark is also a widely published author on practice issues. In May 2011 his book, “Effective Pricing for Accountants,” was a number 1 Amazon bestseller.