How to Value Price Accountancy Services

Part of the Management, Advisory and Development (MAD) Practice Guides Series

The writers at 2020 have over 50 years combined consulting experience to accountants and tax advisors and are authors of books, articles, manuals and publications world- wide. They work with some of the most exciting and innovative firms in our Industry.

2020 have produced a series of simple and easy to follow practical guides to help you improve and grow your business. These guides contain example scripts, (e) letters, planners and other useful material to help you make changes and help you succeed.

If you are looking to grow and develop a profitable accounting practice then you will find these guides an essential resource and reference.

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How to Value Price Accountancy Services

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Product Description

The timesheet is no longer the ONLY way to determine the price of accountancy services. There is no doubt, however, that timesheets can be very helpful when a cost sensitive service needs to be priced and the use of a cost plus system such as a timesheet is perfectly acceptable. That said, for benefit driven services such as tax planning, corporate finance, business advisory, wealth management, legacy planning, retirement planning, exit routes, etc., the expertise and specialisation required, contradicts the idea of a cost plus system but more as a benefit driven value pricing model.

 
Value pricing is the concept of agreeing a price which is determined by the value to the customer. There are many ways to determine value other than the timesheet, including:

Contents:

  • Cost of replacement (bookkeeping and various levels of the Virtual Financial Officer)
  • Amounts of money involved
  • Amounts of emotion involved, both fear and greed
  • The risks involved
  • Competition
  • The level of indispensability (e.g. tax investigation)

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