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Don't Underestimate the Impact of Pricing in Your Accounting Firm

January 1, 2024
Pricing is one of the most important things you do in your accounting firm. Tis pricing season as many firms are looking at 2024 pricing. Firms have a tendency to underestimate the impact pricing has on their firm e.g. everything in your firm from the types of people you can hire, the clients you attract to owner’s lifestyles.
Value Pricing for CPA Firms
Shannon Vincent

Pricing impacts many of the day-to-day decisions you make. It’s important you make your pricing a priority and not see it as a task to get done. It’s discipline to master, one that requires both art and science.

Here are a few examples of how pricing impacts your day to day:

Profits which are largely determined by pricing.  Profits are firm oxygen and industry oxygen. Pricing is critically important, yet most small firms aren’t great at it.  

Here are a few reasons accounting firms tell us they stink at pricing:

It’s critically important you raise your prices every year.  Your other costs increase every year:  rent, labor, software etc. Far too many firms’ profitability erodes because they don’t raise prices every year and as a result, they have to work more hours to make the same money. How is this working for the profession? This translates into not having enough time to invest in pricing which results in more work and more fatigue, driving a scarcity mindset.

So where do you go from here:

About Renew Group

Shannon Vincent and Colin Dunn created Renew Group to create a better model and better lives for accounting firms. Our Firm Transformation Framework is the blueprint to a better model and a better life. Through education and training, templates, tools, and resources, coaching and community, our framework delivers life-changing results.

To learn more about transforming your firm, subscribe to Renewsletter. We offer practical tips to transform your accounting firm with Less Hours, More Profit, and Better Clients.

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