I am super-honored to be speaking at the huge and spectacular QuickBooks Connect conference in October in San Jose, CA.  And since I can’t wait, I thought I would give you a speak preview of what I am speaking about in today’s article. 

Why Offering Packages Can Catapult Your Revenue

More accountants and bookkeepers are moving from hourly billing to fixed fee and package offerings.  Just what does an accounting package look like? And what are the benefits of offering packages?  Here are some answers.

Accounting Packages

An accounting package is simply a bundle of accounting services, packaged up and offered for a flat fee or a monthly ongoing fee, in the case of monthly accounting services.   Think of a gift basket with lots of goodies in it, such as chocolate, a bottle of wine, exotic nuts, and a pair of wine glasses.  Accounting packages have lots of goodies in them, a software platform, usually a cloud one, bookkeeping services, advisory services, and tax compliance.   Okay, not as delicious, but you get the idea.

Packages are more common outside the U.S. in Europe and Australia, and are fast-growing in popularity everywhere.  A choice of three packages is quite common, with the accountant offering small, medium, and large options that vary in scope and features.

Payroll services are almost always offered in a package form, but packaged tax and bookkeeping services are less common.  Packages can be specific to one accounting service, such as bookkeeping with features like reconciliations, reports, A/R, and A/P components. Or they can be broader to meet all small business accounting and tax requirements, such as the one described above.

Benefits 

The benefits of offering packages are huge.  Many of the accountants we have worked with have commented about how transformational packages are to their practices.   Here are just a few of the things we hear over and over again.

Certainty of costs for clients

 Packages are easier to sell because the client can see exactly what they are getting and they love the fact that they can budget for the fixed costs.

Easier billing and improved cash flow

Packages are easier on you for billing purposes because you can ask for payment in advance and significantly reduce your accounts receivable balance.  One accountant said packages solved her cash flow problems.

Difficult to compare to competitors

When charging hourly, you are often compared to other hourly competitors (which is ludicrous, but whatever).  With packages, it’s highly unlikely your package contents will exactly match your competitors’ offerings.  So prospects will not be able to compare your prices with others.  This helps to de-commoditize your offerings, and that’s a good thing.

Confidence in your “system”

Surprisingly, offering packages makes you look organized and systematized, and clients appreciate working with a professional with experience.  Packages build the clients’ confidence in you simply because you look like you have a proven “system.”

Profitability

Since you’re pricing a bundle of services, you can add in the higher-dollar items, such as advisory work, and build in whatever profit the market will bear.  You have far more leeway with this pricing method than with hourly and flat fee pricing.

Easier to deliver, train employees

Each package will have the same components to deliver to clients.  You are more likely to set up a checklist and procedures which can then be passed to employees to deliver the services.  Packages systematizes your entire operation, which then frees you up to do more of what you want to do.

Easier sale

When you give prospects a choice of three options rather than a yes/no binary option, they are more likely to say yes.

How Now Brown Cow 

So you might now be wondering how to go about transitioning to packages, what they should include, and other details.  If so, then join me in San Jose, CA at QuickBooks Connect on Wednesday, October 26, 2016 at 7:30 AM for my session:  How to Create Packages, Step-by-Step.  For more information and how to register, go here:

https://qbconnect2016.attendease.com/agenda/sessions/how_to_create_packages_step_by_step.html

The first 50 audience members in my session will receive a free paperback copy of the book “Start with a Profit.” See you there!

 New Social Media Packages: 

And speaking of new packages….  We are jazzed about our new social media packages.  If you’re struggling with social media, but really want to benefit from this marketing channel, check out our new packages:

http://acceleratorwebsites.com/services/social-media-package/