Why do bookkeeping clients keep challenging you on your prices? Are you doing something wrong? It is not uncommon for clients to challenge the pricing structure. It’s crucial to address these objections effectively and maintain a healthy client relationship. Today, I’m going to discuss 5 reasons why clients keep pushing back on your bookkeeping prices and what you can do about it.
#1: Misaligned Expectations
One common reason why clients keep pushing back on pricing is because of misaligned expectations; clients think you’re doing one thing, but you’re doing another. This can be avoided by clearly communicating the extent of the work you’ll be doing and spelling out what you will do on the service agreement or the engagement letter. That way, your clients will know exactly what they’re paying for.
#2: Unclear Pricing
Clients could keep pushing back on your pricing because of unclear pricing. By offering fixed pricing, clients will know exactly how much they will pay and they can budget accordingly.
#3: Not Every Client is a Good Client
Did you know that not every prospective client is a good fit for you? It’s important to qualify ideal clients as to whether they can pay for your services. One way to qualify clients is based on minimum annual revenues. You can also set starting prices for all of your services. Paid diagnostic reviews can help identify and weed out clients who may not be a good fit for you.
#4: Unsure of How to Communicate Value
Some bookkeepers struggle with communicating their value to clients. While bookkeeping clients need those timely and accurate financial reports, small business owners want more. Business owners want to decrease negative emotions and increase positive emotions. They want to save time and be profitable. Focus on how your services can help achieve those goals.
#5: Lack of Differentiation
A good way to differentiate yourself from other bookkeepers is to specialize in accounting software like QuickBooks Online. Learn as much as you can and market yourself as a specialist. Solve a specific problem that business owners are struggling with. This could be things like undeposited funds, uncategorized transactions, recording bank transfers, working with PayPal transactions, and more.
Finally, niche down and specialize in an industry. Become the go to bookkeeper in that industry. Premium clients are often willing and able to pay for a bookkeeper who specializes in their industry and who can help to solve problems that other bookkeepers may not be able to handle.
Closing and Resources
These are the top 5 reasons why clients keep pushing back on your bookkeeping prices. By proactively addressing these reasons, you will find clients who appreciate and value your services. Remember, the key lies in establishing trust, demonstrating expertise, and showcasing how your bookkeeping skills can contribute to the success of your clients’ businesses.
If your a bookkeeper looking for more resources, sign up for my free Virtual Bookkeeper’s Toolbox. I also invite you to join my Facebook community of accounting and bookkeeping professionals, as well as other business owners. I also encourage you to visit the 5MB Academy, my online academy for virtual bookkeepers, for both free and paid resources and courses.
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This post originally appeared here 5 Minute Bookkeeping