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How to Add Bundled Services into Your Offering

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The term is applied when services previously purchased separately are consolidated and purchased together from the same provider. Many commercial organizations have found that bundling cuts their total costs and improves service.

Accounting firm owners could benefit from taking the time to evaluate their accounting firm as a business. As the owner of my accounting firm, I did just that and realised some changes needed to be made, starting with bundling our services.

Many accounting firm’s follow the traditional model of accepting clients in various industries through recommendations. Others provide clients with valuable services along with business-related compliance services, but don’t highlight those.

We as business advisors would agree that best practices for any business start with an evaluation of current practices so that weak points can be identified and evaluated for improvement.

Our lawmakers have identified us as Specified Service Businesses, they clearly see that we have great expertise as our clients’ advisors.

They have also challenged us to interpret the sweeping new laws and provided us with an opportunity to reach out to our clients and start a conversation.

What better time than now to step back and evaluate your accounting firm’s procedures and incorporate a bundled services approach into your pricing and onboarding process? This is an opportunity to redefine how you work with your clients, be specific as to expectations and get paid for your knowledge.

Evaluate each one of the services you provide, then review and list all the steps or processes that make up that service. Picture a typical project type, then list the services encompassed in that project. By doing so, you create bundled offers or packages of service offerings.

Your bundles will be specific to your accounting firm and either your current or target clients. Your offerings chart for individual clients may look something like the one referenced in the linked whitepaper, but can certainly be more elaborate.

It can contain more lines or services to help your client understand just what they are buying.

Remember that each bundle is a set of services packaged together and each is referred to with a descriptive name that describes the level of service.

If you choose to move to a bundled pricing system, you will find that new opportunities will emerge from your regularly scheduled appointments, we have.

Now, our clients call and ask for more and expect the additional services to come with a separate engagement letter and invoice.

Incorporating bundled services will help you deliver more value to your clients through advisory work. In turn, you will see improved team morale and cash flow, a better overall client experience and the accounting firm you want.

Successful Accountancy Firm Celebrates 12 Deals of Christmas

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Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

The East Midlands office of accountancy firm Mazars says it has advised on 12 deals in the run up to Christmas.

Mazars is a global audit, accounting and consulting group employing more than 42,000 professionals in more than 90 countries through member firms.

The team says it is seeing resilience across the board at entrepreneurial business, acquisitive corporates, banks and private equity investors, despite economic uncertainty.

Mazars Deal Advisory has hired Tom Boss and Jacob Staten in a move which it says reflects the “sustained demand for high quality business advice” in both mergers and acquisitions and due diligence.

The sale of £20m turnover Premier Workplace Services to Hong Kong-based Crown Worldwide took Mazars’ deal completion tally over the last three months to twelve.

Paul Pownall, mergers and acquisitions senior manager, said: “Whilst it’s impossible to avoid the ‘B-word’ in the press, the sentiment towards doing deals remains positive, as businesses seek to capitalise on the economic environment.”

Mazars Deal Advisory partner Julian Clough, said: “Activity levels are strong; acquisitive corporates have been particularly busy as opportunities emerge to consolidate in fast moving markets. We see this as a continuing trend and feel well positioned to advise clients – new and old – moving into 2019.”