How to Add Bundled Services into Your Offering
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.