It’s annual price increase time here at Minerva Accountants. We usually increase prices each year by around inflation however, this year, we have suffered a disproportionate increase in software costs.
Although clients pay for their own Xero/Quickbooks we still pick up the cost for software for accounts, tax, forecasting and generally running the practice. These costs have increased as a percentage of our fees and recent research shows that they have for many accountants. (You can find out more here)
You probably know how much time and resources it takes to provide a decent service so, by not charging enough, you are jeopardising the quality that you offer your clients.
On a personal note, when you run your own business, you don’t just receive a salary for the work you do, you also receive a share of the profits as a return for the risks that you take in running a business. It is important that you receive some reward for this risk which is above and beyond that of a normal employee.
As an accountant, and as a business coach, I see far too many business owners not just earning less than they would in employment but they often earn below minimum wage because of the hours they work. Business coaching can help to improve this but you can get some free advice on our Minerva Money Matters webinar on Wednesday. Sign up here for the session.
For accountants I’m also doing a webinar with Prashant Ganti, VP of Zoho Finance where we’ll be discussing pricing, costs, and other efficiencies. Join us on Monday 26th February.