Accountant setting up in Leigh Lancashire needs help in setting prices

Hi, I am in the process of setting up a small practice offering bookkeeping, payroll, VAT and taxation services and would be grateful for any help and advice in helping me to set my fees as I don't want to overcharge or undercharge, thank you.

Many years ago my dad started in business (in construction) he did not know what to charge so he sent the enquiry to three companies and asked them to price and took the average and that was the price.

So why not contact 3 companies asking for the the service you require and see what you come up with

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Yep agree with Tomsk. Suppose it's ethically naughty, but it's business

But also make sure you factor in your own costs. You know what your overheads are, you know roughly how long it takes to complete the services you offer, and you need to be able to pay yourself, so don't aim too low to be non-viable.

After being unimpressed with our previous accountants, we moved to our new ones based on gut feel after meeting them. Personality, perceived professionalism etc. They weren't the cheapest, but were the ones that filled us with the most confidence.

Doesn't always come down to the lowest price.

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I switched 3 years ago and saved 50% on my year end audit / corporation tax fees.

There is definitely a market for a reasonable priced service, people will switch if they can save and still get good advice.

I was paying £1,400 plus VAT for the work - now its £700 plus VAT and I can pay by monthly instalments.

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Thanks for the advice highlandspring, I know some people don't want the hassle of switching accountants but it is worth it in the long run if there is an annual saving.

Hi, I am a Chartered Accountants based in South Wales. How is it going, have you picked up any new work yet?

Hi Neil,

Yes I've picked up a few new clients, I think for accountants the best advertising is word of mouth. Have you been established long?

Cathy

Yes you are right referrals are the best method of obtaining clients. Yes our practice has been around in various guises since the end of WW2, but not with me at the helm! I have been a director for the past 9 years.

Good luck.

I work as a book keeper and the fees that the accounts charge my clients vary hugely!
I have one client who got charged £360 and another £1200 for annual accounts. A little background both are sole traders. For the for first I produced accounts up to trial balance with no additional computation for reliefs, depreciation or accruals but I did all that for the second client. So you would think the accountant would have charged less to the second client but no. (also imo the cheaper accountant did a far better job!)

So I guess I am saying like others have said make your rate reflect what you actually do for the money. I think as SJR4x4 says confidence in your work often out weighs price anyway!

Good luck and hope your business goes well.