3/6/14 Pricing Strategies for Businesses

QuickBooks Online Tweet Chat – Pricing

QuickBooks Online Tweet Chat – Pricing

3/6/14 #QBOChat Transcript

  1. Welcome everyone to our weekly #QBOchat. Please introduce yourselves to the group -> Name, location and years using @QBOnline.
  2. Yep, no joy on tweetchat, back to twubs I guess this time #qbochat
  3. Good afternoon everyone! I’m excited about today’s #qbochat. I’m going in blind – have no clue what to expect 馃檪
  4. Brent here in Utah, owner of Keeping Books & Computing Consulting LLC #qbochat
  5. I’m sure my team has put together something amazing! #qbochat
  6. Wow, very brave of you! RT @CathyIconis Good afternoon everyone! I’m excited about today’s #qbochat. I’m going in blind
  7. Cathy Iconis here in Atlanta!! Great to chat about pricing because I’m working on a new fee schedule for a client now! #qbochat
  8. Feel free to chime in if you have any questions that you’d like to bounce off of the #QBOChat group.
  9. We are discussing pricing from the perspective of the proadvisor as well as how to advise clients. #QBOChat
  10. @IconisGroup Marnie here in sunny but cold Alberta. Looking fwd to spring fwd on Sunday! #qbochat
  11. I am working on pricing for a client as well who is currently on Wave and thus thinks accounting is free! #qbochat
  12. Looking for an accountant for @QBOnline? Many will be chatting and talking about pricing during this weeks #QBOchat starting now for 1 hour.
  13. Rebecca here in Atlanta, drinking my coffee and ready for an AWESOME #QBOChat
  14. RT @KeepingBooksCC I am working on pricing for a client as well who is currently on Wave and thus thinks accounting is free! #qbochat
  15. Very important topic! Can’t wait! RT @CathyIconis & @IconisGroup Topic of the day is Pricing. #QBOChat
  16. RT @GetJobber Looking for an accountant for @QBOnline? They’ll be chatting about pricing during this weeks #QBOchat starting now!
  17. I’m hoping we can talk about how we price, but also how we advise clients about pricing. #qbochat
  18. #qbochat Hi Cathy, I am always forgetting this but remembered it today
  19. #qbochat i have a Q. What do you all think about offering ‘packages’ spread over a monthly fee and how do you package QBO/accounting/add-ons
  20. 馃檨 RT @KeepingBooksCC: I am working on pricing for a client as well who is currently on Wave and thus thinks accounting is free! #qbochat
  21. We see many PROs packaging services for clients. Is that a trend you are seeing as well? #qbochat
  22. @KeepingBooksCC Good luck with that. There are some people who think they just need the software to be an expert #QBOchat
  23. #QBOTips Join the QuickBooks Online tweet chat happening now! We’re talking pricing! Use hashtag #QBOchat
  24. All of my pricing is for package deals or flat fees to accomplish a requested task @bobbychadha0 #qbochat
  25. @tsheets I like to do packages when I can. @joewoodard spoke once to charge hourly for cleanup work. #qbochat
  26. Q1: What word/phrase first comes to mind when you hear “Pricing?” #QBOChat
  27. While it might be better for me to work by the hour, I think it does the client a disservice #qbochat
  28. @tsheets That was great advice from @joewoodard, because I was always losing money there. #qbochat
  29. @bobbychadha0 noooooo….. questions any time…. no worries. We like having folks speak up. #QBOChat
  30. Good point! RT @CathyIconis @tsheets That was great advice from @joewoodard, because I was always losing money there. #qbochat
  31. @BalanceSheetsCA He already knows he knows nothing and has been going for two years with crap for books #qbochat
  32. A1: When I hear the word “Pricing”, I think that it is a missed opportunity for accountants to help clients. #qbochat
  33. @CathyIconis @tsheets Glad to hear @joewoodard say to charge hourly for clean up. Anything else is to lose your shirt! #QBOchat
  34. @KeepingBooksCC How do you make fixed pricing work for cleanup? I feel like clean up always blows up in my face. #QBOChat
  35. A1: I think accountants can be helping clients make sure their pricing is correct and they are profitable. #qbochat
  36. RT @CathyIconis A1: I think accountants can be helping clients make sure their pricing is correct and they are profitable. #qbochat
  37. Yo! @jazfun @davidleary….. I know there can’t be ANYTHING more important than #QBOChat RE: Pricing….
  38. Hey tweeps if you want to know more about value pricing @ronaldbaker is my go to guru! #qbochat #qbochat
  39. @MarnieStretch And he’s in GA too…. there are some good things coming out of GA! 馃檪 @ronbaker #QBOChat
  40. For cleanup, I always insist that I see the company file before I give a price #qbochat
  41. Following now! RT @MarnieStretch Hey tweeps if you want to know more about value pricing @ronaldbaker is my go to guru! #qbochat #qbochat
  42. A1: If you charge less, you could also be viewed as less valuable. #QBOchat
  43. @KeepingBooksCC That is another great way to attack the cleanup monster. #qbochat
  44. RT @IconisGroup: A1: If you charge less, you could also be viewed as less valuable. #QBOchat
  45. I never haggle on price. I figure out what it is worth (not what I need to make) and explain why, then it is up to the client #qbochat
  46. RT @KeepingBooksCC For cleanup, I always insist that I see the company file before I give a price #qbochat
  47. pricing has to match the value you give to the client #qbochat
  48. RT @JoKing80965483 pricing has to match the value you give to the client #qbochat
  49. @KeepingBooksCC Agreed!! Haggling is a red flag for me. I want to work with people that value my work. #qbochat
  50. I’m here! better late than never. Sorry #qbochat tweeps! PS – sunny and warm at the @IntuitAccts HQ in Mtn View CA
  51. @JoKing80965483 And, we need to make sure to communicate clearly what the client is getting so they know what to value. #qbochat
  52. Welcome! RT @alisonatintuit I’m here! better late than never. Sorry #qbochat tweeps! PS – sunny and warm at the @IntuitAccts HQ CA
  53. Actually no, come to think of it! But I never would! RT @rabshaka21 @KeepingBooksCC Do people even TRY to haggle with you? #QBOChat
  54. speaking of value pricing – @wickersonabike in the UK is the absolute expert. Maybe we can get him to join our #qbochat and give us ideas?
  55. Hey all! Jan here! Welcome to #qbochat! Fav day of the week! What’s the topic today?
  56. A2: For our clients, we look at the financials as a starting point for pricing recommendations. #qbochat
  57. @CathyIconis thanks chica! I hope life is warm and fuzzy in cathyland! PS – what exercises do we have to do today? #QBOchat
  58. @jazfun Hey, lady!! Today is all about pricing – tips for us and for our clients #qbochat
  59. A2: I don’t exactly use QBO to decide pricing, except to see if I am pricing enough based on profits #qbochat
  60. What if we charged a penalty for late peeps? maybe 20 jumping jacks? RT @davidleary Sorry I’m late #QBOchat
  61. What if we charged a penalty for late peeps? maybe 20 jumping jacks? RT @davidleary Sorry I’m late #QBOchat
  62. A2: But I do take into account the accounting platform and how much work and time will be involved as a result #qbochat
  63. Tip: Assign expenses to clients so that you can easily track how much they cost. #QBOChat
  64. @davidleary 馃檪 HI David! Your profile pic creeps me out every time. Luckily I know you are actually a good looking guy IRL. #QBOchat
  65. @CathyIconis awesome. So basically only eat things as big as my hand? LOL! #QBOchat
  66. A: Pricing is a struggle as clients neg sometimes.. but I ask them do they value what they get? I give them a 3 month trial #QBOchat
  67. Yes! Now that I am a TSheets partner! 馃檪 RT @CathyIconis @KeepingBooksCC Now, do you track your time at all? #qbochat
  68. #QBOchat Leslie Shiner has done some great conference presentations on how to do a break-even analysis for clients
  69. We recently went through a pricing analysis with an interior design client. #qbochat
  70. Doing it right now 馃檪 RT @CathyIconis: @KeepingBooksCC Do you ever advise your clients on their pricing? #qbochat
  71. Basically, we found that she shouldn’t stress about markup jobs. She just needs to bill time! #qbochat
  72. I’m lurking on the #QBOchat while I also sit through a webinar 馃檪
  73. @alisonatintuit @IntuitAccts Hey Alison! 2 times in one day! I’m a lucky gal! good to see you! #QBOchat
  74. Most definitely, in part based on profits, but also on value RT @CathyIconis Do you ever advise your clients on their pricing? #qbochat
  75. A2: Make sure to set up job budgets in @QBOnline to check job profitability. #QBOChat
  76. RT @CathyIconis Basically, we found that she shouldn’t stress about markup jobs. She just needs to bill time! #qbochat
  77. I have Leslies book on job costing. It is great and has been a great resource for me to share with clients #qbochat
  78. I had one client that we created a formula-heavy excel template for their sales team to use to price jobs. #qbochat
  79. @BalanceSheetsCA @CathyIconis @KeepingBooksCC I think accts SHOULD be advising clients on how to properly price their services!! #QBOchat
  80. @alisonatintuit So are you saying I shouldn’t be using that pic on dating sites either? #QBOchat
  81. RT @alisonatintuit @KeepingBooksCC I think accts SHOULD be advising clients on how to properly price their services!! #QBOchat
  82. @EileenRSassCPA @thinkx2 Me too! good to see you 2 x in one day as well Miss Eileen! #QBOchat
  83. I have to say I was wondering what David looks like #qbochat@alison@davidleary
  84. @jazfun @EileenRSassCPA @thinkx2 can’t wait to help you both with your cloud tour event! Mary we need to get you on board too 馃檪 #QBOchat
  85. I haven’t had my ear to the ground, but I haven’t been hearing as much about @Xero recently #qbochat
  86. @KeepingBooksCC No need to bite your tongue 馃檪 #QBOchat Happy to answer any questions?
  87. @CathyIconis @JoKing80965483 All my social media is wide open to the public. I am not hiding behind fake eyebrows + mustaches. #QBOchat
  88. I think they represent a failure on QBO’s part, they should be much more than twice by now #qbochat
  89. Today’s #qbochat topic is pricing. Which makes me even more excited for today’s #valuepricing webinar with @ronaldbaker! @IPBC_Canada
  90. A3: Split that time out by client and by type of task. #QBOChat
  91. A3: I think it can be very powerful to show your team the margins involved in pricing #qbochat
  92. A3: Businesses should empower their employees to help increase profitability and transparenty pricing internally helps! #qbochat
  93. @rabshaka21 @KeepingBooksCC @CathyIconis Just to be clear – these are audited figures and stated in our Q2 earnings report. #QBOchat
  94. In my experience, people quibble over bookkeeping rates more than they do with their house cleaner! #QBOChat
  95. Couldn’t agree more, I recommend the book “Indispensible by Monday” to all employers RT @CathyIconis A3: Bus. should empower emp #qbochat
  96. @KeepingBooksCC Interesting! would love to chat with you in person about that and get your ideas for how we can move quicker? #QBOchat
  97. MT @KeepingBooksCC Couldn’t agree more, I recommend the book “Indispensible by Monday” to all employers #qbochat
  98. A3: When a job starts set a budget for that client and track progress and profit. #QBOChat
  99. @BalanceSheetsCA My shrink talks about how her clients will pay the lawn guy before her. #qbochat
  100. If you’ve moved to fixed fees, are you using Value Pricing or average rate x hours? #QBOChat
  101. It’s a huge benefit to commit to pricing with our client up front. Much less free consulting that way #qbochat
  102. @CathyIconis I’ve said this before but the accounting software companies could be doing a lot to impact perceived value #QBOChat
  103. RT @BalanceSheetsCA In my experience, people quibble over bookkeeping rates more than they do with their house cleaner! #QBOChat
  104. @BalanceSheetsCA AND – these are the same people who will spend $200 on DINNER. Seriously. #QBOchat
  105. It is an excellent tool to help employees contribute! RT @MarnieStretch @KeepingBooksCC Thanks for the book recommendation! #qbochat
  106. When calculating an hourly rate, you need to include direct and overhead costs to break-even. #qbochat
  107. @BalanceSheetsCA Perhaps you need new clients or a better method of screening them. #QBOChat
  108. @CathyIconis @BalanceSheetsCA totally off topic… but Pandora is now serving up Temper Trap. Awesome. #QBOchat
  109. And, then you want to add some more for profit in your rates 馃槈 #qbochat
  110. I’m not sure I have anything to offer as to how, but… 馃檪 RT @alisonatintuit Interesting! would love to chat with you in person #QBOchat
  111. @BalanceSheetsCA @CathyIconis I agree!!! Send me your ideas and I will forward upwards!! xxxooo #QBOchat
  112. So true! RT @BalanceSheetsCA @CathyIconis Accounting software companies could be doing a lot to impact perceived value #QBOChat
  113. @EileenRSassCPA I have a list of Red Flags. I can’t afford to be burned by anymore clients. #qbochat
  114. Wow, you Canadians really are poor step-children RT @BalanceSheetsCA @alisonatintuit @CathyIconis things you can’t get in Canada #QBoChat
  115. A4: All my pricing horro stories involve a flat fee and a bad assumption or two. #qbochat
  116. RT @tsheets So true! RT @BalanceSheetsCA @CathyIconis Accounting software companies could be doing a lot to impact perceived value #QBOChat
  117. RT @JoKing80965483: It’s a huge benefit to commit to pricing with our client up front. Much less free consulting that way #qbochat
  118. What steps did you take to mitigate similar situations going forward? #QBOChat
  119. A4: I have a couple involving inventory. It is always more complicated than it seems #qbochat
  120. @MarnieStretch Hmm.. that a company didn’t make 20 transactions a day and I had to enter everything! #qbochat
  121. @MarnieStretch I didn’t check out a bank statement before I came up with pricing. #qbochat
  122. A4: I would almost re assess an ongoing client after the first 90 days to revisit assumptions on technology and data. #QBOChat
  123. A4: We have priced conversions assuming 1 year bank transaction data to download. #QBOChat
  124. @CathyIconis those are good to keep in mind. My problem is I always want to fix everything! #qbochat
  125. A4: Turns out not all banks have that available. #QBOChat
  126. @BalanceSheetsCA @CathyIconis We do-Tell me how we can do that better! ie: @QBOnline features Certified PA’s INSIDE the product! #QBOchat
  127. And I am about half Scottish RT @bobbychadha0 RT @BalanceSheetsCA Wow, isn’t Scotland like the double step-child? #qbochat
  128. Know what you want to charge, but PRICE THE CUSTOMER! This is key! Don’t leave money on the table. #qbochat @ronaldbaker
  129. ? for you all .. do you think that the technology makes it easier in the end to do the flat rate billing or more complex? #QBOchat
  130. Definitely! Use a checklist! RT @JoKing80965483 analysis at that first client meeting is crucial #qbochat
  131. @jazfun Depends on how well the technology fits into how the client operates. #qbochat
  132. @JoKing80965483 I love to jump right into those books to see what’s going on. I need to slow down and listen more 馃槈 #qbochat
  133. @jazfun For example, clients that do a lot in Paypal can be hell in @QBOnline b/c it doesn’t work well together. #qbochat
  134. @KeepingBooksCC @bobbychadha0 @BalanceSheetsCA I am also 50% Scottish! hence the red hair and freckles and fair skin 馃檪 #QBOchat
  135. Easier, and I make more over time for the same flat rate! RT @jazfun you think technology makes it easier to do flat rate billing? #QBOchat
  136. RT @CathyIconis @jazfun For example, clients that do a lot in Paypal can be hell in @QBOnline b/c it doesn’t work well together. #qbochat
  137. @KeepingBooksCC @bobbychadha0 but we have the best scenery, football teams and national drinks 馃檪 #QBOchat
  138. Q5: What rules of thumb do you go to for tips on pricing? #QBOChat
  139. @MarnieStretch I know Marnie, it’s hard. It’s client analysis as well as the books #qbochat
  140. Accountants should consider pricing strategy consulting as another service for their clients. #qbochat
  141. 馃檪 RT @BalanceSheetsCA @KeepingBooksCC @bobbychadha0 but we have the best scenery, football teams and national drinks 馃檪 #QBOchat
  142. RT @CathyIconis Accountants should consider pricing strategy consulting as another service for their clients. #qbochat
  143. RT @CathyIconis Accountants should consider pricing strategy consulting as another service for their clients. #qbochat
  144. @CathyIconis @QBOnline Agreed.. but sometimes integration breaks down and it takes time reconnecting. #Paininhead #QBOchat
  145. RT @CathyIconis Accountants should consider pricing strategy consulting as another service for their clients. #qbochat
  146. @CathyIconis These are the kind of things we can all share with each other so we don’t get stung and pass on to the QBO team. #qbochat
  147. RT @jazfun @CathyIconis @QBOnline Agreed.. but sometimes integration breaks down and it takes time reconnecting. #Paininhead #QBOchat
  148. +1 RT @CathyIconis: Accountants should consider pricing strategy consulting as another service for their clients. #qbochat
  149. Explore THEIR needs and make your fee about and INVESTMENT v. an EXPENSE. #QBOChat
  150. @jazfun That is a good idea. I definitely have questions but now written. They are the same for all clients #qbochat
  151. @CathyIconis I spoke at length to a potential client in the summer about how I’d set up QBO plus. She got someone else to do it #QBOChat
  152. @BalanceSheetsCA Yep – It is a good trait to have, but we also need to be accountable to ourselves to get paid. #qbochat
  153. RT @JoKing80965483 @jazfun That is a good idea. I definitely have questions but now written. They are the same for all clients #qbochat
  154. @BalanceSheetsCA I summarize and tell them, this is what we will get into later #qbochat
  155. Yep, we can’t do it all at once! RT @JoKing80965483 @BalanceSheetsCA I summarize and tell them, this is what we will get into later #qbochat
  156. No harm in asking a potential client what their budget is for bookkeeping! #qbochat
  157. RT @MarnieStretch No harm in asking a potential client what their budget is for bookkeeping! #qbochat
  158. We go in as the experts and I find the clients are very thankful for the help especially when we assure them of solving a pain pt #qbochat
  159. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  160. @MarnieStretch I have decided to put pricing on the site to help weed some people out. #qbochat
  161. @IconisGroup How are you guys able to convince people that hiring an outside accountant is worth it? Especially for contractors. #QBOchat
  162. Wow, bold move! RT @CathyIconis @MarnieStretch I have decided to put pricing on the site to help weed some people out. #qbochat
  163. So quick this week! RT @IconisGroup That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  164. @GetJobber Tell them the cost of hiring an employee is 1.6 the cost of their salary in bens, etc #QBOChat
  165. Set it up in your calendar with an alarm! RT @JoKing80965483 by everyone. will try to remember next week #qbochat
  166. Have a great weekend everyone!! See you next week. Jumping on a call now… #qbochat
  167. @GetJobber They can often get exactly the expertise they want with about the third of the cost of an employee. #QBOChat
  168. Next week we’ll be discussing Expense Reporting, so be sure to come back and join us! #QBOChat
  169. @IconisGroup Very interesting, thank you. I will pass that along when talking to our users who need help managing their businesses. #QBOchat

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#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO鈥檚 latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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