Prices for Oklahoma City CPA Services

Prices for Oklahoma City CPA Services

The pricing of services is always a hot topic in the accounting industry. Oklahoma City CPAs employ many different types of pricing structures and base their fees on a number of factors.

While it’s hard to argue that there is a ‘best’ way to go about pricing services, CPAs should be open to the idea of trying different pricing structures.

They may find that a different pricing structure better fits their business and maximizes their profit.

Types of Pricing

Several of the most popular methods for pricing Oklahoma City CPA services are as follows:

Hourly Services - This is one of the most common pricing methods employed by CPAs. Billing by the hour makes a lot of sense. Depending on the size and complexity of some services, CPAs might sink many hours into a single client. Hourly billing is beneficial for CPAs who are wary of putting a fixed fee on a project. Hourly billing ensures that the CPA is properly compensated for all of their work. This method of pricing can make certain clients nervous, as they may be worried by any ambiguity around the time it takes to complete a particular service.

Fixed Fee Pricing - This is another popular pricing method among CPAs. Fixed fees have the benefit of being more predictable than hourly rates. Also, clients are aware of exactly what they are paying up front and know their price ceiling. On the downside, inaccurate estimates can lead to revenue loss.

Value Pricing - This involves billing the client based on the level of value provided by the services that are rendered. Thousands of CPAs across the country use this pricing method for their services. Value pricing aligns the goals of the client with the CPA, provides the opportunity to exceed client’s expectations, and maximizes the price leverage of the CPA firm.

Competitive Pricing - This is the process of setting one’s prices based on the pricing of competitors. It can have some downside. Namely, if a firm competes on pricing, it will need more clients in order to cover expenses and generate a profit. Taking on too many clients can also leave CPAs overworked and stressed out.

Setting Prices

The price of a service can also depend on the experience level of the CPA, the complexity of the service, and the type of services chosen by the client. CPAs with more experience can demand higher fees.

Basic services are priced the lowest. For example, some may offer a fixed fee of a few hundred dollars for an individual tax preparation.

While actual prices are different for every firm, many Oklahoma City CPAs share the same pricing methods and can learn about pricing strategies from their competitors.

 

What kind of pricing structure does your Oklahoma CPA firm use? Let us know your thoughts in the Comments box below.

 

If you own or manage a CPA firm in Oklahoma, and you’re looking to stay up to date with the latest technology, be sure to download your free Information Technology Guide for Oklahoma City CPAs.