Defining Service Packages: A Comprehensive Guide for Modern Accounting Firms

"If you want to understand your pricing, I need to know what your service packages are. If you want to understand how you're going to onboard a client, I need to know what your service package is." - Adam Hale


The finer details of this episode:
● Importance of service packages for accounting firms, focusing on clarity in offerings, pricing, and alignment with target client segments to enhance relevance and value.

● Structuring service packages using a "small, medium, large" model to cater to different client needs, manage resources, and improve client onboarding and communication.

●Overcoming challenges in creating service packages, including transitioning existing clients, ensuring pricing transparency, and utilizing technology like AI tools for development.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps
Welcome to the Modern CPA Success Show (00:00:00)
Introduction to the podcast's mission and focus on innovative accounting insights.

Discussion on Service Packages (00:00:22)
Tom and Adam explain the importance of service packages for CAS and CFO services.

Clarity in Deliverables (00:00:50)
Emphasis on the need for clarity in service delivery through defined service packages.

Marketing and Client Attraction (00:01:51)
Aligning service packages with target client demographics for effective marketing.

Access and Time Considerations (00:02:46)
Discussion on the importance of access frequency in determining service package pricing.

Team Understanding of Packages (00:04:48)
How defined packages help team members understand client onboarding and service delivery.

Pricing and Scope Management (00:05:04)
The role of service packages in managing client expectations and pricing structures.

Refining Onboarding Processes (00:06:40)
Importance of revisiting service packages during onboarding to clarify responsibilities.

Promoting the Virtual CFO Playbook (00:07:02)
Advertisement for the Virtual CFO Playbook and its benefits for accounting firms.

Psychology of Package Creation (00:07:44)
Discussion on why many firms hesitate to create service packages and how to overcome this.

Overcoming Writer's Block (00:08:39)
Tom and Adam share insights on getting started with service package development.

Client-Centric Package Development (00:10:05)
Strategies for brainstorming and organizing service packages based on client needs.

Learning from Other Firms (00:11:05)
Encouragement to review other firms' packages for inspiration without copying directly.

Transitioning to New Packages (00:12:11)
Advice on implementing new service packages without alienating existing clients.

Testing New Packages (00:12:41)
The importance of prospectively evaluating service packages and client relationships.

Initial Pricing Transparency (00:13:52)
Benefits of presenting clear pricing options during the initial client call.

Utilizing AI in Package Development (00:16:13)
Exploration of using AI tools to brainstorm and refine service packages.

Continuous Package Improvement (00:16:47)
Encouragement to regularly update service packages to meet evolving client needs.

Closing Remarks (00:17:04)
Final thoughts on the importance of service packages and an invitation for further discussion.