Bookkeepers are truly the unsung heroes of the business world, quietly ensuring that figures are aligned and ledgers balanced. However, for far too long we have seen bookkeepers charging on a time and input basis rather than on a value add, output basis.
It's amazing to see a recent shift in this paradigm, with people like Zoe Whitman and Jo Wood leading the charge, where bookkeepers are declaring their value, independent of the ticking clock. But how can you make a leap to value-led pricing with confidence?
The popular rebranding from ‘bookkeeper’ to ‘virtual finance specialist’ is not merely a play on words. It is emblematic of a transition in the perception of bookkeepers. But as I’ve observed and spoken to bookkeepers making this shift, the reality is that the work itself hasn’t drastically changed.
It is the approach and, more importantly, the communication of value that must undergo rigorous change. Because even upon adding virtual finance services such as supplier payments, many bookkeepers are still underselling their value.
The shift to cloud-based software and virtual platforms is the backbone of the modern bookkeeper’s toolkit. However, it is not the existence of these tools that guarantees success, but the thorough understanding and ability to use them.
Leveraging these tools to streamline processes, provide real-time data, and enhance client experience are essential. However, it’s the personal touch, the bespoke attention to each client’s needs and goals, alongside the precise and timely advice that will truly set you apart.
There are a few questions I believe all bookkeepers should be asking themselves to really help them define their value:
It may be that on reflection there is a need to introduce additional value add services to help set you apart. You can check out our guides to payroll automation and payments services for support in adding those as potential solutions.
Justine Marshall at Pinpoint Bookkeeping discussed changing her approach in an interview with Telleroo:
“Accountants used to ask me if I took referrals. I would say yes, but only one every couple of months. Whereas now I'm happy to have two a week because I've built this team around me. I don't actually do any bookkeeping anymore. So now I approve the Telleroo pay runs, and I check the VAT returns, and apart from that, my job is to fix problems, concentrate on new clients and refine our systems.”
Finance often feels like a labyrinth to clients, a maze of jargon and procedures. Bookkeepers' mastery lies in simplifying without oversimplifying — providing clients with clear, concise understanding of the service’s value and financial explanations.
Herein lies a substantial challenge — the confidence to assert a fair price indicative of the service’s true worth. I often wonder if we are overcomplicating this transition.
The plethora of thought leadership, conferences, and endless webinars on the subject prompts introspection. Are we, as a community, overthinking and overcomplicating how to price services? What could be an empowering discourse too often devolves into ‘how-to’ guides and ‘top-tips’ lists that do little to further the substantive conversation.
The crux of the matter is that this transition is not about the services; it’s about the individual — the bookkeeper. It is the evolution of their mindset, and their confidence.
The narrative that emerges from this is one of liberation. It is a story of professionals breaking free from the confines of time-based billing and recognising the inherent value in their services. It is about redefining their role, taking up a place as indispensable business allies rather than financial record-keepers.
This transition can be as simple or as complicated as those within the industry make it. But the heart of the matter remains steadfast — the profession is evolving, and within that evolution lies a wealth of possibilities for those courageous enough to embrace it.
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