Ignition has just released its 2024 US Accounting and Tax Pricing Benchmark report today, and the findings may be of considerable interest to you and your accounting or tax firm.
Ignition's report benchmarks current fees and pricing models for common tax, accounting and advisory services, as well as planned fee increases in 2025.
Key highlights of the Ignition Pricing Benchmark report:
- Over half of accounting firms participating in the study plan to increase fees across all their services during 2025.
- The majority (around 58%) cite rising business costs as the main motivator for these fee increases.
- Only 5% of the firms surveyed will be raising fees solely to increase revenues.
- Most firms participating in the study will increase their service fees across by 5% or 10%.
- When it comes specifically to tax preparation services, 90% of respondents plan to increase fees for individual tax returns,
- Of the tax firms responding, 87% plan to increase fees for business tax returns.
- The report also highlights a shift from hourly billing to fixed-fee and value-based pricing, as evidenced by the finding that 79% now use fixed-fee or value-based pricing for their bookkeeping and accounting services.
You can read Ignition's 2024 US Accounting and Tax Pricing Benchmark Report HERE.