Fixed Price Agreements
What are fixed price agreements?
Is a fixed price agreement right for my business?
As a business owner, you have a lot to manage, and the last thing you need is to worry about surprise bills and administrative tasks. Fixed price agreements (FPAs) can offer your business the advantage of staying in control of your budget, services, and costs, while maximizing the value of the agreement. FPAs are strictly defined agreements between you, the client, and the accounting firm, leaving little room for confusion or misunderstandings.
An FPA is a predetermined written document that clearly outlines the scope of work, price, and payment terms agreed upon by the client and the accounting firm. FPAs provide transparency and predictability, as the price is agreed upon before the actual work begins, eliminating any significant unknowns. This differs from traditional hourly billing methods.
At Foresight Accounting Solutions Today, we conduct a deep dive discovery of your business before providing an FPA proposal. This helps us understand your pain points and offer the best solutions for your needs. The discovery gives us an experience-based perspective of the status of your financial systems, bookkeeping, and company so that we can provide an appropriate proposal for potential systems renovation, bookkeeping clean up, and ongoing accounting and advisory services. We will provide you with a report on our findings and recommendations, regardless of whether you decide to use our services.
Foresight offers transparent FPA options that provide a concrete budget to work with, allowing you to focus on growing your business. Our FPAs include three core elements:
Price: From the onset, Foresight provides clear communication about the details. Prices are thoroughly discussed, readily available and agreed upon in advance.
Scope: Foresight always gives your business the full scope of work agreed upon and price awareness. There are no hidden fees or unexpected bills.
Expectations: Foresight’s FPAs focus on positive results, goals, and outcomes, NOT solely billable hours.
One key advantage of any FPA is that variability is removed, and your business will not have to pay more to cover higher-than-anticipated costs. You will always know what you are paying for and the services you will receive for the agreed period. If your business seeks to reduce unexpected costs, an FPA is a great option to consider. At Foresight Accounting, we strive to maintain client satisfaction and stability. Both sides will always know the scope of the agreement and costs involved. With us, you will never be faced with a surprise bill.
