Implementing an automatic yearly price increase ensures steady revenue growth, streamlines contract management, and builds transparency and trust with clients, all while effortlessly keeping pace with inflation and market trends.
Note: Automatic yearly price increases can only be set for recurring services.
Setting an automatic yearly price increase
Open a proposal
Add a recurring service
Click on Advanced settings
Click on Set an automatic annual price increase
Set the rate by which you want to increase the price of the service.
Choose between automatically increasing the price on the agreement anniversary (by the agreement effective date), or on a specific date..
Rounding prices
When automatically increasing prices, rounding down can make the new prices more visually appealing and easier for clients to understand. Prices can be rounded down to the nearest $1, $5, or $10.
Example: If your original price is $350 and is set to increase by 8.5% on the anniversary of the agreement, the next year’s price would be $379.75 unless rounded.
If rounded down to the nearest $1, it would be $379.
If rounded down to the nearest $5, it would be $375.
If rounded down to the nearest $10, it would be $370.
Notifications
The team member assigned on the agreement will receive an email notification 30 days in advance, alerting them of an upcoming price increase for the client.
Once the price increase takes effect, the client will be informed that the price has been adjusted in line with the agreed-upon terms.