What is Price Monitoring?
Price Monitoring gives you a way to track where client fees need updating, and allows you to issue minor adjustments or full renewals without hours of manual checking.
Monitor selected services and/or drivers in your pricing menu:
See where a service price increase didn't reach every client
Track whether software costs like Xero or QBO are being passed on to clients correctly
Monitor whether client volumes, such as invoices, employees, transactions, have grown beyond what their current fee covers
Prepare for renewal conversations with real usage data rather than memory or gut feel
Make quick adjustments or trigger a full renewal based on the monitoring results
How Price Monitor works
Price Monitor compares what clients are currently being charged for the services you select to monitor, against what they should be charged based on two types of information:
Pricing Impact: changes that came from your pricing menu. If you've applied a pricing menu update or changed your service rates for the monitored services, Pricing Impact shows how that has flowed through to client proposals, and flags anywhere it hasn't.
Data Impact: changes driven by real-world client data. If a client's invoice volume has increased, their payroll has grown, or their bank statement lines have doubled, Data Impact flags the gap between their current fee and what their usage now warrants.
You can view both together or toggle Data Impact on and off depending on what you're reviewing.
Note: proposals imported from GoProposal will not appear in Price Monitoring reports. This is because imported proposals don't carry the individual service line data that monitoring relies on. Once an imported proposal has been renewed or recreated in Socket format, it will appear in monitoring as normal.
What you can monitor
Client volumes and business metrics (Driver Metric Monitor)
Upload client data from the tools you already use and Socket will compare actual usage against proposal pricing. Supported metrics are:
Bank Statement Lines
Bills
Employees
Invoices
Annual Revenue
Transactions
Pricing menu uplifts
Track how a global price change has landed across your client base. See which clients have been updated and which are still on old fees.
Software recharges (Subscription Monitor)
Upload invoice exports from software vendors and Socket will reconcile them against what you're charging clients. Supports Xero and QBO exports.
See guide: Getting started with Subscription Monitor
Client Metrics (Live)
If your practice uses Dext Precision or XenonConnect, you have access to the Client Metrics (Live) template in Price Monitor. This removes the need to export and upload a CSV every time you run a pricing analysis, because Socket uses the client metrics data it already holds from your connected integration automatically.
To use it, click Analyse Pricing in Monitor. In the Analyse Pricing sidebar you'll see Client Metrics (Live) with your integration's logo and a note showing when it was last synced and last run. Tick it and click Run Analysis.
Socket will run the analysis automatically using the live data from your integration. Click into any client to see a CLIENT METRICS (LIVE) section showing current price, new price, pricing impact, data impact and variance per service line.
Client Metrics (Manual) is still available alongside Client Metrics (Live) if you prefer to upload a spreadsheet, or if you do not use Dext Precision or XenonConnect. If neither integration is connected, the Include data impact toggle will be locked when Client Metrics (Live) is selected. Analyses using Client Metrics (Live) are also marked stale automatically when client fact values change, so figures are always up to date without any manual reset.
Clients with a discount on their proposal
If any of your clients have a discount applied to a service on their proposal, this section is worth two minutes of your time. It explains a figure that otherwise looks like a mistake.
A client's agreed discount lives on their proposal line, and Price Monitor takes it into account when it suggests a new price. So if your pricing menu says £200 for a service, and that client has a £40 discount agreed, the suggested new price comes out at £160, not £200. That is deliberate: it keeps the comparison fair, because their current fee has the discount in it too, and it means an analysis never quietly proposes stripping a discount you negotiated.
It does mean that if you check a suggested price against your pricing menu, or against Preview Pricing, the numbers won't match for those clients. That's the discount, not a calculation error.
Seeing which clients have one. Where a discount has been applied, the price carries a tag telling you so and naming the amount, along the lines of "includes a £40 discount agreed on the proposal line". If some of your clients look right and others look wrong, that tag is usually the difference.
Choosing whether to include them. In the Analyse Pricing panel there's an Includes discounts option: "Apply each client agreed discount to the suggested new price. Turn off to suggest full pricing menu prices instead."
Leave it on to see what each client should be paying with their discount honoured. This is the one you want for a normal review, since it reflects the deal you actually agreed.
Turn it off to see what everyone would pay at full pricing menu rates. Useful when you want to know what your discounts are costing you, or you're reviewing whether they should still stand. The price then shows a note that the discount was excluded, and reminds you their current fee still includes it.
Either way you get a straight answer, and nothing changes on the client's proposal until you act on it.
The dashboard
Once data is uploaded, the Price Monitor dashboard gives you a consolidated view across all your clients and monitoring types.
Client Status
Each client is assigned a status:
OK: the proposal price matches the data
Overcharged: the fee is higher than the current data warrants
Undercharged: the client's usage or costs have grown beyond what their current fee covers
Missing Data: Socket couldn't complete the calculation. Hover over the chip to see what's missing.
Client Matching
Clients are assigned an icon in the first column of the dashboard to indicate their 'matched' status. This tells you if the client is mapped to a Socket client or not.
Client Icons Quick Reference Table
1 |  | Client has been auto-matched by name. |
2 |  | Client has been manually matched. |
3 |  | Client name was not in the import file, but this Socket client has mapped to a Socket service/driver being monitored. |
4 |  | Client name needs to be manually matched to a Socket client. (The client name was added to the import but has not auto-matched). |
Dashboard Controls
The dashboard gives you a variety of controls and filter options to make it easy to segment data.
'Calculate against' allows you to select which pricing menu you want to check client fees against.
'Include Data Impact' toggle allows you to view client price changes based only on pricing menu.
Dashboard filter options include Search, Status, Template, Source, and Excluded Dropdown.
Pricing totals show a breakdown of totals across all variables at a glance.
Sorting Options
You can sort clients by any column in the dashboard by clicking the column header.
Saved analysis templates
Once you've configured an analysis you can save it as a named template so you can re-run the exact same analysis each reporting period without rebuilding the inputs from scratch. To create a template, configure your analysis as normal and select Save as template before running. Your saved templates will appear in the Run Analysis panel each time you open it, ready to run with a single click.
What to do with your results
Price Monitor flags the discrepancies. Click into any client to see their current proposal driver limits and actual usage values, a breakdown of variance by driver or service line, and a direct link to their proposal to take action.
For undercharged clients: send a revised proposal, trigger a minor adjustment workflow, or flag for renewal.
For overcharged clients: adjust driver limits to reflect current usage, or note for the next renewal conversation.
For software recharge gaps: correct the client's fee to reflect the updated vendor cost.
Not ready to act right now? You can exclude individual clients from the results, or note the gap and return to it at renewal time.