Pricing Business Management Accounting Bookkeeping

As a business owner, you’re acutely aware of how precious a commodity time is. But what you might not realize is that putting bookkeeping off can cost exponentially more time. With the idea of hiring a full-time accountant on your roster now put to bed, let’s consider what kind of bookkeeping you may need.

It is best for this pricing structure to implement software for accountants that track time to ensure your time tracking is efficient and accurate. The more you offer, the more you need to reconsider the price you charge for bookkeeping services to ensure you’re charging clients the right amount for your services. If you’re having trouble determining how much to charge a client, it’s perfectly fine to start out working with them at an hourly rate and moving to a fixed rate later on.

Payroll

The cloud-based workflow management system allows you to start with predefined templates, customize them for your firm, and track progress on all your work. Jetpack Workflow offers a free 14-day trial which will give you the opportunity to see how much time you could be saving with a full https://www.bookstime.com/ workflow management system. You can bill incrementally by creating invoices each month for the services rendered during the prior month. You can also calculate the average monthly cost for the year and bill your clients a flat fee each month (which is calculated in the template).

Consider how frequently you provide services to a client when making up your mind about what to charge. Some clients will be a one-time deal, while others may need you on a regular basis (e.g., quarterly). So, don’t be afraid to boast about your experience while marketing your accounting firm. And, use it as a competitive advantage when it comes to pricing your offerings. At the end of the year, during tax time, you need to send anyone who works for you as a contractor a special form called the 1099. Regular employees receive a W-2 in January showing their wages from the previous year.

What Does a Bookkeeper Do for Your Small Business?

On the other hand, with accrual-based bookkeeping, income and expenses are documented when they are earned and paid. It helps you and your client be transparent with the services your firm offers which will help boost your team-client relationship. To illustrate the cost efficiency of a part-time bookkeeper, consider bookkeeping services pricing the following example. The good news is that using the right fintech and accounting systems can save a startup money on bookkeeping by automating the flow of data and automatically categorizing transactions according to GAAP. GrowthForce accounting services provided through an alliance with SK CPA, PLLC.

• Clients will inevitably have questions for you throughout the year so you should offer different levels of support at multiple price points.
• They are in charge of maintaining your financial books by keeping track of expenditures and revenue.
• Deferred revenue, customer prepays, fixed asset schedules, upfront payments for SaaS software – these are items that need to be split out to make correct accrual accounting.
• Along with considering the above factors when setting your pricing for bookkeeping services, you’ll also want to set up a pricing structure that works for you and your firm.
• We’ll discuss monthly and annual budget targets and you’ll have plenty of chances to revisit the budget throughout the process.
• Another factor to consider is the size of your client’s business.
• A large corporation may place a higher value on bookkeeping services that help them stay compliant with government regulations and audits.

When setting your bookkeeping services prices, consider creating different tiers for the size of the client. One way you can determine how much to charge is to tie each task to a dollar amount. When you’re first starting out, it’s hard to get a grasp on that, though, which is why I like to put it based on terms of approximate hours worked. Most likely, you already have an hourly rate in your mind that you’d like to be working at, and you likely did not get into bookkeeping to be making $10 an hour. With my small clients, I do all the regular bookkeeping tasks, such as hooking their banks up to QuickBooks Online, categorizing all their transactions, and reconciling at the end of the month. However, for this client, I also do receipt management, which is probably the most time-consuming task I do for this preschool.

What our clients are saying

That doesn’t mean you need to spend a lot of time figuring out the pricing for each new client. Our account management team is staffed by CPAs and accountants who have, on average, 11 years of experience. Our goal is to get you due diligence ready, and we charge an onboarding fee to get your financials and books in order. There may be additional costs to correct previous months’ financials. Try us for free—we’ll do one month of historical bookkeeping and prepare a set of financial statements for you to keep. The typical fee for board services is $1000 per month, plus mileage and expenses.

If you decide to hire and manage a bookkeeper you’ll also have to decide whether the position is part-time or requires full time. If you decide to outsource, there are a few ways to go including local bookkeeping services, local CPA firms that offer bookkeeping services and specialized, national outsourced bookkeeping firms. Let’s look into three different options your company could consider to fill this need… Our customized bookkeeping price packages give the average small business owner enterprise-level service at a rate they can afford. We’ll work with you to establish an affordable monthly fee for services tailored to your business.

Find the option best for your business.

Offering bookkeeping service packages at different tiers, such as gold, silver and bronze, is a great way to offer different pricing to clients of different sizes and needs. While we have some standardized pricing, we do look at every client and every job as a unique project. Most often clients are interested in monthly work, but we can do quarterly, and we can do weekly.