How Much Should I Charge for Bookkeeping Services? Averages & More

Intuit’s 2021 rate survey found that average hourly rates did not differ between bookkeepers and certified bookkeepers, suggesting that a bookkeeping certification has no significant impact on pricing. The size of the client company is also an important factor to consider when pricing your bookkeeping services. A small business bookkeeping service is an investment that helps you grow. Our expert team of bookkeepers and CPAs makes managing your finances easy so you can get back to business. Depending on your bookkeeping needs, you can pay as little as $275 a month (when billed annually).

• However, corporations in the financial sector, especially, and other industries are required to have an accounting department for oversight purposes.
• Our catch-up bookkeeping packages start at just $1,500 per year and can be customized to fit your specific needs.
• Zeni supports unlimited transactions from unlimited accounts for a flat monthly fee.
• When you’re just starting out, it might be tempting to determine how much you want to earn per hour and back into your pricing from that point.
• But, if used in conjunction with the number of transactions, it shows where there might be outliers that would impact the effort to close the books, and thus impact the cost to deliver bookkeeping services.
• If you are working on a project basis, you will need to invoice your clients for the work you have completed.

At BELAY, our model is a set subscription paid on the first of each month. That subscription is set and based on an agreed-upon scope of work, and will not incur additional fees based on transactions or report requests. As a business owner, you’re acutely aware of how precious a commodity time is.

Advantages of Hiring a Bookkeeping Assistant

On the other hand, if you’re working with a small company, they may have simpler needs and require less work. Remember, even small businesses can be complex and may need additional support because they have fewer resources. If you’re working with a large company, they may have more complex needs and require more work from you. They may also need specialized additional services and reporting. Like so many aspects of accounting, bookkeeping involves a lot of repetition.

This approach is useful for bookkeeping businesses wanting to focus on creating valuable products or services for their customers. Once you’ve considered all the factors above, you’ll need to decide whether to charge an hourly https://kelleysbookkeeping.com/bookkeeping-payroll-services-at-a-fixed-price/ rate or per project. The type of bookkeeping services you offer will also affect your pricing. Through the categorization, reconciliation, and books close process, your Live Bookkeeper ensures your books are accurate.

The Ultimate Guide to Budgeting for Marketing Firms

When considering the question of how much a bookkeeper costs, think about what matters most to you. ”, you may be surprised to find them considerably higher than a bookkeeper. At BELAY, you have one dedicated bookkeeper that completes all work on your account. We are intentional in our placement as we want the bookkeeper to be a great fit for your team. Now that you have a better idea of what you’re looking for, here are five questions to ask to make sure you hire the right bookkeeper for your business.

Accountants who have a bachelor’s degree in accounting – or a finance degree considered an adequate substitute – and interpret, classify, analyze, report and summarize financial data. But when it comes to bookkeeping, hiring an employee to handle it may not be realistic – at least not yet. But bookkeeping is much like going to the dentist – no one Independent Contractor Agreement for Accountants and Bookkeepers actually wants to do it, but not doing it simply isn’t an option, either. Get up and running with free payroll setup, and enjoy free expert support. You may also consider throwing in other costs, like a fee for an initial consult, to your pricing structure. Look at the types of services you offer and compare what you currently charge to others.

Picking the Right Bookkeeping Option for Your Business

Kathryn is a Chartered Professional Accountant with over 7 years of experience in both public practice and industry accounting. She has had the opportunity to work with a wide variety of individuals and companies, which gives her a unique perspective on what it takes to be successful in the industry. Kathryn loves all things business and productivity and has been able to combine her love for creating content into writing for accounting firms looking to improve their businesses. This fee will cover things like setting up or transitioning the accounting software, setting the chart of accounts and inputting opening balances.

In addition to the monthly bookkeeping charge, you should also charge a one-time setup fee to set up the client’s books. This is especially important if you choose fixed monthly fee pricing, as the setup can be time-consuming and outside the scope of monthly bookkeeping. Value-based pricing is a good option for bookkeepers who are confident in their abilities and can provide a high level of value to their clients. It allows you to charge more for more valuable services to your clients, which can result in higher profits. The problem with hourly billing is that it can lead to unpredictable fees for your client, and there is no incentive for you, as the bookkeeper, to complete your work more efficiently.

Full-Time Bookkeeping for Small to Medium Businesses

A full-time bookkeeper with plenty of experience can manage anywhere from 5 to 20 clients. As a small business owner, you can rely on our bookkeeping virtual assistants for all your payroll needs. From processing employee payments to managing employee benefits, we ensure to take care of everything. You won’t have to pay additional benefits or overhead costs when you hire a bookkeeper from one of these services. The cost of hiring an internal bookkeeper also depends on the experience, qualifications, and skills of the bookkeeper. You can expect to pay an average amount ranging between $500 to $2,500 per month.

Look at your services and compare them to what other bookkeepers are charging. All our services are performed on a fixed fee basis so you know exactly what it will cost each month. We will give you an exact quote for the work before you start, and firm deadlines for getting it done. Our agreement is done in writing and spells everything out so you know exactly what you are getting and what it will cost. This task probably takes me a couple hours per month to complete. If you are doing anything with payroll, this will vary widely between each client.