How to Price Your Accounting Services
Ultimately, hiring a bookkeeper or financial management company will be different for every business and bookkeeper costs will vary. Deciding what kind of small business bookkeeping services you need, and what your business can afford is a great place to start. FinancePal offers a variety of financial services tailored to your industry and business operations. Work with a designated financial expert to help you streamline your accounting, and allow you to prioritize your time where you’re passionate, and most needed. You may want to charge a lower price if you only offer basic bookkeeping services, like data entry and financial statements. The price should match the time you expect to spend completing the work each month.
If you’re a small firm owner just starting, you may want to consider charging less than someone who has been in the business longer. However, having a low price may get your foot in the door. As a virtual bookkeeper, it’s crucial to be flexible and adapt to their specific requirements. Yes, the workload might be higher, but so is the monthly fee, and your clients will appreciate the breadth of services you can provide.
Choose the pricing strategy that works for your firm
In this strategy, you take what it costs to offer your services and add a percentage to that amount to determine how much you should charge clients in order to make a profit. While there are advantages of cost-plus pricing, it often leaves a lot of money on the table for businesses that offer a service rather than a product. Follow the steps to confidently charge for your bookkeeping services. Consider what’s possible if you increase your revenue two to three times more without working additional hours.
The more you establish value in Step 1, the easier your job will be in demanding a higher price per month. Thanks to some of the marketing for accountants strategies you’ve leveraged, you’re now ready to chat with a prospective client. Do your due diligence to make sure you’re billing your clients fairly. But, don’t minimize your worth and expertise in the pricing process.
Basic Bookkeeping vs. Full Service Accounting
Once you’ve considered all the factors above, you’ll need to decide whether to charge an hourly rate or per project. I don’t think this is as viable for someone doing a regular set of recurring services each month. However, if you provide less recurring services such as consulting, analysis, and accounting software support, this could be an option for you.
Sales, production, and employee retention are all extremely important. And while it may not be the most glamorous bookkeeping pricing packages topic, bookkeeping also plays a part. There are many aspects of being a business owner that drive success.
How much does a bookkeeper cost for a small business?
You can also book a call with your bookkeeper (or send them a message) whenever you’d like. There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements. The accounting software used can impact the price of the service. Maybe the freelancer is experienced in a single software and charges a lower rate for it. You can also find experts in numerous accounting software that charge more.
- It may be time for you to make the executive decision of hiring a bookkeeper to take the reins.
- If you’re located in a major city, you may be able to charge more than someone in a smaller town.
- Customer expectations are changing, and they are now more insistent than ever on upfront pricing.
- No surprises at the end of the month, just the assurance of well-managed finances.
- Still, from state-to-state in the US, there are significant differences.
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