The main types of checks I write are reimbursement checks if the teacher buys supplies with her own money, or certain vendors will send invoices, and I will write a check for those. I’m trying to help my client get away from that by training them to use their debit card to pay for vendors rather than having them invoice for a paper check. Value pricing and bundling is an obvious strategy to boost your bottom line.
- However, for this client, I also do receipt management, which is probably the most time-consuming task I do for this preschool.
- Studies show that if given three options, consumers are 66% more likely to choose the middle tier.
- If you are doing anything with payroll, this will vary widely between each client.
- This task probably takes me a couple hours per month to complete.
- A clear and detailed pricing document makes communication with clients easier and better.
- Ian discussers the phases of transitioning to value pricing (setup, implementation, and execution) and walks you through the process in ten proven steps.
- Having an open dialogue with clients about this when you’re first signing them can be a good idea to pre-empt adjustments down the line.
Spend less time bookkeeping and more time growing your business.
But the hourly rate is becoming outdated with the dominance of technology. Tech makes once time-consuming work quick, and in many cases, effortless. This means that regardless of a service’s value to your clients, you’re capping your pricing based on how long it takes to deliver that service. In an ideal world, all your clients would be ongoing at a fixed or value-based billing structure. They would know what services to expect from you, and you could charge an automatic, monthly fee. A strong alternative to hourly billing is fixed-rate (or flat-fee).
SERVICES
Book a demo today to see what running your business is like with Bench. Our intuitive software automates the busywork Retail Accounting with powerful tools and features designed to help you simplify your financial management and make informed business decisions. A clear and detailed pricing document makes communication with clients easier and better. There’s no back-and-forth trying to explain the rates to them since the document is self-explanatory.
Free Course: Understanding Financial Statements
To set the correct pricing, you need to start by assessing the various factors that affect your rate. Some are more impactful than others, but they should all be considered. For S-corps, C-corps, and partnerships, you can add-on personal filing for 1 partner or shareholder for just $59/mo when billed annually or $69/mo when billed monthly. Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench. If you’re looking at a basic bookkeeping package with yearly bookkeeping, this is for you. Know that there’s a plan in place to ensure that your filings are up to date and never fall behind.
Still, from state-to-state in the US, there are significant differences. For example, in Massachusetts, in-house bookkeepers earn 20% more than the national average, whereas in Kentucky, they earn 22% less than the national average. We can fully wipe your data, too—at the end of the day, it’s your info and your call. Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants. During your demo, we’ll walk you through the services included in each Bench bundle to determine which is the best fit for your business.
These tasks might require different certifications, specialized skills, or additional time, which means they can be billed at a different rate. Develop a rough estimate of the average time it takes to complete tasks for different client sizes and needs. This is necessary for setting realistic pricing for your various service packages. Consider factors like transaction volume, industry complexity, and the level of bookkeeping expertise required. A template serves as a solid foundation for your pricing strategy.
- The thing that takes the most time with this client is the invoicing.
- Even though I’m giving you the hours it takes me with each of these clients, I don’t necessarily keep track of them.
- Payments come in electronically, and when they come in, I apply it to the patient’s balance.
- Our bookkeeping and accounting firm works as an extension of your team, learning your business, processes, and are with you every step of the way.
- Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support.
Bookkeeping services pricing guide: How to nail your pricing
By definition, fixed-fee pricing is inflexible, and in a complex industry, inflexibility can cost you money. Don’t be fearful of having conversations income statement about raising rates with long-term clients. If they value your relationship and the service you provide, they’ll understand why you make occasional and reasonable increases. Generally, small to medium-sized businesses expect to pay between $500-$2,500 USD monthly for their outsourced bookkeeping—an dauntingly large range to deal with.
Costing and Rates
I do not offer full-service payroll as a bookkeeper, and I don’t do payroll in QuickBooks, but my clients have a payroll service they use. Figuring out the right price or the right way to package your services bookkeeping price list isn’t easy. But breaking it down and building your pricing model by considering all the relevant factors will give you a reasonable solution to test. Though you must be willing to make changes if it isn’t working for you—even if that means having tough conversations with clients. However, there are slightly more sophisticated ways to package your bookkeeping services that encourage repeat clients, and maximize profits.
Types of services you offer
By factoring in these expenses, you ensure your pricing structure covers your business costs and allows you to turn a profit. It lets you structure your pricing based on hourly rates or flat fees. The former factors in your price per hour and the estimated number of hours required per month to complete the project. While the latter offers a clear and upfront cost and allows you to define your pricing based on quantity or unit (e.g., number of transactions processed). Businesses typically expect certain services to be part of bookkeeping, but providing additional offerings that add value to your clients’ businesses can justify charging a higher fee.