How to Price Bookkeeping Services for Small, Medium, and Large Clients

how much should i charge for bookkeeping

Below is an overview of small business bookkeeping and how much it costs. Certain choices, such as outsourcing, lend themselves better to flexibility and scalability as needs fluctuate, while others, such as in-house bookkeeping, provide better control. Assess these alternatives and define requirements upfront to match the best solution to your priorities. Have an open conversation with prospective bookkeepers to disclose any potential hidden fees or limitations upfront so there are no surprises.

questions to ask yourself before hiring a bookkeeper

  • Figure out which works for your business and start tackling the problems, or potential problems, with your books.
  • Experienced bookkeepers can charge more than $25 per hour, while entry-level bookkeepers make around $19 per hour on average.
  • It’s a better idea to have someone do it for you, since your time is more valuable elsewhere.
  • Having access to a licensed accountant means you can get accurate financial work completed for you with the added benefit of knowing an expert is managing the work for you.
  • Outsourced bookkeepers have no overhead expenses and charge only for work performed.

However, when talking about bookkeeper costs, it is important to note their differences. For one, a bookkeeper is generally cheaper than an accountant, because they have different functions, expertise, and qualifications. A common rule of thumb is that the real cost of an employee is 1.25 – 1.4x their salary – and possibly higher, depending on your local market conditions.

You want to set a premium on certain services.

First, the kind of services they provide makes a big difference. Simple tasks might have lower rates, while tough jobs how much does bookkeeping cost that need lots of skill could cost more. Bookkeepers in big cities might charge more because living there costs more.

how much should i charge for bookkeeping

Outside expenses are covered by you

  • This covers their productivity (how quickly they work), the precision of their labour, the insights they offer, and the comfort they provide.
  • Ideally, prioritize the experience factor when hiring a bookkeeper.
  • Again, this doesn’t account for location, expertise, or services.
  • Once you’ve settled on a business name, you’ll need to register your business in the state in which you will do business.
  • Failing to file your taxes correctly, or not processing employee payroll properly could end up costing your business a lot of money, and translate into big headaches for you as a business owner.

The important part is to figure out what services you provide and how much you want to charge for them. For another great article about billing for bookkeeping services by the hour, check out this post over at Fit Small Business. On the other hand, there are times you can charge a much higher hourly rate.

Types of bookkeeping fee structures

To become certified, you need to pass a four-part examination, show two years of full-time bookkeeping experience or 3,000 hours of freelance or part-time experience, and sign a code of ethics. Bookkeepers play a vital role in the business accounting cycle by collecting and inputting data. As a detail-oriented professional, you would play a crucial role in the organization and growth of companies from small businesses to major corporations. Retainer costs can vary from a few hundred to several thousand dollars and are frequently tailored based on the anticipated monthly work. While it’s not required for bookkeepers to specialize in a niche, many choose to do so for marketing purposes.

How Much Does a Bookkeeper Cost?

It’s human nature to go toward the least expensive choice when we’re trying to cut costs. Even if creating a budget is crucial, particularly for startups and small enterprises, choosing a bookkeeper only based on hourly rates can occasionally be a clever but foolish decision. Let’s examine the potential drawbacks of this strategy and discuss how to balance cost and benefit.

how much should i charge for bookkeeping

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