Whatever structure and pricing you go with, make sure to lay it all out on the table for current and prospective clients. That way, there are no surprise fees, and clients know what to expect from you. Look at the types of services you offer and compare what you currently charge to others. FinancePal is best for small businesses that need bookkeeping assistance, including catch-up bookkeeping, entity formation and tax filing. Our bookkeepers act as an extension of your team, learning your business, processes, and are with you every step of the way.
Though you don’t need to be a certified CPA as a bookkeeper, there are still certifications you can gain to justify a higher fee for your services. We are experts in accounting and are ready to serve all of your bookkeeping needs. We use the latest and greatest technology, making our bookkeeping process efficient and streamlined, which ultimately means a cheaper price to you. Once we become partners, we will send you a short questionnaire to learn more about your business.
Bookkeeper salary and hourly cost by state
However, for this client, I also do receipt management, which is probably the most time-consuming task I do for this preschool. The price that you’ll set will be based on your service offer which has to explicitly address the needs and pain-points of the small business owners identified in the meeting with your client. In a value pricing approach, your accountant’s fees will differ from client to client depending on the situation. The tax preparation fees for Client A may be different than the year-end tax preparation fees for Client B, even if the service is identical. Ideally, prioritize the experience factor when hiring a bookkeeper. Go for professionals who have already worked with similar businesses.
Value pricing and bundling is an obvious strategy to boost your bottom line. The challenge though, can be persuading your clients to agree to it. Marketing the services that add value to your clients outside of your typical responsibilities is a great way to increase revenue. Most people don’t want the most expensive option, but they also feel dissatisfied with selecting the base option because it lacks certain features.
Step 3 – Establishing Pricing
Fixed-pricing looks at your costs in advance and applies your desired margin and voila, you have your price per month. Whether or not it makes sense for your small business client or not is another story. In a billable hour approach with per hour pricing, you let the clock run and your price is based on the time you spent.
On paper, a part time bookkeeper may look like an attractive option. However, any error or oversight that may appear on the sheet is fully at your business’s expense. But if it’s more complex, like building out your financial outlook, you might be better off with hiring an accountant. As you’ve seen, there are several solutions to this bookkeeping dilemma, but they also come with additional questions you should keep in mind before making a decision.
HOW TO START A BOOKKEEPING BUSINESS
Allowing us to tackle the headache and frustration that financial management can bring will give you the time to focus on growing your business to the next level. Remember, pricing isn’t just about covering costs; it’s about recognizing the value of the service provided. So when setting the prices, consider all these factors and how they contribute to the overall value delivered to the clients. Remember, every client, regardless of size, is looking for a trusted financial advisor. As their bookkeeper, you’re not just offering them a service, you’re offering them peace of mind, and that’s a value they’re more than willing to pay for. Each pricing model should be crafted with care and consideration to reflect the unique services provided to small, medium, and large-sized clients alike.
Put yourself in their shoes as small business owners, and work to deliver a solution they need. If either part-time or in-house bookkeeping is not the ideal solution, switching to outsourced bookkeeping or accounting could be your bookkeeping services pricing best option. Many businesses are concerned about switching over to outsourcing, not understanding how the pieces fit together with this model. But with today’s advancements in technology, outsourcing has never been easier.