What Is the Cost of a Bookkeeper in 2022?
Templates, workflows and automations all give you time back in your day that you can spend building your client base and adding value for existing clients. If you’re already doing a client’s books, approach them with an offer to build on your role. They already trust you and you already know how their business works. Marketing the services that add value to your clients outside of your typical responsibilities is a great way to increase revenue. In any industry, experience is influential in pricing decisions, and bookkeeping is no different.
If you’re not there already, it’s worth upskilling to get to that point, as you’ll be able to justify higher pricing packages. 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. These tasks might require different certifications, specialized skills, or additional time, which means they can be billed at a different rate. Along with considering the above factors when setting your pricing for bookkeeping services, you’ll also want to set up a pricing structure that works for you and your firm.
Bookkeeping fee structures
This is highly beneficial to companies entering a growth stage without having to provide additional office space or pay salary benefits. The lesser cost of a part-time bookkeeper (as opposed to a full-time employee) is the biggest benefit for companies. A part-time bookkeeper will usually cost more per hour than full-time bookkeepers, but the total monthly cost will be less. The actual hourly fee of part-time bookkeeping can vary according to location, duration, and daily responsibilities.
Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions. Accounting is the interpretation and presentation of that financial data, including aspects such as tax returns, auditing and analyzing performance. Look at the item in question and determine what account it belongs to. For example, when money comes from a sale, it will credit the sales revenue account. Making sure transactions are properly assigned to accounts gives you the best view of your business and helps you extract the most helpful reports from your bookkeeping software. When doing the bookkeeping, you’ll generally follow the following four steps to make sure that the books are up to date and accurate.
How Much Should I Charge for Bookkeeping Services?
This method records financial transactions when money is exchanged. This means that you don’t record an invoice until it is actually paid. Similarly, you don’t notate outstanding bills until you actually pay them.
Most accounting software does this for you, so you don’t need to worry about an extra step. That said, being outside a major metro doesn’t necessarily mean low salaries. Rural bookkeepers can sometimes charge a premium, because there are fewer local providers with their skills and expertise. For the same reason, if you need a bookkeeper with very specific industry knowledge or experience, costs may be higher than for a bookkeeper with a more general background. The cost of a bookkeeper can vary depending on if you hire a freelance bookkeeper or a bookkeeping service. Not to mention that the 15 hours you’re spending on bookkeeping today could be spent on growth for the business in other, more productive ways.
Bookkeeper.com
Part time bookkeepers will charge between $400 and $800 per month for basic bookkeeping, excluding the benefits. For full time services, expect to pay from $3,000 to $4,500 per month without the benefits. For outsourced bookkeeping, the price is from $500 to $2,500 per month for basic bookkeeping tasks. If basic bookkeeping is all that your bookkeeping services pricing company needs at this stage, you’ll need to decide whether to do the bookkeeping in-house or if you should outsource. If you decide to hire and manage a bookkeeper you’ll also have to decide whether the position is part-time or requires full time. Let’s look into three different options your company could consider to fill this need…