Before we dive into pricing specifics, it’s crucial to understand what bookkeeping services entail. The complexity of your business and the volume of transactions will play a significant role in determining the level of service you require. Small businesses, in particular, can look at it as an investment for their growth and future. It all boils down to bookkeeping pricing options to choose from. LYFE Accounting allows flexibility that lets you grow and develop at your own pace.
- We actually want to talk to our clients (although we also understand if they are too busy to to talk – building a startup is a lot of work!).
- Contractors perform special services for companies and aren’t hired on as employees.
- Kruze’s calculator tells you how much it will cost to prepare your startup’s tax return.
- Your bookkeeper can’t, however, prepare or file your taxes for you as part of your Live Bookkeeping service—even if they’re a credentialed CPA.
- Accountants maintain a wide range of skill sets, including managing spending and budgets, taxes, and analysis of financial statements.
Businesses make great use of the financial data that is made available by accounting to drive their success. This crucial financial data is obtained through competent bookkeeping services. Since it drives the decision-making process, you should now understand how important it is to have quality bookkeeping services. After all, bookkeeping is the process of tracking your business assets, liabilities, income, and expenses.
Would you like your bookkeeping service to prepare your income tax returns?
One of the main benefits of such an approach is that you can customize the services you want the bookkeeper to provide. 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. That’s because it offers a prerevenue discount of $200 per month. Each plan comes with a finance expert, automated transaction imports, P&L, balance sheet and cash flow statements.
Value-based pricing means pricing your services upfront based on the perceived value they have to your clients. By definition, fixed-fee pricing is inflexible, and in a complex industry, inflexibility can cost you money. As a bookkeeper, you can and should leverage your experience to increase your bookkeeping services pricing profit. If you’ve been working in the industry for 10 years, for example, you’ll have the client base, referrals, references, and body of work to quote a higher rate. With tech taking up so much airspace in modern accounting, those who are fluent users are quickly outpacing those who aren’t.
What is the difference between bookkeeping and accounting?
Once you feel comfortable with their business and how they work, then use those hours to calculate a fair value-based fee to charge in the future. A strong alternative to hourly billing is fixed-rate (or flat-fee). It means you set a fee for each service you offer and provide clients with a ‘menu’ of sorts, with corresponding prices. But the hourly rate is becoming outdated with the dominance of technology. Tech makes once time-consuming work quick, and in many cases, effortless.
