Free Bookkeeping Pricing Template

Now, creating a new pricing structure for each client who needs it would take a lot of time, effort, and resources. It provides a pre-built framework that allows you to customize service packages and pricing based on client needs quickly. Another option is to offer an hourly rate for the first job with a new client.

For example, a manufacturing company might need inventory management, while a retail business might require point-of-sale integration. You need to find the right balance between a price that wouldn’t scare away your target market but still doesn’t undervalue your expertise and ensures you’re profitable. At the end of the year, during tax time, you need to send anyone who works for you as a contractor a special form called the 1099. Regular employees receive a W-2 in January showing their wages from the previous year. Contractors perform special services for companies and aren’t hired on as employees.

HOW TO START A BOOKKEEPING BUSINESS

They’ll be more inclined to pay higher fees if they see you’ve been endorsed by well-known software companies, especially if it’s the software that they use for their accounts. When you’re calculating your rates, especially in a new location, doing local research is crucial. Ask other bookkeepers about services, rates, and gather any other information about working in your area that will help you stay competitive.

Full-Time Bookkeepers

I work a maximum of 10 hours per month on this particular client’s books, and charge $500 a month, which still comes out to be roughly $50 an hour. To grow and scale your firm, you need to expand your service offerings and offer more value. Go beyond basic bookkeeping and into advisory or client accounting services (CAS).

Free Bookkeeping Pricing Template Guide

Our firm revenue report has details on how much firms in different locations are making, how long they’ve been in business and the services that drive the most revenue. This includes everything from bank reconciliation and accounts payable/receivable management to payroll processing and tax preparation assistance. Clients have different needs and so often need customized pricing.

• But don’t just focus on the time it takes you to complete tasks.
• 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.
• In this model, you set your fees based on the tangible benefits your services bring to their business, such as improved financial clarity, increased efficiency, or cost savings.
• Some are more impactful than others, but they should all be considered.
• Financial Cents has a time-tracking feature that makes hourly tracking easier.
• Additionally, the office space charges are high even for a limited space compared to a virtual or rural office.

How To Use a Bookkeeping Pricing Template?

However, some bookkeepers may provide such services on their end. How much you charge for bookkeeping bookkeeping pricing structure can vary widely based on several factors. The industry that you are catering to, the workload from that particular client, their location, etc For small, medium, and large clients, the rates would vary. Here are a few things to consider when determining your bookkeeping packages. Be upfront and clear with potential clients about the pricing structure of your fixed fee bookkeeping packages so they can make informed decisions. When asking yourself how much to charge for bookkeeping services, don’t forget to factor in where your business is located.

What is a Small Client?

Bookkeepers use different pricing models when offering services. Understanding the prices helps organizations determine which model to use depending on their needs. Technology and software evolution have impacted accounting processes, especially bookkeeping.

• The price you will be charged for bookkeeping services will depend on the size of your business or the industry in which you operate.
• This simplicity makes it a good option for new bookkeepers or those with clients whose bookkeeping needs fluctuate month-to-month.
• A firm offering such services charges a higher fee than one that uses a traditional accounting system.
• 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.
• Ask other bookkeepers about services, rates, and gather any other information about working in your area that will help you stay competitive.

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. To illustrate what a medium client looks like, I’ll be using a law firm I do bookkeeping for that generates about $800k in revenue a year. This firm has seven employees, which includes their attorneys and their general staff. Working a maximum of five hours per month on this particular client’s books, and charging $250 a month, I’m making right around $50 an hour, which is in the ballpark of where I want to be. The template is divided into seven sections, and includes critical details for each step.

Wondering how much you should charge for bookkeeping? Discover competitive rates and pricing strategies in this guide!

As an added bonus, researching your local market helps you identify any service gaps not covered by your competitors. This gives you the perfect opportunity to differentiate your business and provide unique value to small business owners. Let’s go further into details of how to price your bookkeeping prices profitably. It also facilitates collaboration with other parties affiliated with the company accounts. A professional bookkeeper should create avenues for a client to contact him or his firm to learn the progress of his account.

Consider your budget

Fill out your details and follow the instructions to create your account. Use this Google Sheets(which is like an excel) version to come up with a price and send it to client. Instead of a sales pitch, guide a discussion highlighting the value you deliver and how you can help clients achieve their goals. Our goal as entrepreneurs is to figure out what is the maximum that they are willing to pay and we need to remember that everyone is willing to pay a different price. I’m in charge of sending invoices out to their patients, so I look in the system how much we are supposed to be charging them. For example, the appointment may have cost $300, the insurance covered $200 of the charge, which leaves $100 as the patient’s responsibility.