bookkeeping and payroll services at a fixed price 1

Bookkeeping Price Packages: Choose the Best Option for You

You get your financial statements every 15th of the month. These include profit and loss statements, balance sheets, and cash flow statements. Cleanup includes getting your past financials up to date and updating your profit & loss and balance sheet.

Automate common bookkeeping tasks and grow your client base

• These include running payroll, preparing your business to file taxes and handling invoices and bills.
• For example, you might process a certain number of transactions for one cost, but going over that incurs a different fee.
• For small businesses, the decision between outsourcing and in-house bookkeeping often comes down to cost and specific needs.
• Noticing trends for the different pricing systems that you test is key to establishing the right balance.

Review multiple price lists, ask questions, and select a bookkeeping partner that can grow with your business. Choose a service that offers transparency, scalability, and expertise to maximize the value of your investment. We at BFC Tax Accountants understand the unique needs of businesses in Barrie, Ontario and beyond. Our comprehensive accounting and tax services support your business at every stage of growth. We offer tailored solutions that align with your business goals and budget. Bookkeeping service pricing models vary widely and understanding them is key to finding the right fit for your business.

While you’re waiting for your chance to branch out and start your own small business, you can use this time to practice your negotiation skills. Making a strong case about why you deserve a raise will get you used to the process when it’s time to raise your rates with your clients. Here, you charge a set fee for each hour you spend working on a client’s books. This method offers transparency for you and the client, as they are directly billed for the time invested in their financial management.

Step 5: Implement Value-Based Pricing

Ever since my first bookkeeping job over the summer in 1990, I’ve been focused on helping small businesses grow by better understanding their numbers. If you post them on your site, a potential client can choose your services like they’d choose a combo at a drive-thru. For another great article about using pricing bundles, check out this post over at FinePoints Bookkeeping. Once you put together a good system, including a pricing list and some standard bundles, this is a great way to bill for your services. These are written by experts in value pricing, and can help you it all out. For example, calling the tax office to negotiate lower penalties on tax arrears may only take 15 minutes of your time, but could save your client thousands of dollars.

• Here are a few things to consider when determining your bookkeeping packages.
• Accountants understand that with the volume comes the complexity of managing accounts payable, which can wreak havoc on a business’s cash flow.
• However, the company owner knows that the freelance bookkeeper will pull out all the stops to find the problem and fix it, so must live with the higher price.
• With inundating concerns and questions like, How much does a bookkeeper cost, what kind of experience is needed, etc, you might feel overwhelmed – but you don’t have to.
• You also have the liberty to bookkeeping cost per hour and much more.

Deciding how to charge for bookkeeping services or how to create bookkeeping packages can be essential here, as your work will determine how much you should be paid. To make things more complicated, a freelancer, small business, bookkeeping firm, or an accounting firm will offer different average rates for bookkeeping services. You can expect a full-cost accountant to carry out tasks related to paying bills, billing customers, managing timesheets and pay slips and processing end-of-month financial statements.

Then you provide them with access to your books and perhaps some other financial documentation. They will look over anything that you have not properly maintained. After this process, which typically takes 30 days, you can keep working with the bookkeeper to maintain your books. On top of a competitive salary, you may also offer benefits. And if this is their full-time job, you might provide a computer and other office equipment. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Support for Accountants, CFOs, and VPs of Finance

In a survey by PracticeWeb, 66% of clients surveyed said they would pay more for a ‘tech-savvy’ accountant. To set the correct pricing, you need to start by assessing the various factors that affect your rate. Some are more impactful than others, but they should all be considered. However, it is very useful in practice if a bookkeeper can sign emergency payments for a small amount, say $100 or $200.

Common Pricing Strategies for Bookkeeping Firms

The key is understanding what you’re paying for, the kind of support your team needs, and how your business is expected to grow. Timelines for implementation vary widely, but many organizations (when guided by a helpful software partner) complete the process within a few months. Even a simple mistake from your own organization (like a missed time punch or incorrect wage entry) will be your responsibility to resolve, regardless of who is processing payroll. Outsourced payroll providers often promise error-free processing — but a quick look at their user reviews tells a different story. The real question isn’t whether errors will happen (they always do).

Lawyers more often use this, but bookkeepers and accountants can use this method too. Obviously, if you’re an employee working as an in-house bookkeeper, you can’t offer value pricing. You’re either going to be paid an hourly rate or a salary.

This enables you and your Bench team to work together seamlessly from the start. Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench. Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions. Studies show that if given three options, consumers are 66% more likely to choose the middle tier.

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. 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.

Aside from pricing model and type of bookkeeping service, here are the main factors that affect small-business bookkeeping prices. The type of bookkeeping service you choose will impact how much you pay, too. In-house bookkeepers are usually the most expensive option. Hiring a virtual bookkeeper or online bookkeeping service can be less costly. Many of these services offer various plans that cover everything from just the bookkeeping basics to other back-office tasks, like payroll and accounts receivable. Popular choices include QuickBooks Live, Pilot Bookkeeping and Bookkeeper360.

They were able to take a lot off my plate, allowing me to focus more on providing excellent service to my clients. It not only enables you to monitor the financial health of your business, but it also helps in the decision-making process for the future bookkeeping and payroll services at a fixed price of your business. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. We take care of the accounting, bookkeeping, and tax preparation so you don’t have to. As your business grows or changes, our services adapt with it.