Bookkeeping Pricing Plans & Packages

To illustrate what a small client looks like, I’ll be using a preschool I do bookkeeping for that generates about $150k in revenue a year. This preschool employs six teachers and hosts about 100 students. The tools you use to communicate your pricing strategy can also make a significant unearned revenue difference. For instance, consider utilizing a client portal, which can provide a secure platform for sharing sensitive information such as pricing details. It can also be used to share important updates, maintain transparency, and build trust with your clients.

Financial Reporting

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. One of the extra tasks I do for this law firm is their bill pay. You can use different programs to get electronic copies of their bills, or they can be emailed to you if there isn’t anything confidential on the bill. We can fully wipe your data, too—at the end of the day, it’s your info and your call. Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants.

• The calculator will incorporate these additional expenses into your rates, ensuring that your pricing covers all financial aspects of your bookkeeping services.
• Here, you want to determine the services the client will need and the scope of those services.
• Understanding the cost of bookkeeping before outsourcing is important for business owners.
• At this level, businesses typically have their basic bookkeeping needs covered but require more advanced advisory services.
• On the other hand, an outsourcing company should consider charging an annual fee in the range of $20,000 to $50,000 for their bookkeeping services.
• This includes workflows, software used, and key personnel involved.

Payroll assistance

Proper qualifications are virtual accountant a must, but more experience also costs more. Experienced bookkeepers can charge more than $25 per hour, while entry-level bookkeepers make around $19 per hour on average. More than 5 years of experience typically results in command rates that are 25-50% higher.

• Bookkeeper salaries vary state by state (see our chart below), and depending on where you live, you could be paying a large difference in one place versus another.
• If you’ve ever managed a business owner’s account, you’d know that the workload isn’t always steady.
• While specific prices depend on your unique business circumstances, below are some overarching averages to use as general benchmarks when budgeting and evaluating options.
• You won’t have to pay additional benefits or overhead costs when you hire a bookkeeper from one of these services.
• If you’re having trouble determining how much to charge a client, it’s perfectly fine to start out working with them at an hourly rate and moving to a fixed rate later on.

Integrate with a client portal like Copilot

Value-based pricing focuses on the benefits your service can bring to the client. Instead of using your costs + profits or competitors’ prices as your benchmark, you set your fee based on the value you can provide to your client. Please see the chart below with data pulled directly from the US Bureau of Labor Statistics 2024 data to learn more about the average salary and hourly rate for bookkeeping.

Payroll Management

Determining the true cost of bookkeeping requires careful consideration of a number of factors rather than focusing solely on fees. Rates can vary widely based on elements such as a business’ size, industry, location and specific needs. Some bookkeepers also offer transaction pricing in tiered blocks – you may pay a flat $39 monthly fee for up to 30 transactions and only $0.95 per transaction beyond that. Carefully estimating your typical monthly transaction volume will help identify the most cost-effective per transaction pricing. The average hourly rate for a bookkeeper is approximately $21 based on Salary.com data as of February 2024. Geographic differences also bookkeeping price packages impact rates, with some states having averages 28% above or below the national level.

As we said in the beginning, bookkeeping is an essential element for the financial well-being of any business. It includes accurately recording all financial transactions such as purchases, sales, receipts, and payments. Leveraging outsourced bookkeeping enables businesses to focus on core activities. By freeing time and resources, you can concentrate on expanding and innovating.