How Much Should I Charge for Bookkeeping Services? Averages

How Much Should I Charge for Bookkeeping Services? Averages

average cost for monthly bookkeeping

It lets you know how you’re doing with cash flow and how your business is doing overall. Staying on top of your bookkeeping is important so that you don’t have unexpected realizations about account balances and expenses. We’ve put together this guide to help you understand the basics of small business bookkeeping. 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. When setting your bookkeeping services prices, consider creating different tiers for the size of the client.

  • Join over 25,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
  • In this post, we’ll compare the actual cost of hiring a bookkeeper versus the costs you could incur by doing it all yourself.
  • As you can tell, how much you should charge as a bookkeeper can vary based on a lot of factors.
  • And now that you know the answer to the question “How much does a bookkeeper cost?

Then we will integrate your current books with our software or we can start completely fresh- whichever you prefer. There is just no way that you’ll succeed if you downplay your financials. And bookkeeping is a great medium in helping you make the smartest business decisions. The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence.

Let’s compare the math of DIY vs. hiring a bookkeeper

Regardless of the solution you choose, you’ll be taking a big step towards getting your time back, and building a financial foundation to help your business continue to grow. The level of review and interaction with your bookkeeping team can also vary by provider. Make sure to ask about anything important to you, so that both you and your provider can know what to expect.

average cost for monthly bookkeeping

Now that you have a better idea of what you’re looking for, here are five questions to ask to make sure you hire the right bookkeeper for your business. If you’re a small-to-medium business, the thought of hiring a bookkeeper seems lofty at best, and decadently impossible at worst. You may also consider throwing in other costs, like a fee for an initial consult, to your pricing structure. Many clients may be willing to pay a little more in exchange for trustworthy knowledge and training. Time how long it typically takes you to do your bookkeeping and calculate how much you would normally earn during that time. If you would make more in that time than you would spend on a bookkeeper, it may be worth hiring one.

Spend less time bookkeeping and more time growing your business.

While it may be an immediate cost saver compared to paying someone else to do the job, it may not be the right choice for your business. Outsourcing bookkeeping services typically cost between $300 and $5,000 per month (or more), depending on the size of your business and the specific services they provide. Your bookkeeping team consists of 3 professionally trained bookkeepers, including one senior bookkeeper who reviews all of your monthly statements and your Year End Financial package. This accounting and bookkeeping company provides a reliable guide for bookkeeping and accounting while offering insightful counsel. Their goal is to give you the tools for budgeting, forecasting, cash flow management, and strategic planning. Acquired by Decimal, this company provides accounting operations for small- and medium-sized businesses.

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. GrowthForce accounting services provided through an alliance with SK CPA, PLLC. A bookkeeper can save you money and free up your time to grow your business. With the idea of hiring a full-time accountant on your roster now put to bed, let’s consider what kind of bookkeeping you may need.

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