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. For example, the National Association of Certified Public Bookkeepers (NACPB) offers a QuickBooks Online certification. Xero and other accounting software have their own qualifications which, once earned, show you’re an expert in their product. Engaging with a bookkeeper is an important milestone for young companies. 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. If your books are more complex than initially estimated, or if unexpected issues arise in your books that need extra attention, your monthly bookkeeping cost might spike considerably.

How to package your bookkeeping services as a small business

We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. A Certified Public Accountant can prepare an audited financial statement, or act as a taxpayer or company representative in discussion with the IRS. As a result of all these factors, you could pay as little as $20.00 per hour or over $100.00 an hour for an accountant, there is no standard. According to PayScale, a website that provides salary and compensation information for a wide array of industries, a bookkeeper on average earns approximately 41K annually.

Outsourced Bookkeeping Services – A Cost-Effective Solution

There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements. As you can tell, how much you should charge as a bookkeeper can vary based on a lot of factors. So, you need to take your time when setting prices for your services.

The Hidden Costs of In-House Bookkeeping Errors: Why CFOs Are Losing More Than Just Money

A common way to do this is by building a tiered system for different levels of service. And because you’re giving them a quote prior to starting the work, prospective clients won’t be surprised by any hidden costs. In any industry, experience is influential in pricing decisions, and bookkeeping is no different. It means quality of service, efficiency, calmness, problem-solving, and confidence. With tech taking up so much airspace in modern accounting, those who are fluent users are quickly outpacing those who aren’t.

We’re here to help you explore whether our cash basis bookkeeping is a good fit for your business. Reach out anytime — we’d love to learn more about your business needs and see how Bench can support you. Every report accessible in the Bench platform can be exported to an Excel file for easy sharing with anyone from business partners to accountants. During your demo, we’ll walk you through the services included in each Bench bundle to determine which is the best fit for your business. If getting your books caught up is your priority, our Catch Up and Retro bookkeeping teams will work with you to get your books in order, fast. The magic happens when our intuitive software and real, human support come together.

How Much Should a Small Business Spend on Accounting?

For example, if you require them for tax planning and filing, payroll management, auditing and consulting, they will charge you more than when all you need is tax preparation. Many accountants also provide ongoing services that include weekly, monthly or how much do bookkeeping services cost quarterly financial reconciliations and reporting. Some accountants can provide an average cost for their services and stipulate a set rate, while other accountants offer a rate once they have consulted with clients to determine the scope of their needs.

• Templates, workflows and automations all give you time back in your day that you can spend building your client base and adding value for existing clients.
• This means that regardless of a service’s value to your clients, you’re capping your pricing based on how long it takes to deliver that service.
• Doing your homework is, once again, the greatest course of action for you when setting prices.
• If basic bookkeeping is all that your company needs at this stage, you’ll need to decide whether to do the bookkeeping in-house or if you should outsource.
• A traditional bookkeeper will usually charge you an hourly rate to do your books each month.
• Get the peace of mind that comes from partnering with our experienced finance team.

Bookkeeping prices fall at the low end for small businesses, while large companies requiring daily bookkeeping services pay more. The cost of hiring an accountant varies, depending on your company’s needs and the accountant’s expertise and certification. If hiring an account is beyond your budget, consider using an accounting software instead. For more information, check out the best online bookkeeping services for small businesses.

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. Doing your homework is, once again, the greatest course of action for you when setting prices. Also, examine industry norms, prices by state, and other factors in determining how much to pay for bookkeeping services. About half of small-business owners pay at least $5,000 annually for accounting fees, so you can use this as a reasonable benchmark price.

Bookkeepers do a lot of tedious work, but they can do it a lot more efficiently because they’re professionals. You’ll know the work is accurate, and your numbers will be in balance when your bookkeeper takes care of it. The bottom line is that your cost will ultimately depend on your business volume. For example, balancing a bank account that has thousands of transactions will take more time and cost you more than an account with 100 transactions. After you sign up to Bench, a member of our bookkeeping team will assist you in connecting all your financial accounts securely to our platform. This enables you and your Bench team to work together seamlessly from the start.