58% of accountants said updating technology has improved efficiency and productivity, which is vital for creating space to add the services that clients demand. By definition, fixed-fee pricing is inflexible, and in a complex industry, inflexibility can cost you money. Don’t be fearful of having conversations about raising rates with long-term clients.

There are a few benefits to packaging your bookkeeping services in customized sets of services for your clients. First, it makes it easy for clients to understand what they’re getting and how much it will cost. Second, it allows you to scale your business without having to increase your rates. And, finally, you can add services to packages as needed without altering your entire pricing structure.

Payroll assistance

Many new businesses start out doing basic bookkeeping by themselves. However, as you start spending more time growing your business, you’ll tire of performing the bookkeeping tasks. Along with considering the above factors when setting your pricing for bookkeeping services, you’ll also want to set up a pricing structure that works for you and your firm. In an ideal world, all your clients would be ongoing at a fixed or value-based billing structure. They would know what services to expect from you, and you could charge an automatic, monthly fee.

This method records financial transactions when money is exchanged. This means that you don’t record an invoice bookkeeping pricing packages until it is actually paid. Similarly, you don’t notate outstanding bills until you actually pay them.

Let’s Get Started 🚀

Karbon is the one system that everyone opens every morning, and our go-to for all information about clients and work that needs to be done. Ian discussers the phases of transitioning to value pricing (setup, implementation, and execution) and walks you through the process in ten proven steps. For example, tools like Dext allow you to pull and digitize data from paper invoices to cut down on data entry.

• As great as it is to talk about potential bookkeeping costs and get estimates, we know that seeing an actual average for your state can yield excellent value for you as a business owner.
• If you think they’re too high for you to set reasonable rates, consider lowering them.
• And because you’re giving them a quote prior to starting the work, prospective clients won’t be surprised by any hidden costs.
• Do you feel overwhelmed with the tech revolution in accounting?
• Modern business owners could also have unique requirements that call for the assistance of a specialist in the field.
• You won’t have to be concerned about the difficulty of the task or how long it will take to complete it.