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There are major differences between the three types of bookkeepers and what each can offer your business. Figure out which works for your business and start tackling the problems, or potential problems, with your books. Once you decide what to charge, you’ll also need to consider additional terms for collecting payment from your clients.
The more expensive option is a full-time in-person bookkeeper who earns $3,000 to $4,500 a month, along with benefits. This is when you may also need to hire an accountant or accounting firm. Typically, accounting services cost the same each month as determined by a flat rate for service tiers.
Finding the Right Bookkeeping for Your Business
Part-time bookkeepers typically perform smaller tasks like inputting receipts and keeping tabs on employee timesheets. Companies will often choose to train an existing employee or office manager to take on the extra responsibilities of a part-time bookkeeping services pricing bookkeeper. While this may be a lucrative option on paper, any oversight or error in the sheets will come at your company’s expense. They are in charge of maintaining your financial books by keeping track of expenditures and revenue.
Ideally, hire part time bookkeepers when you can do some of the accounting yourself, and could use extra help for employee timesheets, accounts payable, and accounts receivable tracking. Even if you hire a part time bookkeeper, your management would still have to review their work. The most common services of outsourced bookkeepers include virtual bookkeeping services, cloud-based bookkeeping, and the use of accounting software to manage a company’s financial data. One of the most popular forms of automation for businesses is virtual bookkeeping services. A virtual bookkeeper is a digitized form of various levels of bookkeeping and accounting practices needed by businesses. Most small businesses start out with a basic bookkeeping service that is online, while enterprise-level corporations tend to use managerial accounting services.
How the right financial systems can reduce the cost of bookkeeping
In addition to the monthly bookkeeping charge, you should also charge a one-time setup fee to set up the client’s books. This is especially important if you choose fixed monthly fee pricing, as the setup can be time-consuming and outside the scope of monthly bookkeeping. Regarding bookkeeping services, you will need to decide on a payment schedule. When deciding on a payment schedule, you should consider the scope of work and your client’s needs. The third option is to price your services based on their value to your clients.
Having the proper education and experience is crucial, but it’s not the most important factor in determining the price of the service. You also get the benefit of a higher expertise level compared to training your office manager for bookkeeping. So if you’re ready to wave the white flag on handling your red and black margins, let one of BELAY’s experienced remote bookkeepers help. At BELAY, we’ve provided remote services from all over the U.S. for 10 years.
