How much to charge for bookkeeping

In the conversation with your client, you’ll have to uncover and establish value with well-crafted questions. Just Google something like “value bookkeeping for startups pricing questions” to see what kind of interview questions help. Value pricing takes a bit of a different approach compared to fixed pricing.

For example, a basic plan may include a monthly bank reconciliation for two accounts and financial statements delivered monthly. A higher plan may include several hours of monthly phone support, account payable collections, and coordination with a tax preparer at year-end. 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. If you decide to hire and manage a bookkeeper you’ll also have to decide whether the position is part-time or requires full time. If you decide to outsource, there are a few ways to go including local bookkeeping services, local CPA firms that offer bookkeeping services and specialized, national outsourced bookkeeping firms. Let’s look into three different options your company could consider to fill this need…

Can I do my own bookkeeping for my business?

Just about every small business requires a basic form of bookkeeping in the beginning. In this initial stage of establishing your business, you will be primarily concerned with smaller responsibilities like recording transactions and paying bills. I’m an entrepreneurial CPA that founded Xen Accounting, a 100% cloud-based accounting firm, in 2013. Following its acquisition in 2018, I started Future Firm to help accountants fast-track the growth of a modern, scalable accounting firm of their own.

A professional bookkeeper may have the certifications and work history, but have they dedicated their career to helping other businesses to succeed? Look for a bookkeeping service whose business model relies on the success of others. A bookkeeping service does more than preserve financial records. It records all your financial metrics and assures you maintain regulatory compliance at the state and federal levels.

QuickBooks Live

You’ll also get access to your very own tax assistant who can answer your tax and bookkeeping questions. Ultimately, these are all different ways bookkeepers help drive profitability and growth. Neglect this side of your business, and you could end up missing out on savings — or landing in hot water with the IRS. QuickBooks Live Bookkeeping is, hands down, why I have been able to stop waking up in the middle of the night panicking about the financial end of my business. Learn how our Live Bookkeepers are helping small businesses get more done.

Through the categorization, reconciliation, and books close process, your Live Bookkeeper ensures your books are accurate. Your bookkeeper can’t, however, prepare or file your taxes for you as part of your Live Bookkeeping service—even if they’re a credentialed CPA. But with 12 months of accurate books, your finances are accurate and ready to file taxes at year end. Your bookkeeper brings your past financials up-to-date and sets up your bank connections and chart of accounts. Try us for free—we’ll do one month of historical bookkeeping and prepare a set of financial statements for you to keep.

Our Flat Rate Bookkeeping Pricing

Depending on your bookkeeping needs, you can pay as little as $275 a month (when billed annually). In addition to bookkeeping and tax advice, plans come with accounting software like Xero and Quickbooks, mobile apps, and profit and loss statements. It might make sense for a large business with complex bookkeeping needs year-round to have an in-house bookkeeper. However, for most small businesses, an online bookkeeping service is a better option.

”, you may be surprised to find them considerably higher than a bookkeeper. Because of the extra training, what accountants charge differs from bookkeepers. Now, you may have an accountant that also completes the tasks of a bookkeeper, but not the other way around. Accountants must meet specific education and certification requirements that vary slightly by state.