costs of starting a bookkeeping business

Bookkeeping costs: Pricing considerations for bookkeeping services

It’s the future in a changing accounting industry, where you can utilize tech to increase efficiency and output. Value-based pricing, instead, rewards experience and tech fluency. So to bill correctly, it’s important to identify what you're charging for, the way you charge, and what adjustments you can make to improve your bottom line.įor example, many people think profitability starts and ends with their hourly rate, but that’s operating under the (usually false) assumption that hourly is the best way to charge for your services. Plus there are a variety of other factors that influence your bookkeeping rates: To make things more complicated, a freelancer, small business, bookkeeping firm, or an accounting firm will offer different average rates for bookkeeping services. Generally, small to medium-sized businesses expect to pay between $500-$2,500 USD monthly for their outsourced bookkeeping-an dauntingly large range to deal with. 3-tiered pricing will encourage repeat clients and maximize profit.Value-based pricing can be time-consuming to set up but will maximize your profit.Fixed-fee pricing rewards efficiency but makes you vulnerable to scope creep.While charging by the hour is a straightforward strategy, it puts a ceiling on your profit.Certain factors like location and size of your client base impact your pricing.Pricing your bookkeeping services right is difficult, but essential.

Costs of starting a bookkeeping business