In this example, the Monthly and Weekly options are examples of value pricing. There’s no advertised price, because pricing for these plans depends on the provider’s assessment of the value they deliver based on each client’s specific needs. This approach allows clients to see exactly what services are available and how much they will cost upfront, eliminating any uncertainty about billing. This model provides clients with transparent, predictable pricing upfront while promoting efficiency to maximize profit margins. For one-off tasks like “QuickBooks setup” or “Create annual budget”, set a price to complete that task.
- Discover the direct correlation between standardized processes and boosted profits for your accounting firm.
- These include basic and full-service bookkeeping, where the decision largely depends on your business goals and needs.
- Many business owners underprice their services in an effort to compete on price.
- It means quality of service, efficiency, calmness, problem-solving, and confidence.
- Part time bookkeepers will charge between $400 and $800 per month for basic bookkeeping, excluding the benefits.
Bookkeeping services cost: Bottom line
You also get the benefit of a higher expertise level compared to training your office manager for bookkeeping.
Practice barrier #6: value pricing & bundling
I’m trying to help my client get away from that by training them to use their debit card to pay for vendors rather than having them invoice for a paper check. Discover the direct correlation between standardized processes matching principle and boosted profits for your accounting firm. Value pricing and bundling is an obvious strategy to boost your bottom line.
Maybe the freelancer is experienced in a single software and charges a lower rate for it. You can also find experts in numerous accounting software that charge more. Ideally, prioritize the experience factor when hiring a bookkeeper. Go for professionals who have already worked with similar businesses. It’s also important to make sure they have experience in accounting software you use.
This firm has seven employees, which includes their attorneys and their general staff. Figuring out the right price or the right way to package your services isn’t easy. But breaking it down and building your pricing model by considering all the relevant factors will give you a reasonable solution to test. Though you must be willing to make changes if it isn’t working for you—even if that means having tough conversations with clients. If you’re already doing a client’s books, approach them with an offer to build on your role. They already trust you and you already know how their business works.
How much does a bookkeeper cost FAQ
Based on your discovery call with the client, you should have an idea of how “painful” their current bookkeeping processes are for them. For this step, you just need to list out the services, support, and technology for each tier, like the example below. For instance, Client A, who hates bookkeeping, will pay more than Client B, who doesn’t mind it. Value and therefore price is subjective and is different from person to person.
Studies show that if given three options, consumers are 66% more likely to choose the middle tier. By definition, fixed-fee pricing is inflexible, and in a complex industry, inflexibility can cost you money. Fixed-fee pricing allows you to increase profit as you increase efficiency—the more efficiently you can work, the greater the profit margin.
Whether you’re a self-employed professional, a business with employees, a business with contractors, or a freelancer, you can benefit from FreshBooks’ services. 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. Learn how to build, read, and use financial statements for your business so you can make more informed decisions. The magic happens when our intuitive software and real, human support come together. Book a demo today to see what running your business is like with Bench. Then compare the cost of delivering the service with the cost you will charge the client and ensure it meets your desired margins.
