How to Price Bookkeeping Services for Small, Medium, and Large Clients

With an hourly rate, unless you can find more hours in the day, it’s difficult—borderline impossible—to drive up profit significantly. And with time being the ultimate resource, it’s important to charge clients proportionally to the amount of time you’re dedicating to their services. While Bench doesn’t offer accrual accounting services, we specialize in a modified version of cash basis bookkeeping. This approach allows us to record transactions as soon as funds are deposited into your bank or charged to your bank or credit card.

Accounts Payable & Invoicing

There can be multiple variants that play in the pricing factor. What is the difference between small, medium, Bookkeeping for Chiropractors and large client accounts for bookkeepers? Let’s break down the different sizes to their revenue, employee numbers and other key metrics.

• And because you’re giving them a quote prior to starting the work, prospective clients won’t be surprised by any hidden costs.
• Discover the 4-step process used by hundreds of firm owners to double your prices (as soon as today) without increasing workload.
• My goal is to help you understand what these breakdowns look like for each client.
• Perfect option for keeping up to date when your transaction volume doesn’t require monthly upkeep.
• Same as our monthly bookkeeping services, at a quarterly frequency.

The 10 steps of value pricing

Usually, once it goes through the insurance, there is a left-over balance that I have to charge the patient. The thing that takes the most time with this client is the invoicing. They have a system outside of QuickBooks that is HIPPA compliant, which are the rules in the United States that you need to follow if you keep any medical information about your patients.

Overall stats of a large client

• With an hourly rate, unless you can find more hours in the day, it’s difficult—borderline impossible—to drive up profit significantly.
• Value-based pricing, instead, rewards experience and tech fluency.
• At the end of the year, during tax time, you need to send anyone who works for you as a contractor a special form called the 1099.
• Regular employees receive a W-2 in January showing their wages from the previous year.
• Contractors perform special services for companies and aren’t hired on as employees.
• With tech taking up so much airspace in modern accounting, those who are fluent users are quickly outpacing those who aren’t.

Same as our monthly bookkeeping services, at a quarterly frequency. Perfect option for keeping up to date when your transaction volume doesn’t require monthly upkeep. For many smaller businesses, quarterly bookkeeping is all you need and a better option Online Accounting in the long run than only looking at your books once per year at year-end. Financial Cents has a time-tracking feature that makes hourly tracking easier. Furthermore, you can automate invoice creation and receive payments from your clients using our billing feature.

Sales Tax Reporting

The challenge though, can be persuading your clients to agree to it. There is a fine line between overcharging and undercharging, but the sweet spot does exist and you’ll know when you find it, because your clients will be happy, and so will you. Price anchoring is a strategy that plays on a buyer’s tendency to inherently compare information. Most people don’t want the most expensive option, but they also feel dissatisfied with selecting the base option because it lacks certain features.

• Conduct thorough research on the average bookkeeping rates in your area for similar services competitors offer.
• Then we will compare this to the fixed-rate monthly pricing I charge for bookkeeping services along with the bookkeeping tasks I do for each one.
• Figuring out the right price or the right way to package your services isn’t easy.
• If getting your books caught up is your priority, our Catch Up and Retro bookkeeping teams will work with you to get your books in order, fast.

Value-based pricing

If getting your books caught up is your priority, our Catch Up and Retro bookkeeping teams will work with you to get your books in order, fast. You can also consider using our Bookkeeping services pricing calculator tool to quickly calculate bookkeeping price list the prices for your services. They enter all their patient’s information into the HIPPA Compliant system, and this is sent to the patient’s insurance first.

Days of Workflow Email Course

We’re here to help you explore whether our cash basis bookkeeping is a good fit for your business. Reach out anytime — we’d love to learn more about your business needs and see how Bench can support you. After you sign up to Bench, a member of our bookkeeping team will assist you in connecting all your financial accounts securely to our platform. This enables you and your Bench team to work together seamlessly from the start. The magic happens when our intuitive software and real, human support come together.