As great as it is to talk about potential bookkeeping costs and get estimates, we know that seeing an actual average for your state can yield excellent value for you as a business owner. Please see the chart below with data pulled directly from the US Bureau of Labor Statistics 2022 data to learn more about the average salary and hourly rate for bookkeeping. They require the least amount of education and focus on recording transactions, whereas an accountant or CPA spends their time analyzing bookkeeping services pricing financial data and generating financial statements. You must understand what bookkeeping services you need and whether it’s best to hire a professional bookkeeper full time, part time, or outsource the service. Along with considering the above factors when setting your pricing for bookkeeping services, you’ll also want to set up a pricing structure that works for you and your firm. When setting your bookkeeping services prices, consider creating different tiers for the size of the client.
That way, when it is time to file your small business taxes, you can easily access all the data you need. But who wants the task of sifting through receipts and organizing statements when there’s a whole slew of business operations to attend to? It may be time for you to make the executive decision of hiring a bookkeeper to take the reins. You’ll find that bookkeepers who have completed all 3 programs have a much higher average hourly wage. Small businesses are most often prone to outsourcing their bookkeeping to third parties.
questions to ask yourself before hiring a bookkeeper
The price rate for bookkeeping services varies on the type of bookkeeper. An in-house bookkeeper’s services run between $18 and $23 per hour, whereas a CPA’s services cost between $40 and $60 per hour. Businesses that have been in operation longer, manage more employees, or are growth-driven may require more robust bookkeeping services.
- The number of tasks you assign to them directly impacts the price of each bookkeeping service.
- The challenge though, can be persuading your clients to agree to it.
- Having the proper education and experience is crucial, but it’s not the most important factor in determining the price of the service.
- If they value your relationship and the service you provide, they’ll understand why you make occasional and reasonable increases.
- 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.
- If either part-time or in-house bookkeeping is not the ideal solution, switching to outsourced bookkeeping or accounting could be your best option.
The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll. QuickBooks Online offers Full Service Payroll for an additional cost. Becoming certified in your accounting software is a green light for business owners.
Should I hire a bookkeeper or do it myself?
Do your due diligence to make sure you’re billing your clients fairly. But, don’t minimize your worth and expertise in the pricing process. Whatever structure and pricing you go with, make sure to lay it all out on the table for current and prospective clients. That way, there are no surprise fees, and clients know what to expect from you.
